Move Tobacco Litigation Settlement Moneys General Fund

The act redirects a portion of tobacco litigation settlement moneys (settlement moneys) to the general fund for state fiscal year (FY) 2020-21 by:

• Transferring $20 million of settlement moneys received during FY 2019-20 to the general fund and offsetting the $20 million reduction in the amount of such settlement moneys available for allocation in FY 2020-21 to the programs that receive settlement moneys by allocating to the programs in FY 2020-21 $20 million of settlement moneys to be received by the state in FY 2020-21 that would otherwise be allocated in FY 2021-22;
• Removing $2,000,130 of settlement moneys received in excess of projections during FY 2019-20 from the base amount used to calculate the statutory allocations of settlement moneys to various programs;
• Reducing the statutory allocations of settlement moneys:
• For the tobacco settlement defense account of the tobacco litigation settlement cash fund (litigation account) from 2.5% to 0.75% of the settlement moneys; and
• For the state dental loan repayment program by $160,717;
• Requiring all settlement moneys received during FY 2019-20 that are not allocated for state fiscal year 2020-21 under the modified statutory allocation formula to be transferred to the general fund on July 1, 2020;
• Requiring additional July 1, 2020, transfers to the general fund of settlement moneys previously credited to cash funds that receive statutory allocations of settlement moneys as follows:
• $8 million from the tobacco settlement defense account;
• $4,237,375 from the nurse home visitor program fund; and
• $3 million from the Colorado state veterans trust fund.
  (Note: This summary applies to this bill as enacted.)