(Deleted by amendment, L. 2013.)
Notwithstanding section 24-1-136 (11)(a)(I), no later than June 20 prior to the beginning of each fiscal year, and no later than September 20, December 20, and March 20 within each fiscal year, the governor, with the assistance of the controller, the office of state planning and budgeting, and the governor's revenue-estimating advisory group, shall make an estimate of general fund revenues for such fiscal year. Copies of each such revenue estimate must be promptly transmitted to the general assembly. Such revenue estimates are used in the implementation of section 24-75-201.5 but are not binding on the general assembly in determining the amount of general funds available for appropriation for the next ensuing fiscal year.
Source: L. 83: Entire section added, p. 1006, § 2, effective July 1. L. 84: Entire section amended, p. 686, § 24, effective July 1. L. 87: Entire section amended, p. 1111, § 1, effective May 8. L. 88: Entire section amended, p. 912, § 4, effective March 18. L. 89: (1) amended, p. 1100, § 1, effective April 8. L. 94: (1) amended, p. 1, § 1, effective January 18. L. 2006: (2) amended, p. 1603, § 3, effective July 2. L. 2009: (2) amended, (SB 09-228), ch. 410, p. 2260, § 10, effective July 1. L. 2013: Entire section amended, (SB 13-036), ch. 2, p. 5, § 1, effective January 31. L. 2017: (2) amended, (HB 17-1058), ch. 18, p. 60, § 8, effective March 8. 24-75-201.5. Revenue shortfalls - required actions by the governor with respect to the reserve. (1) (a) Whenever the revenue estimate for the current fiscal year, prepared in accordance with section 24-75-201.3 (2), indicates that general fund expenditures for such fiscal year based on appropriations then in effect will result in the use of one-half or more of the reserve required by section 24-75-201.1 (1)(d), the governor shall formulate a plan for reducing such general fund expenditures so that said reserve, as of the close of the fiscal year, will be at least one-half of the amount required by said section 24-75-201.1 (1)(d). The governor shall promptly notify the general assembly of the plan. The plan shall be promptly implemented by the governor, using the procedures set forth in section 24-2-102 (4) or 24-50-109.5 or any other lawful means.
(b) to (g) Repealed.
In formulating a plan for the reduction of general fund expenditures as required bysubsection (1) of this section, the governor may consider any recommendations for reducing general fund expenditures of the institutions of higher education submitted by the Colorado commission on higher education, after consultation with the governing boards of such institutions.
Repealed.
Whenever the governor has formulated and implemented a plan to reduce generalfund expenditures in accordance with subsection (1) of this section, and such plan reduces general fund expenditures in an amount equal to or greater than one percent of all general fund appropriations for the fiscal year, the governor, after consultation with the capital development committee and the joint budget committee, may transfer general fund moneys from the capital construction fund into the general fund. Pursuant to this subsection (4), the governor will restrict the capital construction projects in the reverse order of the priorities as established by the capital development committee unless approved by the capital development committee and the joint budget committee.
Source: L. 88: Entire section added, p. 913, § 5, effective June 21; (3) added, p. 982, § 2, effective June 21. L. 90: (1) amended, p. 1270, § 4, effective June 8. L. 91: (1)(b) amended, p. 835, § 2, effective April 9; (4) added, p. 805, § 3, effective July 1. L. 92: (1)(b) amended, p. 1074, § 2, effective February 25. L. 94: (3) amended, p. 823, § 50, effective April 27. L. 97: (1) amended, p. 1094, § 5, effective May 27; (1)(a) amended, p. 377, § 11, effective August 6. L. 2002: (1)(a) amended and (1)(c) and (1)(d) added, p. 387, § 2, effective April 30; (1)(c)(I) and
(1)(c)(II) amended and (1)(d)(II)(D) added, pp. 681, 682, §§ 2, 3, effective May 28; (1)(b) and (3) repealed, p. 1006, § 2, effective August 7. L. 2003: (1)(d)(III) added, p. 2438, § 3, effective June 5. L. 2004: (1)(e) added, p. 959, § 2, effective May 21. L. 2005: (1)(f) added, p. 1336, § 1, effective June 3. L. 2009: (1)(g) added, (SB 09-279), ch. 367, p. 1934, § 28, effective June 1. L. 2013: (1)(g)(II)(F) and (1)(g)(II)(G) amended, (SB 13-181), ch. 209, p. 872, § 19, effective May 13. L. 2016: (1)(a) amended and (1)(c) to (1)(g) repealed, (HB 16-1408), ch. 153, pp. 466, 472, §§ 11, 26, effective July 1.
Cross references: For the legislative declaration contained in the act amending subsection (1), see section 1 of chapter 188, Session Laws of Colorado 1990.