(1) There is hereby created in the state treasury the state supplemental security income stabilization fund, referred to in this section as the "stabilization fund", for the purpose of stabilizing the source of funding required to meet the federal requirements for maintenance of effort for the state-funded supplement to persons receiving SSI benefits. The stabilization fund shall consist of any excess moneys recovered due to overpayment of recipients, including regular, fraud, and interim assistance reimbursement recoveries, and any appropriations made to the stabilization fund by the general assembly. The moneys in the stabilization fund are hereby continuously appropriated to the state department to be expended on programs that count toward the maintenance of effort for the state supplemental security income as specified in the state plan when the state department determines that the state is at risk of not meeting the federal maintenance of effort for that calendar year. All interest and income derived from the investment and deposit of moneys in the stabilization fund shall be credited to the stabilization fund. At the end of any fiscal year, an amount not exceeding twenty percent of the total appropriation for the applicable fiscal year in the annual general appropriations bill for the program for aid to the needy disabled shall remain in the stabilization fund as a continuous appropriation to be used to meet the state's maintenance of effort requirements under this part 2, and any unexpended and unencumbered moneys remaining in the stabilization fund at the end of any fiscal year in excess of an amount equal to twenty percent of the total appropriation for the applicable fiscal year in the annual general appropriations bill for the program for aid to the needy disabled shall revert to the general fund.
The state department shall submit a report to the joint budget committee by February15 of each year. The report shall indicate whether expenditures were made from the stabilization fund, the aggregate monthly amount of any expenditures, and the particular programs for which the expenditures were made.
Notwithstanding subsection (1) of this section, on June 30, 2020, the state treasurershall transfer one million eight hundred eighty-seven thousand one hundred sixteen dollars from the stabilization fund to the general fund.
Source: L. 2009: Entire section added, (HB 09-1215), ch. 70, p. 239, § 1, effective March 25. L. 2014: (1) amended, (SB 14-012), ch. 248, p. 961, § 4, effective August 6. L. 2020: (3) added, (HB 20-1381), ch. 171, p. 786, § 5, effective June 29.
Cross references: For the legislative declaration in SB 14-012, see section 1 of chapter 248, Session Laws of Colorado 2014.