HB 18-1035

House Bill 18-1035, which has been signed into law, increases the amount of money that Colorado sets aside in its general fund reserve. Starting from fiscal year 2018-19, the state will set aside a larger portion of its budget as a financial cushion: 7% for 2018-19, 7.5% for 2019-20, and 8% thereafter. This means that more money is reserved to help manage unexpected expenses or economic downturns. The bill affects the state's overall budgeting process and ensures better financial stability moving forward.

Official Summary

For the fiscal year 2017-18 and each fiscal year thereafter, the general fund reserve required by law is currently equal to 6.5% of the amount appropriated for expenditure from the general fund. The bill increases the general fund reserve to: 7% for the fiscal year 2018-19; 7.5% for the fiscal year 2019-20; and 8% for the fiscal year 2020-21 and each fiscal year thereafter.(Note: This summary applies to this bill as introduced.) , Read More