CO HB1016

Requires the governor to formulate a spending reduction plan and consult with the Joint Budget Committee within 28 days if the governor extends an initial executive order suspending state services beyond the initial 3-month period due to insufficient revenues.

Adds interim revenue estimates prepared by the governor as a trigger for required spending reduction plans, in addition to the existing quarterly revenue estimate trigger, when reserve funds would drop below one-half of required amounts or fall below $1 billion.

Mandates that the governor and Office of State Planning and Budgeting present spending reduction plans to the Joint Budget Committee at a meeting for consultation, with affected department heads required to attend and respond to questions before implementation.

Requires the director of the Office of State Planning and Budgeting and the chief economist of the Legislative Council Staff to present any interim revenue estimates to the Joint Budget Committee as soon as practicable after issuance.

Applies to all executive orders issued, plans formulated, and revenue estimates made on or after the effective date of the act.