HB 14-1011: Advanced Industry Economic Development Funding

• Modifies transfer schedule for the Advanced Industries Export Acceleration Cash Fund, changing from January 1 and July 1 transfers to July 1 transfers over three years (previously four years).

• Authorizes the Office of Economic Development to seek, accept, and expend gifts, grants, and donations for advanced industry programs from private and public sources.

• Allows unexpended and unencumbered appropriation moneys to carry forward to the next fiscal year without requiring new appropriation.

• Increases administrative expense cap for the Advanced Industries Acceleration Cash Fund from 5% to 8% of moneys transferred or appropriated to the fund in each fiscal year.

• Reschedules $5 million general fund transfer to the Advanced Industries Acceleration Cash Fund from September 1, 2013 to July 1, 2015 and July 1, 2016.