SB 17-175

Senate Bill 17-175 allows the executive director of the Department of Personnel to request money transfers between different state self-insurance funds when one fund doesn’t have enough money to cover its expenses. This helps ensure that all funds can pay for their ongoing costs and claims-related expenses without running out of cash. The transferred amount must be repaid by the general assembly in the next year's budget. This bill is now signed into law, meaning it has been officially approved and enacted.

Official Summary

Joint Budget Committee. If there is an insufficient cash balance in the risk management fund, the self-insured property fund, or the state employee workers' compensation account in the risk management fund (state self-insurance funds) to pay continuously appropriated premiums and claims-related expenses, the bill authorizes the executive director of the department of personnel to request the state treasurer to transfer money from another state self-insurance fund's reserve balance to the fund with the deficiency. The state treasurer is required to make the requested transfer and then, in the next annual general appropriations act, the general assembly is required to appropriate an identical amount to the fund from which the transfer was made. The department is prohibited from using the transferred amounts for the cost of operating the risk management system.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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