SB 21-288 CO
American Rescue Plan Act of 2021 Cash Fund
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Summary
As part of the federal "American Rescue Plan Act of 2021" (federal act), the state will receive $3,828,761,790, and $380 million of that money will be used for transportation infrastructure. The act creates the "American Rescue Plan Act of 2021" cash fund (fund) and requires the state treasurer to deposit $3,448,761,790, which is the balance of the federal funds after the transportation infrastructure use, in the fund.The general assembly may transfer money from the fund to another cash fund that is established for the purpose of using the money from the federal coronavirus state fiscal recovery fund, and the act establishes requirements for this type of cash fund or one that includes any subsequent transfers or appropriations (recipient fund). If there is any money remaining in the fund after the legislatively authorized transfers during the 2021 legislative session, then the governor is authorized to allocate up to $300 million for the purposes permitted under the federal act, and the money is continuously appropriated to the departments the governor designates.In order to ensure proper accounting for and compliance with the federal act, if a recipient fund has money from other sources, then the state controller shall establish an identical, companion fund that only includes the federal funds from the federal act.Money in the fund or a recipient fund must be expended or obligated by December 31, 2024, and any money obligated by December 31, 2024, must be expended by December 31, 2026. The state treasurer is required to transfer the unused and unobligated amounts in the fund as of December 31, 2024, to the unemployment compensation fund. A department is prohibited from using any money from the fund or a recipient fund for any purpose prohibited under the federal act, and transfers from the fund to the general fund are prohibited.The state controller is required to provide the secretary of the treasury of the United States with the periodic reports about the state's use of the money from the fund or a recipient fund. Departments and persons receiving money from departments are required to comply with any reporting record-keeping requirements established by the state controller and the office of state planning and budgeting (office) and with any program evaluation requirements established by the office. The office is required to provide the joint budget committee with a yearly performance report, which includes the information the state controller provides to the secretary.The act also modifies existing federal funds reporting requirements so that, like the reporting on the money from the recipient funds, the joint budget committee receives annual reports instead of quarterly reports. In addition, the state controller is required to make the reports instead of the office, and the information required to be submitted is modified.(Note: This summary applies to this bill as enacted.)
Sponsors (4)
- Dominick Moreno · primary
- Bob Rankin · primary
- Daneya Esgar · primary
- Alex Valdez Democratic · primary
Action history (13)
- Jun 11, 2021 Governor Signed · executive
- Jun 10, 2021 Sent to the Governor · executive
- Jun 10, 2021 Signed by the President of the Senate · upper
- Jun 10, 2021 Signed by the Speaker of the House · lower
- Jun 7, 2021 House Third Reading Passed - No Amendments · lower
- Jun 4, 2021 House Third Reading Laid Over Daily - No Amendments · lower
- Jun 3, 2021 House Second Reading Special Order - Passed - No Amendments · lower
- Jun 3, 2021 House Committee on Appropriations Refer Unamended to House Committee of the Whole · lower
- Jun 1, 2021 Introduced In House - Assigned to Appropriations · lower
- Jun 1, 2021 Senate Third Reading Passed - No Amendments · upper
- May 28, 2021 Senate Second Reading Special Order - Passed - No Amendments · upper
- May 28, 2021 Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole · upper
- May 28, 2021 Introduced In Senate - Assigned to Appropriations · upper
Text versions (8)
The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.
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