HB 26-1406

HB 26-1406 is a Colorado bill that removes the requirement for state agencies and universities to set aside money for long-term maintenance of capital projects funded by appropriations. This means these institutions won't have to save funds specifically for upkeep costs anymore. The bill also transfers over $15 million from a specific fund used for renovations in the capitol complex to the general fund, and it will close this fund entirely by 2027. Since the status of the bill is "signed," its provisions are now law and have been implemented.

Official Summary

Joint Budget Committee. Current law requires most state agencies and institutions of higher education that receive an appropriation for capital construction to set aside an amount of money equal to the recorded depreciation of the capital asset that was acquired, repaired, improved, replaced, renovated, or constructed with the appropriation (annual depreciation-lease equivalent payment) to pay for the long-term maintenance costs of the capital asset. Currently, the money that state agencies or institutions of higher education set aside for maintenance costs is credited to the capitol complex renovation fund. The bill repeals the annual depreciation-lease equivalent payment requirement.     Currently, the department of personnel uses the money in the capitol complex renovation fund (fund) for capital construction needs for existing state-owned buildings in the capitol complex. The bill requires the state treasurer to transfer $15,263,000 from the fund to the general fund on June 30, 2026. The bill also requires the state treasurer to transfer the remaining balance of the fund on June 30, 2027, to the general fund and then repeals the fund. In addition, the bill repeals a reporting requirement in connection with the use of the money in the fund.      The bill also repeals the capitol complex master plan implementation fund, including its ongoing transfers to the fund.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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