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SB19-016

Severance Tax Operational Fund Distribution Methodology

Concerning the methodology to distribute money in the severance tax operational fund after core departmental programs are funded without changing the transfers to the natural resources and energy grant programs.
Session:
2019 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

Severance tax operational fund - distribution - core departmental programs - natural resources and energy grant programs - reserve requirement - cap - transfer to the severance tax perpetual base fund. The act makes the following changes related to the distribution of the money in the severance tax operational fund (operational fund):

  • Defines programs for the department of natural resources that are funded from the operational fund and that were known as "tier-one programs" as "core departmental programs";
  • Defines transfers that are made after the core departmental programs and a reserve requirement are funded and were known as "tier-two programs" as "transfers to the natural resources and energy grant programs";
  • Separates an existing reserve into 2 separate reserves, the core reserve and the grant program reserve, while maintaining the overall purpose of each reserve;
  • Establishes a cap on the grant program reserve equal to the maximum transfers to the natural resources and energy grant programs required by law;
  • Requires the state treasurer to make the transfers to the natural resources and energy grant programs on August 15 after a fiscal year and to base the transfers on actual revenue as opposed to estimated revenue;
  • Permits money from the grant program reserve to be used for the transfers to the natural resources and energy grant programs; and
  • If all of the appropriations and transfers have been made and both reserves are full, then requires the state treasurer to transfer any money remaining in the operational fund to the severance tax perpetual base fund.
    (Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    04/01/2019 Signed Act PDF
    03/21/2019 Final Act PDF
    03/11/2019 Rerevised PDF
    03/08/2019 Revised PDF
    01/23/2019 Reengrossed PDF
    01/22/2019 Engrossed PDF
    01/04/2019 Introduced PDF

Pursuant to HJR20-1007, the Second Regular Session of the 72nd General Assembly is Temporarily Adjourned until 10:00 a.m., Monday, March 30, 2020. 

COVID-19 Resources

Temporary Guidelines for Review and Comment Meetings

The legislature will meet in limited session on Monday, March 30th. The Capitol will be open for the duration of the session for those with essential business related to the session. The building will not be available for public tours. People without essential business are encouraged to access the session through the General Assembly website and Colorado Channel.  Anybody with essential business related to the session will be required to practice appropriate social distancing measures.