(1) Any amount of state revenues in excess of the limitation on state fiscal year spending for the 1996-97 fiscal year that voters statewide did not authorize the state to retain and spend and that are required to be refunded pursuant to section 20 (7)(d) of article X of the state constitution, but that are not refunded by the state as required, shall be added to and refunded with any state revenues in excess of the limitation on state fiscal year spending for the 1998-99 fiscal year required to be refunded.
(2) Any amount of state revenues in excess of the limitation on state fiscal year spending for the 1997-98 fiscal year and every fiscal year thereafter through the 2000-01 fiscal year that voters statewide did not authorize the state to retain and spend and that are required to be refunded pursuant to section 20 (7)(d) of article X of the state constitution, but that are not refunded by the state as required, shall be added to and refunded with any state revenues in excess of the limitation on state fiscal year spending for the fiscal year following the fiscal year for which state revenues in excess of the limitation on state fiscal year spending were required to be refunded.
(3) Any amount of state revenues in excess of the limitation on state fiscal year spending for the 2001-02 fiscal year and for every fiscal year thereafter that voters statewide did not authorize the state to retain and spend and that are required to be refunded pursuant to section 20 (7)(d) of article X of the state constitution, but that are not refunded by the state as required, shall be carried forward and added to the amount of any unrefunded state revenues in excess of the limitation on state fiscal year spending for previous fiscal years that has been carried forward. Said aggregate amount of unrefunded state revenues shall be added to and refunded with subsequent fiscal years' state revenues in excess of the limitation on state fiscal year spending that are required to be refunded; however, the amount of state revenues in excess of the limitation on state fiscal year spending that was required to be refunded but was not refunded during the most recently completed fiscal year shall be applied first to the fiscal year immediately following the most recently completed fiscal year.
Source: L. 2005: Entire section added, p. 131, � 2, effective April 5.
24-77-103.9. Over-refunds of and unrefunded state revenues - records and disclosure. (1) The department of revenue shall maintain a record of:
(a) Any amount of over-refund, as defined in section 24-77-103.7 (1), made in each fiscal year commencing on and after July 1, 2004; and
(b) Any amount of state revenues in excess of the limitation on state fiscal year spending for any fiscal year commencing on or after July 1, 2004, that voters statewide did not authorize the state to retain and spend and that are required to be refunded pursuant to section 20 (7)(d) of article X of the state constitution, but that are not refunded by the state as required by the end of the next fiscal year.
(2) The amount of any over-refunds or unrefunded excess state revenues, as determined by the records maintained pursuant to subsection (1) of this section, for any fiscal year commencing on and after July 1, 2004, shall be disclosed in the state financial report required to be prepared by the controller pursuant to section 24-77-106.5 for such fiscal year.
Source: L. 2005: Entire section added, p. 132, � 3, effective April 5.
24-77-104. State emergency reserve - cash fund - creation - declaration of emergency - reimbursement of emergency reserve expenditures - definition - repeal. (1) The state shall establish a state emergency reserve that is held by the state for emergencies declared pursuant to subsection (3) of this section. For each state fiscal year, the state emergency reserve shall not be less than three percent of state fiscal year spending minus annual bonded debt service.
(2) (a) The state emergency reserve consists of money in the state emergency reserve cash fund created in subsection (6) of this section and any other money or capital asset that is annually designated by the general assembly in the general appropriation bill or by separate bill to constitute the emergency reserve. The principal of the controlled maintenance trust fund created in section 24-75-302.5 (2), may constitute all or some portion of the state emergency reserve.
(b) Repealed.
(3) The state emergency reserve may be expended in any given fiscal year upon:
(a) The declaration of a state emergency by the passage of a joint resolution which is approved by a two-thirds majority of the members of both houses of the general assembly and which is approved by the governor in accordance with section 39 of article V of the state constitution; or
(b) The declaration of a disaster emergency by the governor pursuant to section 24-33.5-704 (4).
(4) Nothing in this section shall be construed to limit, modify, or abridge the powers and duties of the governor to respond to disasters as provided for in part 7 of article 33.5 of this title.
(5) Nothing in this section shall be construed to limit the ability of the general assembly to define the term emergency pursuant to section 20 (2)(c) of article X of the state constitution.
(6) (a) The state emergency reserve cash fund, referred to in this subsection (6) as the fund, is created in the state treasury. The fund consists of money transferred to the fund pursuant to subsection (6)(c) of this section, interest and income credited to the fund pursuant to section 24-75-226 (4)(c)(II), and any other money that the general assembly may appropriate to the fund.
(a.5) (I) For state fiscal years commencing on or before July 1, 2024, the state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.
