SB15-211 Summary

• Establishes an automatic funding mechanism requiring state agencies to set aside money annually for future maintenance and replacement of capital assets funded through appropriations beginning in fiscal year 2015-16.

• For cash fund-financed projects, agencies must calculate depreciation annually and credit the amount to a capital reserve account by June 30.

• For general fund, capital construction fund, or controlled maintenance trust fund-financed projects, the General Assembly must include annual depreciation-lease equivalent payment line items; one percent of project cost is deducted and credited to the controlled maintenance trust fund principal.

• For financed projects (including lease-purchase agreements), agencies must set aside one percent of project cost annually to capital reserve accounts or the controlled maintenance trust fund depending on funding source.

• Excludes information technology projects and certain funds (lottery fund, limited gaming fund) from the requirement; higher education institutions are encouraged but not required to implement similar practices.