CO HB1056

Creates the state employee payday shift fund to hold unexpended and unencumbered general fund moneys transferred by the state treasurer on June 30 of each fiscal year, unless general fund revenues are augmented by cash fund transfers.

Requires the office of state planning and budgeting to submit annual budget requests to appropriate moneys from the fund, prioritizing payments for biweekly state employees' June salaries first, then monthly employees' June salaries.

Transfers unexpended general fund moneys from executive branch departments, judicial offices, and agencies to the payday shift fund, and from the legislative branch to the legislative department cash fund for the same payroll purposes.

Allows remaining payroll obligations not covered by fund transfers to continue being paid on the first working day of July, and permits the general assembly to appropriate fund moneys for other purposes deemed appropriate.

Ceases transfers to the payday shift fund once the state treasurer determines sufficient moneys have been transferred to pay all general fund payroll obligations in the same fiscal year, then transfers remaining moneys back to the general fund and abolishes the fund.