Colo. Rev. Stat. § 24-75-402

Current through 11/5/2024 election

Section 24-75-402 - Cash funds - limit on uncommitted reserves - reduction in the amount of fees - exclusions - definitions

(1) The general assembly hereby finds that:

(a) Section 20 of article X of the state constitution limits state fiscal year spending;

(b) Subject to certain exclusions specified in section 20 of article X of the state constitution, all state general fund revenues and all state cash fund revenues are subject to the limitation on state fiscal year spending;

(c) The legislative powers of the general assembly, including but not limited to its plenary power of appropriation, authorize and require the general assembly to assure compliance with the limitation on state fiscal year spending and to make fundamental fiscal policy decisions establishing the level of activity of all departments and agencies of state government, including those funded by revenues generated from fees;

(d) Consonant with the exercise of such legislative powers, the general assembly must establish limits on the amount of uncommitted reserves that may be maintained by state agencies for cash funds and exercise any other necessary controls on cash fund revenues, including but not limited to the power of appropriation;

(e) In order to ensure compliance with the limitations on the amount of uncommitted reserves that may be maintained for any cash fund, the general assembly may require reductions in the amount of fees collected by state agencies, even though such reductions may result in some persons paying more than other persons to receive state agency services.

(2) For purposes of this section, unless the context otherwise requires:

(a) "Alternative maximum reserve" means a maximum reserve balance established in the constitution, by law, or through a joint budget committee waiver that is different from sixteen and one-half percent of the amount expended from a cash fund during the fiscal year. The term also includes a minimum reserve balance established in the constitution or by law that is greater than sixteen and one-half percent of the amount expended from a cash fund during the fiscal year and that, for purposes of this section, is treated as a maximum balance.

(b) "Cash fund" means any fund that is established by law for a specific program or purpose and that includes moneys from fees; except that "cash fund" excludes the state general fund created by section 24-75-201, any federal fund, and any fund used by a state institution of higher education.

(c)

(I) "Entity" means any organ of the legislative, executive, or judicial branch of the government of the state of Colorado, including but not limited to:

(A) The departments of the executive branch;

(B) The legislative houses and agencies; and

(C) The appellate and trial courts and court personnel.

(D) Repealed.

(II) "Entity" does not include any enterprise, as defined in section 24-77-102 (3), any special purpose authority, or any state institution of higher education.

(d) "Excess uncommitted reserves" means the amount of uncommitted reserves for a cash fund that exceeds the maximum reserve or alternative maximum reserve for that cash fund.

(e) "Fees" means any moneys collected or received by an entity; except that "fees" does not include:

(I) Any moneys collected from sources excluded from state fiscal year spending, as defined in section 24-77-102 (17);

(II) Any moneys received through the imposition of penalties or fines or surcharges imposed on any person convicted of a crime;

(III) Any moneys appropriated or transferred from the state general fund;

(IV) Any moneys received through the imposition of taxes;

(V) Any moneys received from charges or assessments, the amount of which are established in law and over which the entity has no authority to change or are otherwise not determined by the entity;

(VI) Any moneys received from gifts or donations;

(VII) Any moneys received from local government grants or contracts;

(VIII) Any moneys received through direct transfers from another entity, an enterprise, or a special purpose authority;

(IX) Any moneys received as interest or other investment income.

(e.5) "Maximum reserve" means sixteen and five-tenths percent of the amount expended from a cash fund during the fiscal year.

(f) "Nonmonetary current asset" means an asset that either cannot be converted to cash or is held with the intent of being used rather than being converted to cash.

(g) Repealed.

(h) "Uncommitted reserves" means the fund balance of a cash fund as of June 30 of any fiscal year, minus the following:

(I) Any long-term assets credited to the cash fund, including a capital reserve identified in accordance with section 24-75-403;

(II) Any unencumbered fund balance previously appropriated for capital construction or other multiyear purposes;

(III) Any nonmonetary current assets credited to the cash fund, including but not limited to consumable inventory and prepaid expenses;

(IV) Any portion of the revenues credited to the cash fund that is estimated to be derived from non-fee sources.

(3)

(a) and (b) Repealed.

(c) For the 2014-15 fiscal year and for each fiscal year thereafter, the uncommitted reserves of a cash fund at the conclusion of a given fiscal year shall not exceed the maximum reserve for that fiscal year; except that, for any cash fund for which an alternative maximum reserve is otherwise set by the joint budget committee in accordance with subsection (8) of this section or specified in the constitution or by law, the uncommitted reserves of the cash fund shall not exceed the alternative maximum reserve. If the amount of uncommitted reserves of any cash fund at the conclusion of any given fiscal year exceeds the applicable maximum reserve or alternative maximum reserve, each entity that collects one or more of the fees deposited in the cash fund shall by rule or as otherwise provided by law reduce the amount of one or more of the fees to an amount calculated to result in an amount of uncommitted reserves of the cash fund for the current fiscal year that does not exceed the corresponding maximum reserve or alternative maximum reserve.

