2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › STATE FISCAL POLICIES RELATING TO SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION (§§ 24-77-101 — 24-77-204) › Article 77 - State Fiscal Policies Relating to Section 20 of Article X of the State Constitution (§§ 24-77-101 — 24-77-204) › Part 1 - \GENERAL PROVISIONS (§§ 24-77-101 — 24-77-109) › Section 24-77-104 - [Effective until 8/7/2024] State emergency reserve - cash fund - creation - declaration of emergency - reimbursement of emergency reserve expenditures

(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Repealed.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 hereby 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. The state treasurer shall credit all interest and income derived from the deposit and investment of money in the state emergency reserve cash fund to the fund.
(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)
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.
Amended by 2023 Ch. 102,§ 1, eff. 4/20/2023.
Amended by 2022 Ch. 137, § 2, eff. 4/25/2022.
Amended by 2021 Ch. 69, § 2, eff. 4/29/2021.
Amended by 2013 Ch. 316, § 66, eff. 8/7/2013.
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. 1685, p. 1685, § 66, effective August 7.
Subsection (2)(b)(II) provided for the repeal of subsection (2)(b), effective July 1, 2002. (See L. 2001, p. 8 .)
This section is set out more than once due to postponed, multiple, or conflicting amendments.