SB 21-288 Summary

• Creates the "American Rescue Plan Act of 2021" cash fund in the state treasury to hold $3,448,761,790 in federal Coronavirus State Fiscal Recovery Fund money received by Colorado until allocation by separate legislative action.

• General Assembly cannot directly appropriate from the fund but may transfer money to other cash funds established for using federal recovery funds; up to $300 million of remaining funds is continuously appropriated to departments designated by the Governor for allowable purposes under the federal act.

• Requires money in the fund to be expended or obligated by December 31, 2024, with any obligated funds expended by December 31, 2026; unexpended and unobligated balances revert to the Unemployment Compensation Fund.

• Establishes compliance, reporting, and record-keeping requirements through the Office of State Planning and Budgeting and State Controller, including periodic reports to the U.S. Treasury Secretary and the Joint Budget Committee on federal fund usage.

• Creates companion cash funds to track American Rescue Plan Act money separately from other sources in recipient funds, and repeals the section effective July 1, 2027.