HB18-1035 Summary

• Increases Colorado's general fund reserve requirements from the current 6.5% to 7% for fiscal year 2018-19, 7.5% for fiscal year 2019-20, and 8% for fiscal year 2020-21 and thereafter.

• Modifies Colorado Revised Statutes 24-75-201.1 to add new reserve percentage requirements for fiscal years 2017-18 through 2020-21 and beyond.

• Reserves are calculated as percentages of the amount appropriated for expenditure from the general fund each fiscal year.

• Takes effect August 8, 2018, or as specified by the ninety-day period after final adjournment of the general assembly, unless a referendum petition is filed.

• Subject to voter approval in November 2018 if a referendum petition is filed within the statutory period.