(d) If more than one entity collects the fees that are deposited in a cash fund and the amount of said fees are required to be reduced pursuant to this subsection (3), the reduction in fees for each entity shall be proportional to the amount of fees contributed by each entity to the excess uncommitted reserves.

(e) In calculating the reduction in fees under this subsection (3), an entity may take into account increases in expenditures from the cash fund.

(4)

(a) If an entity reduces the amount of a fee pursuant to subsection (3) of this section, the entity by rule or as otherwise provided by law may subsequently raise the amount of the fee so long as the projected amount of uncommitted reserves of the cash fund does not exceed the limitations specified in subsection (3) of this section. Any such fee increase by an entity in the executive branch, prior to promulgation or adoption, shall be subject to approval by the office of state planning and budgeting. The entity shall not increase the fee beyond any amount specified in statute for the fee.

(b) Any rule adopted by an entity in the executive branch that reduces the amount of a fee pursuant to subsection (3) of this section or increases the amount of a fee pursuant to this subsection (4) shall be subject to the requirements of the "State Administrative Procedure Act", article 4 of this title.

(5) Notwithstanding any provision of this section to the contrary, the following cash funds are excluded from the limitations specified in this section:

(a) Any cash fund for which revenues are derived solely from fees, the amounts of which are established by the federal government;

(b) Any cash fund for which revenues are derived solely from fees set by the Colorado supreme court in the exercise of its exclusive authority to regulate the practice of law;

(c) Any cash fund for which revenues are derived solely from fees set by an enterprise, as defined in section 24-77-102 (3), or a special purpose authority;

(d) Any cash fund that is established to fund capital construction;

(e) Any cash fund for which the reserve amounts are based on actuarial requirements;

(f) Any trust fund;

(g) Any cash fund with uncommitted reserves of less than two hundred thousand dollars;

(h) The highway users tax fund and the state highway fund; except that the emergency medical services account created in section 25-3.5-603, the Colorado state titling and registration account, as it existed before July 1, 2019, and the Colorado DRIVES vehicle services account created in section 42-1-211 (2), and the AIR account created in section 42-3-304 (18)(a) included in the highway users tax fund shall be subject to this section;

(i) The petroleum storage tank fund created in section 8-20.5-103, C.R.S.;

(j) and (k) Repealed.

(l) The brand inspection fund created in section 35-41-102, C.R.S.;

(m) to (o) Repealed.

(p) The workers' compensation cash fund created in section 8-44-112 (7);

(q) to (z) Repealed.

(aa) The emergency fire fund created in section 24-33.5-1220 (2), the wildland fire equipment repair cash fund created in section 24-33.5-1220 (3), the wildland fire cost recovery fund created in section 24-33.5-1220 (4), the wildfire emergency response fund created in section 24-33.5-1226 (1), the wildfire preparedness fund created in section 24-33.5-1227 (1), and the Colorado firefighting air corps fund created in section 24-33.5-1228 (3);

(bb) to (dd) Repealed.

(ee) The enterprise services cash fund created in section 24-80-209;

(ff) to (hh) Repealed.

(ii) The energy and carbon management cash fund created in section 34-60-122 (5);

(jj) Repealed.

(kk) The cybersecurity cash fund created in section 24-33.5-1906;

(ll) and (mm) Repealed.

(nn) The governor's mansion maintenance fund created in section 24-30-1303.8;

(oo) The justice center cash fund created in section 13-32-101 (7)(a);

(pp) The justice center maintenance fund created in section 13-32-101 (7)(d);

(qq) The small business recovery and resiliency fund created in section 24-48.5-608;

(rr) The emergency invasive-pest response fund created in section 35-1-106.4;

(ss) The community behavioral health disaster preparedness and response cash fund created in section 25-20.5-1303;

(tt) The community impact cash fund created in section 25-7-129 (1);

(uu) The 988 crisis hotline cash fund created in section 27-64-104;

(vv) The regional navigation campuses cash fund created in section 24-32-727;

(ww) The geothermal energy grant fund created in section 24-38.5-118 (7);

(xx) The commission on judicial discipline special cash fund created in section 13-5.3-105;

(yy) The disability support fund created in section 8-88-205 (1);

