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CO HB1247
Bill
Status
3/22/2012
Primary Sponsor
Pat Steadman
Click for details
AI Summary
HB 12-1247 Summary
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Creates a new allocation formula for tobacco litigation settlement moneys beginning in fiscal year 2012-13 that reduces annual allocations and requires the lesser of all settlement moneys received or specified declining amounts.
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For 2012-13, allocates $80.4 million less any unexpended moneys in the tobacco litigation settlement cash fund from the previous year; subsequent years reduce by unexpended fund balances and decline further by $15 million in 2017-18.
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Unexpended and unencumbered moneys remaining in the tobacco litigation settlement cash fund at the end of each fiscal year are allocated to tobacco settlement programs in proportion to their regular shares rather than transferred to the general fund.
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Requires the State Treasurer to submit annual reports to the Joint Budget Committee by October 1st detailing allocations made and anticipated under the new formula.
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Repeals the Short-Term Innovative Health Program Grant Fund effective June 30, 2012, transferring remaining moneys to the tobacco litigation settlement cash fund to offset the reduced current-year allocations.
Legislative Description
Reduce Tobacco Settlement Accelerated Payments
Last Action
Governor Action - Signed
3/22/2012