CO HB1338

State Treasurer shall transfer $59 million from the General Fund to the State Education Fund when the State Controller publishes the comprehensive annual financial report for fiscal year 2011-12.

State Treasurer shall transfer the general fund surplus to the State Education Fund when the State Controller publishes the comprehensive annual financial report for fiscal year 2012-13, representing the unrestricted general fund balance after required reserves.

Transfers apply only to surplus amounts designated in accordance with existing statutes and represent unrestricted general fund balances after applicable reserve amounts are set aside.

Act takes effect August 8, 2012, unless a referendum petition is filed, in which case approval by voters at the November 2012 general election is required.