(zz) The responsible gaming grant program cash fund created in section 44-30-1702 (8);

(aaa) The agricultural products inspection cash fund created in section 35-23-114 (3);

(bbb) The wage theft enforcement fund created in section 8-4-113 (3)(a);

(ccc) The wildfire resiliency code board cash fund created in section 24-33.5-1236 (8);

(ddd) The closed landfill remediation grant program fund created in section 30-20-124 (8);

(eee) The educator licensure cash fund created in section 22-60.5-112 (1)(a);

(fff) The commercial historic preservation tax credit program cash fund created in section 39-22-514.5 (17);

(ggg) The workforce development tax credit program cash fund created in section 39-22-565 (14);

(hhh) The jail standards advisory committee cash fund created in section 30-10-530 (7);

(iii) The quantum business loan loss reserve cash fund created in section 39-22-568 (13);

(jjj) The employee ownership cash fund created in section 39-22-542.5 (8); and

(kkk) The community revitalization tax credit program cash fund created in section 39-22-569 (13).

(5.5) The exclusion from the limitations specified in this section for a cash fund under subsection (5) of this section applies for the last fiscal year prior to the repeal of the exclusion.

(6) Notwithstanding any provision of this section to the contrary, the limitations specified in this section shall not apply to any cash fund used to fund a single program if the program has been in existence less than two full fiscal years.

(7) The office of state planning and budgeting shall annually review the total amount of revenues credited to cash funds, including but not limited to the amounts received from fees and from other sources, and the report of uncommitted reserves prepared by the state controller pursuant to section 24-30-207 (3).

(7.5) Upon request by an entity with a program that has a multi-year revenue-collection cycle or revenue-contract period, the state controller may average the uncommitted reserves from the cash fund related to the program over the multi-year period. Notwithstanding any other provision of this section, the uncommitted reserves are equal to the averaged amount for purposes of this section.

(8)

(a) Notwithstanding the maximum reserve limitation in paragraph (c) of subsection (3) of this section, for fiscal years beginning on or after July 1, 2015, the joint budget committee may grant a waiver of the maximum reserve for up to three years for an entity that demonstrates a specific purpose for which the entity needs to maintain uncommitted reserves in an amount greater than the maximum reserve. As part of the waiver, the joint budget committee may establish an alternative maximum reserve for the cash fund or exempt the cash fund altogether from any limits on uncommitted reserves. A specific purpose that may warrant a waiver pursuant to this subsection (8) includes, but is not limited to, purchase of a particular item of equipment or operation of a short-term program.

(b) To request a waiver in accordance with this subsection (8), an entity, during the annual budget-setting process, must present a plan to the joint budget committee that at a minimum specifies the specific purpose for which the entity needs the waiver, whether it would like a maximum alternative reserve or an exemption, the time period for the waiver, and the plan for reducing any excess uncommitted reserves that may remain on completion of the waiver period. The joint budget committee, in determining whether to approve a waiver pursuant to this subsection (8), shall consider the purpose for which the entity has requested the waiver, the reasonableness of the time period for the waiver, and the effect the waiver may have on the state's ability to comply with the limitations on state fiscal year spending imposed pursuant to section 20 of article X of the state constitution.

(c) The joint budget committee may grant any waiver requested in accordance with this subsection (8) that the committee deems appropriate. In a waiver, the committee shall specify the fund for which the waiver is granted, whether there is an alternative maximum reserve or an exemption, and the time period for the waiver.

(9) to (11) Repealed.

(12) If a cash fund has excess uncommitted reserves for three or more fiscal years in a row, the state controller shall restrict spending of any appropriation from the cash fund for the next fiscal year in an amount equal to the lesser of the excess uncommitted reserve or the applicable maximum reserve or alternative maximum reserve. The entity shall not expend any amount restricted pursuant to this subsection (12) unless the restriction is released. The restriction is released when the fund is in compliance with the maximum reserve or alternative maximum reserve requirement or when the joint budget committee approves a waiver for the excess uncommitted reserves in accordance with subsection (8) of this section.

C.R.S. § 24-75-402

Amended by 2024 Ch. 478,§ 8, eff. 8/7/2024.

Amended by 2024 Ch. 370,§ 4, eff. 8/7/2024.

Amended by 2024 Ch. 245,§ 2, eff. 8/7/2024.

Amended by 2024 Ch. 355,§ 4, eff. 9/1/2024.

Amended by 2024 Ch. 324,§ 6, eff. 7/1/2024.

Amended by 2024 Ch. 328,§ 10, eff. 6/3/2024.

Amended by 2024 Ch. 273,§ 3, eff. 5/28/2024.

