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SB21-220

Reverse Transfers From Severance Tax Operational Fund

Concerning the stabilization of revenue in the severance tax operational fund by returning money that was transferred to natural resources and energy grant programs.
Session:
2021 Regular Session
Subjects:
Natural Resources & Environment
State Revenue & Budget
Bill Summary

Joint Budget Committee. Money in the severance tax operational fund (operational fund) is primarily used for 2 purposes. The general assembly annually appropriates money from the operational fund for several core departmental programs. If money remains after these appropriations and after a reserve requirement for the core departmental programs is satisfied, then the state treasurer transfers money to several funds that support natural resources and energy grant programs (grant programs). On August 15, 2020, the state treasurer made these transfers to the grant programs based on revenue that was available for the fiscal year 2019-20.

Based on recent forecasts, however, there will be insufficient revenue in the operational fund for the core departmental programs. To avoid a fund deficit in the operational fund, the bill reverses 5 transfers made in the following amounts:

  • $1,998,205 for the species conservation trust fund;
  • $1,600,964 for the parks and wildlife aquatic nuisance species fund;
  • $219,803 for the water efficiency grant program cash fund;
  • $297,759 for the interbasin compact committee operation fund; and
  • $3,996,410 for the water supply reserve fund.
    (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Under Consideration

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Bill Text

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