CO SB242

Renames the "Employment and Training Technology Fund" to the "Unemployment Insurance Program Support Fund" and expands its permitted uses from technology automation initiatives to broader administrative costs including technology, staffing, and other UI program support costs

Reallocates employer support surcharge rate percentages: Employment Support Fund decreases from 35% to 11%, Benefit Recovery Fund decreases from 19% to 15%, UI Program Support Fund increases from 32% to 54%, and Workforce Development Fund increases from 14% to 20%

Lowers the Employment Support Fund balance cap from $7 million to $3.5 million and sets the UI Program Support Fund cap at $25 million, with excess funds credited to the Unemployment Compensation Fund

Changes the annual adjustment methodology for fund balance caps from the Denver-Aurora-Lakewood CPI to changes in average weekly earnings prescribed in section 8-73-102

Appropriates $30,459,436 and 74.0 FTE for technology initiatives from the UI Program Support Fund for FY 2025-26, while shifting approximately $14.6 million in executive director's office costs from the Employment Support Fund to the UI Program Support Fund and Workforce Development Fund