(II) For state fiscal years commencing on or after July 1, 2025, in accordance with section 24-36-114 (1), the state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the general fund.
(III) (A) On June 30, 2025, the state treasurer shall transfer five million seven hundred twenty-four thousand five hundred forty-nine dollars from the state emergency reserve cash fund to the general fund.
(B) This subsection (6)(a.5)(III) is repealed, effective July 1, 2026.
(b) Money in the fund shall not be expended or appropriated for any purpose other than for a declared emergency in accordance with subsection (3) of this section. If the governor declares a disaster emergency pursuant to section 24-33.5-704 (4), then the governor may transfer money from the fund to the disaster emergency fund created in section 24-33.5-706, if the money in the disaster emergency fund is insufficient.
(c) (I) On June 30, 2021, the state treasurer shall transfer one hundred one million dollars from the general fund to the fund.
(II) On June 30, 2021, the state treasurer shall transfer one hundred million dollars from the controlled maintenance trust fund created in section 24-75-302.5 (2)(a) to the fund.
(d) (I) On June 30, 2023, the state treasurer shall transfer twenty million dollars from the general fund to the fund.
(II) On June 30, 2023, the state treasurer shall transfer ten million dollars from the revenue loss restoration cash fund created in section 24-75-227 (2)(a) that originates from the general fund to the fund.
(7) (a) Beginning July 1, 2021, if any money in a fund that is designated by the general assembly as part of the state emergency reserve is expended and the state subsequently receives a reimbursement for the expenditure, then the state treasurer shall deposit the reimbursement into the fund that was the original source of the money. This subsection (7) applies regardless of whether the expenditure is made directly from the fund or if it is transferred from the fund to the disaster emergency fund, created in section 24-33.5-706 (2)(a), or any other fund, or if the expenditure is of money in the fund that was previously reimbursed before being spent again.
(b) As used in this subsection (7), reimbursement means a repayment of expenditures for which the state previously designated emergency money. Federal cost share provided through a federal emergency management agency public assistance grant pursuant to the federal Robert T. Stafford Disaster Relief and Emergency Assistance Act, as amended, 42 U.S.C. sec. 5121 et seq., is not a reimbursement for the purposes of this subsection (7).
Source: L. 93: Entire article added, p. 1502, � 1, effective June 6. L. 95: (2) amended, p. 1260, � 1, effective June 3. L. 2001: (2) amended, p. 8, � 2, effective February 13. L. 2013: (3)(b) and (4) amended, (HB 13-1300), ch. 316, p. 1685, � 66, effective August 7. L. 2021: (1) and (2)(a) amended and (6) and (7) added, (SB 21-227), ch. 69, p. 275, � 2, effective April 29. L. 2022: (6)(a) amended, (HB 22-1342), ch. 137, p. 920, � 2, effective April 25. L. 2023: (6)(d) added, (SB 23-246), ch. 102, p. 374, � 1, effective April 20. L. 2024: (7) amended, (HB 24-1155), ch. 48, p. 169, � 1, effective August 7. L. 2025: (6)(a) amended and (6)(a.5) added, (SB 25-317), ch. 385, p. 2158, � 37, effective June 3.
Editor's note: Subsection (2)(b)(II) provided for the repeal of subsection (2)(b), effective July 1, 2002. (See L. 2001, p. 8.)
Cross references: For the legislative declaration in SB 25-317, see section 1 of chapter 385, Session Laws of Colorado 2025.
24-77-104.5. General fund exempt account - referendum C money - specification of uses for health care and education - definitions. (1) The moneys in the general fund exempt account created in section 24-77-103.6 (2) shall be appropriated or transferred in the following manner:
(a) (I) If available, the amount set forth in subparagraph (II) of this paragraph (a) shall be used as follows:
(A) If the voters of the state approve the ballot issue set forth in House Joint Resolution 05-1057, enacted at the first regular session of the sixty-fifth general assembly and submitted to the voters as referendum D, the general assembly may appropriate moneys from the account to the critical needs fund created in section 24-115-111 to make payments on principal and interest on critical needs notes issued pursuant to section 24-115-110. Such an appropriation shall be an authorized use of moneys in the account pursuant to the provisions of section 24-77-103.6 (2)(b), (2)(c), and (2)(d).
(B) If the voters of the state do not approve referendum D, if the principal and interest on notes issued pursuant to section 24-115-110 is less than the amount set forth in subparagraph (II) of this paragraph (a), or if the general assembly elects not to appropriate moneys to the critical needs fund to repay the principal and interest on notes issued pursuant to section 24-115-110, moneys in the account shall be used in a manner consistent with section 24-77-103.6 (2).
