CO HB1126

Establishes a biennial priority-based budgeting process beginning with fiscal years 2011-12 and 2012-13, replacing the previous zero-based budgeting system.

Requires each state department to develop an initial prioritization plan listing all programs and services ranked by importance to the department's overall mission, including funding amounts, employee counts, and public benefits.

Departments must present initial prioritization plans to assigned legislative committees of reference within the first 15 days of regular sessions, and committees have 30 days to provide written recommendations on program priorities.

Departments must develop final prioritization reports that incorporate committee recommendations, which are presented to the Joint Budget Committee for use in making appropriations decisions for the next biennial budget cycle.

Repeals the statutory requirement for zero-based budgeting in the state.