HB 15-1280 Summary

• Creates a capital reserve requirement for cash funds from which moneys are appropriated for capital outlay or capital construction, calculated as depreciation of depreciable components based on depreciation periods set by the state controller.

• Requires each principal department responsible for accounting to identify the capital reserve in the fund balance report, excluding capital reserves from the definition of "uncommitted reserves" in cash fund accounting.

• Allows uncommitted capital reserves at the end of a fiscal year to be used for capital outlay, capital construction, capital renewal, or controlled maintenance, subject to appropriation in the annual general appropriation act.

• Excludes the state general fund, lottery fund, highway users tax fund, and limited gaming fund from the definition of "cash fund" for purposes of this requirement.

• Applies to fiscal years beginning on or after July 1, 2014.