(II) The amount appropriated or transferred pursuant to this subsection (1) shall be fifty-five million dollars in the state fiscal year 2005-06, ninety-five million dollars in state fiscal year 2006-07, and one hundred twenty-five million dollars in each subsequent state fiscal year.
(b) If there are any moneys in the account after the appropriations or transfers required by paragraph (a) of this subsection (1) are made, then all moneys remaining in the account shall be split equally for the following three purposes:
(I) Funding for health care, which shall be limited to the uses set forth in subsection (2) of this section;
(II) Funding for preschool through twelfth grade education, which shall be limited to the uses set forth in subsection (3) of this section; and
(III) Funding for the benefit of students attending community colleges and other institutions of higher education, which shall be limited to the uses set forth in subsection (4) of this section.
(2) (a) Funding for health care, as used in subparagraph (I) of paragraph (b) of subsection (1) of this section, shall be limited to funding for:
(I) Health care for Colorado's elderly, low-income, and disabled populations, including:
(A) Physician visits;
(B) Hospital visits;
(C) Long-term care services, including nursing home care, home-based care, and community-based services;
(D) Prescription drugs;
(E) Mental health services;
(F) Prenatal care;
(G) Immunizations;
(H) Services for persons with developmental disabilities; and
(I) Medical services premiums;
(II) Programs to lower the cost of health insurance premiums for individuals and small businesses.
(b) All of the uses set forth in paragraph (a) of this subsection (2) are permitted under section 24-77-103.6 (2)(a). The general assembly shall not be required to appropriate or transfer moneys from the account for all of the programs and services set forth in paragraph (a) of this subsection (2).
(3) (a) Funding for preschool through twelfth grade education, as used in subsection (1)(b)(II) of this section, is limited to funding for:
(I) Per-pupil funding for preschool through twelfth grade education through the Public School Finance Act of 2025, article 54 of title 22, or any successor act;
(II) Capital construction projects related to preschool through twelfth grade public education;
(III) Kindergarten and preschool programs;
(IV) Libraries;
(V) Textbooks;
(VI) Student assessment and accountability;
(VII) Repealed.
(VIII) School breakfast and lunch programs; and
(IX) Categorical programs as defined in section 17 (2)(a) of article IX of the state constitution.
(b) As used in section 24-77-103.6 (6)(a)(I), public elementary and high school education means preschool through twelfth grade public education. Accordingly, all of the uses set forth in paragraph (a) of this subsection (3) are permitted under section 24-77-103.6 (2)(b). The general assembly shall not be required to appropriate or transfer moneys from the account for all of the programs and services set forth in paragraph (a) of this subsection (3).
(c) Moneys from the account appropriated or transferred for funding for preschool through twelfth grade education may count as part of the general assembly's general fund maintenance of effort that is required pursuant to section 17 (5) of article IX of the state constitution.
(4) (a) Funding for the benefit of students attending community colleges and other institutions of higher education, as used in subsection (1)(b)(III) of this section, is limited to funding for:
(I) Need-based financial aid;
(II) Merit-based financial aid;
(III) The college opportunity fund program created in parts 1 and 2 of article 18 of title 23, C.R.S.;
(IV) Fee-for-service contracts authorized pursuant to section 23-18-303.5;
(V) Capital construction projects related to higher education;
(VI) Work-study programs;
(VII) Tuition for qualified Indian pupils who attend Fort Lewis college;
(VIII) Local district college grants; and
(IX) Area technical college grants.
(b) All of the uses set forth in paragraph (a) of this subsection (4) are permitted under section 24-77-103.6 (2)(b). The general assembly shall not be required to appropriate or transfer moneys from the account for all of the programs and services set forth in paragraph (a) of this subsection (4).
(5) As used in this section, account means the general fund exempt account created in section 24-77-103.6 (2).
Source: L. 2005: Entire section added, p. 1357, � 1, effective June 6, 2005. L. 2012: (3)(a)(VII) repealed, (HB 12-1238), ch. 180, p. 674, � 22, effective July 1. L. 2014: (4)(a)(III) and (4)(a)(IV) amended, (HB 14-1319), ch. 169, p. 615, � 17, effective May 9. L. 2015: (4)(a)(IV) and (4)(a)(V) amended and (4)(a)(VI) to (4)(a)(IX) added, (SB 15-238), ch. 130, p. 403, � 1, effective May 1. L. 2016: (4)(a)(IX) amended, (HB 16-1082), ch. 58, p. 152, � 42, effective August 10. L. 2020: IP(4)(a) and (4)(a)(IV) amended, (HB 20-1366), ch. 181, p. 835, � 18, effective July 1, 2021. L. 2024: IP(3)(a) and (3)(a)(I) amended, (HB 24-1448), ch. 236, p. 1536, � 59, effective May 23.