CO SB276

Increases Colorado's general fund reserve requirement from 6.5% to 7.25% of general fund expenditures beginning in fiscal year 2018-19 and thereafter, representing a three-quarter percent increase.

Finds that the current 6.5% reserve is inadequate and that a 15% reserve would be needed to endure a moderate recession, while Governor Hickenlooper requested 10% as a target.

Maintains existing reserve percentages for fiscal years 2014-15 and 2017-18 at 6.5%, and fiscal year 2016-17 at 6%, before implementing the new 7.25% requirement.

Excludes lease-purchase agreements for real property and transfers to capital construction and controlled maintenance trust funds from the reserve calculation basis.

Takes effect 90 days after final adjournment of the 2018 legislative session (August 8, 2018) unless subject to a referendum petition requiring voter approval at the November 2018 election.