HB 26-1361

House Bill 26-1361, also known as the Pay for Success Program Repeal, aims to end a specific program that uses state funds to support social interventions through contracts with lead organizations. The bill requires all remaining money in the associated fund and account to be transferred to the general fund by June 30, 2026, after which the program, along with its funding sources, will cease to exist on July 1, 2026. This affects how Colorado allocates funds for social programs and impacts organizations currently receiving support through these contracts. Since the bill has been signed into law, it is now official policy and the program will be phased out as scheduled.

Official Summary

Joint Budget Committee. Currently, the office of economic development (office) administers a pay for success contracts program (program) by entering into agreements with lead contractors for the provision of program-eligible interventions.     Currently, the office uses money in the pay for success contracts fund (fund) and the office of state planning and budgeting youth pay for success initiatives account within the fund (account) to make payments to a lead contractor for managing the program and for any administrative expenses incurred with respect to an agreement related to the program. The office also uses money in the account for specified projects. The bill requires the state treasurer to transfer all of the money in the fund and the account to the general fund on June 30, 2026, and repeals the program, the fund, and the account on July 1, 2026.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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