HB 26-1403

HB 26-1403 is a Colorado bill that stops the state treasurer from transferring money related to the depreciation of information technology assets to the general fund. This means that funds set aside for maintaining and upgrading IT equipment will stay within the specific account meant for these purposes, rather than being moved to other parts of the budget. The bill has been signed into law, so it is now in effect and ensures that money intended for IT maintenance stays dedicated to its original purpose.

Official Summary

Joint Budget Committee. Current law requires an amount equivalent to the recorded depreciation or amortization of an information technology asset acquired, repaired, improved, replaced, renovated, or constructed with an appropriation from the information technology capital account in the capital construction fund based on the depreciation period (information technology annual depreciation-lease equivalent payment) to be credited and transferred to the information technology capital account within the capital construction fund. Current law also requires the state treasurer to transfer any unappropriated balances in the information technology capital account or any otherwise unexpended and unencumbered money remaining in the information technology capital account at the end of a fiscal year to the general fund.     The bill prohibits the state treasurer from transferring any money that was transferred, credited, or paid into the information technology capital account as an information technology annual depreciation-lease equivalent payment to the general fund.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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