HB 22-1340

House Bill 22-1340, which has been signed into law, involves significant transfers of money within the state budget. It moves over $700 million from the general fund to various funds and accounts dedicated to affordable housing, capital construction, and information technology. Additionally, it allows for $110 million to be transferred to a trust fund for maintenance projects prioritized by the state architect’s office. This bill affects how money is allocated for infrastructure and housing needs in Colorado. Since it has been signed into law, these financial transfers are now official and will impact budget allocations starting from July 1, 2022.

Official Summary

On July 1, 2022, the act transfers: $350,394,004 from the general fund to the affordable housing and home ownership cash fund; $350,394,004 from the affordable housing and home ownership cash fund to the revenue loss restoration cash fund; $4,639,443 from the general fund to the capital construction fund; $122,225,865 from the general fund to the information technology capital account of the capital construction fund; and $500,000 from the general fund exempt account of the general fund to the capital construction fund. The state treasurer and the state controller transferred $110,000,000 from the general fund to the controlled maintenance trust fund to be appropriated in the 2022-23 state fiscal year for controlled maintenance budget requests prioritized by the office of the state architect as level one and level two priority projects. The act eliminates the requirement that the transferred money be appropriated for the 2022-23 state fiscal year. (Note: This summary applies to this bill as enacted.)

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