Amended by 2024 Ch. 268,§ 5, eff. 5/28/2024.

Amended by 2024 Ch. 235,§ 19, eff. 5/23/2024.

Amended by 2023 Ch. 225,§ 5, eff. 8/7/2023.

Amended by 2023 Ch. 103,§ 1, eff. 8/7/2023.

Amended by 2023 Ch. 235,§ 26, eff. 7/1/2023.

Amended by 2023 Ch. 217,§ 5, eff. 5/17/2023.

Amended by 2023 Ch. 174,§ 2, eff. 5/12/2023.

Amended by 2023 Ch. 79,§ 2, eff. 4/17/2023.

Amended by 2022 Ch. 402, § 9, eff. 8/10/2022.

Amended by 2022 Ch. 378, § 6, eff. 8/10/2022.

Amended by 2022 Ch. 334, § 2, eff. 8/10/2022.

Amended by 2022 Ch. 135, § 3, eff. 7/1/2022.

Amended by 2022 Ch. 287, § 3, eff. 5/31/2022.

Amended by 2022 Ch. 201, § 3, eff. 5/20/2022.

Amended by 2021 Ch. 360, § 3, eff. 9/1/2021.

Amended by 2021 Ch. 160, § 3, eff. 9/1/2021.

Amended by 2021 Ch. 411, § 21, eff. 7/2/2021.

Amended by 2021 Ch. 361, § 3, eff. 6/28/2021.

Amended by 2020 Ch. 208, § 3, eff. 6/30/2020.

Amended by 2020 Ch. 131, § 2, eff. 6/26/2020.

Amended by 2020 Ch. 121, § 2, eff. 6/23/2020.

Amended by 2020 Ch. 69, § 1, eff. 3/23/2020.

Amended by 2018 Ch. 407, § 2, eff. 8/8/2018.

Amended by 2018 Ch. 292, § 2, eff. 8/8/2018.

Amended by 2018 Ch. 398, § 2, eff. 6/6/2018.

Amended by 2018 Ch. 174, § 2, eff. 4/30/2018.

Amended by 2017 Ch. 331, § 4, eff. 8/9/2017.

Amended by 2017 Ch. 101, § 29, eff. 8/9/2017.

Amended by 2017 Ch. 256, § 9, eff. 7/1/2017.

Amended by 2017 Ch. 381, § 10, eff. 6/6/2017.

Amended by 2017 Ch. 172, § 3, eff. 4/28/2017.

Amended by 2016 Ch. 155, § 7, eff. 9/1/2016.

Amended by 2016 Ch. 189, § 2, eff. 7/1/2016.

Amended by 2016 Ch. 139, § 1, eff. 5/4/2016.

Amended by 2015 Ch. 128, § 2, eff. 7/1/2015.

Amended by 2015 Ch. 322, § 1, eff. 6/5/2015 and applicable to fiscal years beginning on or after 7/1/2014.

Amended by 2015 Ch. 176, § 4, eff. 5/11/2015 and applicable to fiscal years beginning on or after 7/1/2014.

Amended by 2015 Ch. 13, § 2, eff. 3/13/2015.

Amended by 2014 Ch. 394, § 2, eff. 6/6/2014.

Amended by 2014 Ch. 237, § 4, eff. 7/1/2014.

Amended by 2014 Ch. 313, § 3, eff. 5/31/2014.

Amended by 2014 Ch. 50, § 2, eff. 3/20/2014.

Amended by 2013 Ch. 316, § 65, eff. 8/7/2013.

Amended by 2013 Ch. 377, § 1, eff. 6/5/2013.

Amended by 2013 Ch. 24, § 2, eff. 3/14/2013.

