HB 23-1179

House Bill 23-1179 changes the rules for how much money can be left unused in a fund that pays for agricultural product inspections in Colorado. Instead of limiting leftover funds to 16.5% of what was spent during the year, it now allows up to 50% of the amount spent to remain unspent at the end of the fiscal year. This bill affects how money is managed within this specific fund and has been signed into law by the governor. It will start being enforced on August 7, 2023.

Official Summary

Colorado law limits the amount of uncommitted money that may remain in a cash fund at the end of a state fiscal year to 16.5% of the amount spent during the fiscal year. The act exempts the agricultural products inspection cash fund from the 16.5% uncommitted balance limit and instead imposes a limit of 50% of the amount spent from the fund during the fiscal year. APPROVED by Governor April 20, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.(Note: This summary applies to this bill as enacted.)

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