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Bill Detail: SB19-016

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Title Severance Tax Operational Fund Distribution Methodology
Status House Committee on Energy & Environment Refer Unamended to Finance (02/07/2019)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors L. Saine (R)
D. Esgar (D)
Senate Sponsors D. Coram (R)
K. Donovan (D)
House Committee Energy and Environment
Senate Committee Agriculture and Natural Resources
Date Introduced 01/04/2019
Description

Water Resources Review 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, which were previously
described as tier-one 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 an array
of funds that support natural resources and energy grant programs, which
were previously described as tier-two programs.
There is also a requirement that the reserve include an amount
equal to 15% of the maximum transfers to natural resources and energy
grant programs required by law, and this reserve is used for the transfers,
if necessary.
The bill changes the distribution of the money in the operational
fund as follows:
  • Separates the reserve into the core reserve and the grant
program reserve, while maintaining the overall purpose of
each reserve;
  • Increases the maximum grant program reserve to 100% of
the maximum transfers to the natural resources and energy
grant programs required by law, which currently is equal to
$36,378,072;
  • 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. Money from the
grant program reserve may be used for these transfers; and
  • If all of the appropriations and transfers have been made
and both reserves are full, then the state treasurer is
required to transfer any money remaining in the operational
fund to the severance tax perpetual base fund.

Committee Reports
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Fiscal Notes Fiscal Notes (02/04/2019) (most recent)  
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