| Summary |
In 2021, the state received $3,828,761,790 from the federal
coronavirus state fiscal recovery fund as part of the federal American
Rescue Plan Act of 2021. For purposes of complying with the
requirements established by the United States department of the treasury
(treasury), the general assembly established administrative requirements
related to the expenditure of this federal money. Section 1 of the bill
modifies these requirements by:
•
Establishing deadlines for a subrecipient, which is a person
that carries out a program or project on behalf of the state,
to expend or obligate this money, and if not, to return this
money to the state for the state to either expend or return to
treasury, depending on the timing;
•
Requiring the state controller to transmit to treasury any
money that was obligated by December 31, 2024, but not
expended by December 31, 2026;
•
Requiring the department of revenue to provide the state
controller with any information about any increases in the
state's net tax revenue, which is necessary for calculating
the state's revenue reductions for 2022 and 2023;
•
Clarifying that the compliance, reporting, record-keeping,
and program evaluation requirements established by the
office of state planning and budgeting and the state
controller apply to a person regardless of whether the
person is a beneficiary or a subrecipient and regardless of
whether the person receives the money directly from a
department or from a subrecipient; and
•
Permitting the state controller to report any expenditures to
treasury as a government service to the extent of the
reduction in the state's revenue due to the COVID-19
public health emergency relative to the revenues the state
collected for the state fiscal year 2018-19. Sections 3
through 6 make conforming amendments related to this
change.
The bill also substitutes money from the general fund or from a
cash fund that included money that originated from the general fund for
money that was allocated in 2021 legislation from the federal coronavirus
state fiscal recovery fund, as follows:
•
$29.5 million from the housing development grant fund
(section 7);
•
$36.5 million from the highway users tax fund that was
distributed to counties, cities, and incorporated towns,
which is accomplished by replenishing and reclassifying
the federal funds that were initially used (section 8);
•
$10 million from the Colorado startup loan program fund
(section 9), with the freed up federal funds being
transferred to the revenue loss restoration cash fund
(section 6); and
•
$98.5 million from the affordable housing and home
ownership cash fund (section 10).
Sections 2 and 6 include conforming amendments related to the
reclassification of the money paid to the counties, cities, and incorporated
towns.
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