L. 98: Entire section added, p. 1311, § 1, effective June 1. L. 2001: (8)(a) amended and (9) added, p. 764, § 1, effective June 1. L. 2002: (5)(n) added, p. 225, § 1, effective April 5; (5)(o) and (5)(p) added, p. 551, § 1, effective May 24. L. 2003: (5)(q) added, p. 1975, § 2, effective May 22; (5)(r) added, p. 2672, § 4, effective June 6. L. 2005: (5)(h) amended, p. 771, § 46, effective June 1; (5)(h) amended, p. 1183, § 32, effective August 8. L. 2006: (5)(s) added, p. 1170, § 2, effective May 25. L. 2008: (10) added, p. 1022, § 4, effective May 21; (5)(u) added, p. 1345, § 4, effective May 27; (5)(v) added, p. 1239, § 2, effective May 27; (5)(t) added, p. 81, § 2, effective August 5; (10) added, p. 1095, § 5, effective August 5. L. 2009: (5)(w) added, (SB 09 -041), ch. 201, p. 201, § 6, effective March 25; (5)(x) added, (SB 09-272), ch. 950, p. 950, § 2, effective May 1; (5)(y) added, (HB 09-1151), ch. 1059, p. 1059, § 12, effective 1/1/2010. L. 2010: (5)(z) added, (HB 10-1284), ch. 1685, p. 1685, § 6, effective July 1. L. 2012: (5)(aa) added, (HB12-1283), ch. 1134, p. 1134, § 49, effective July 1; (5)(y) amended, (HB 12-1268), ch. 1033, p. 1033, § 14, effective 7/1/2013. L. 2013: (11) added, (HB 13-1280), ch. 2218, p. 2218, § 1, effective June 5; (5)(aa) amended, (HB 13-1300), ch. 1685, p. 1685, § 65, effective August 7. L. 2014: (5)(bb) added, (SB 14 -108), ch. 231, p. 231, § 2, effective March 20; (5)(aa) amended, (SB 14-154), ch. 1356, p. 1356, § 3, effective May 31; (5)(cc) added, (SB 14-186), ch. 1990, p. 1990, § 2, effective June 6; (5)(dd) added, (SB 14-155), ch. 878, p. 878, § 4, effective July 1. L. 2015: (11) RC&RE, (SB 15 -112), ch. 32, p. 32, § 2, effective March 13; (2)(h)(I) amended, (HB 15-1280), ch. 573, p. 573, § 4, effective May 11; (2)(a), (2)(b), (2)(c)(I)(B), (2)(c)(I)(C), (2)(c)(II), (2)(d), IP(2)(e), (2)(e)(III), (2)(e)(V), (3)(c), (5)(g), (5)(j), (5)(k), (5)(m) to (5)(p), (5)(r) to (5)(z), (5)(cc), (5)(dd), and (8) amended, (2)(c)(I)(D), (2)(g), (3)(a), (3)(b), (5)(bb), (9), and (10) repealed, and (2)(e.5), (5)(ff) to (5)(ii), (5.5), (7.5), and (12) added, (HB 15-1261), ch. 1307, p. 1307, § 1, effective June 5; (5)(ee) added, (SB 15-236), ch. 398, p. 398, § 2, effective 7/1/2015. L. 2016: (5)(hh) and (5)(ii) amended and (5)(jj) added, (HB 16-1415), ch. 411, p. 411, § 1, effective May 4; (5)(kk) added, (HB 16-1453), ch. 673, p. 673, § 2, effective July 1; (5)(s) amended, (HB 16-1414), ch. 487, p. 487, § 7, effective September 1. L. 2017: (5)(ll) added, (SB 17-255), ch. 627, p. 627, § 3, effective April 28; (5)(jj) and (5)(kk) amended and (5)(mm) added, (HB 17-1329), ch. 1967, p. 1967, § 10, effective June 6; (5)(n) amended, (SB 17-243), ch. 1073, p. 1073, § 9, effective July 1; (5)(h) amended, (HB 17 -1107), ch. 374, p. 374, § 29, effective August 9; (5)(r) amended, (HB 17-1303), ch. 1780, p. 1780, § 4, effective August 9. L. 2018: (5)(aa) amended, (SB 18-202), ch. 1206, p. 1206, § 2, effective April 30; (5)(p) RC&RE, (HB 18-1429), ch. 2362, p. 2362, § 2, effective June 6; (5)(ll) and (5)(mm) amended and (5)(nn) added, (SB 18-208), ch. 1797, p. 1797, § 2, effective August 8; (5)(ll) amended and (5)(oo) and (5)(pp) added, (SB 18-267), ch. 2393, p. 2393, § 2, effective August 8. L. 2020: (2)(h)(IV) amended, (SB 20 -134), ch. 280, p. 280, § 1, effective March 23; (5)(qq) added, (HB 20-1413), ch. 518, p. 518, § 2, effective June 23; (5)(mm) repealed, (HB 20-1390), ch. 574, p. 574, § 2, effective June 26; (5)(ll) repealed, (HB 20-1382), ch. 1019, p. 1019, § 3, effective June 30.

(1) Subsection (5)(r) was originally lettered as (5)(q) in House Bill 03-1378 but has been relettered on revision for ease of location.

(2) Amendments to subsection (5)(h) by House Bill 05-1337 and House Bill 05-1107 were harmonized.

(3) Subsection (5)(q)(II) provided for the repeal of subsection (5)(q), effective July 1, 2006. (See L. 2003, p. 1975.)

(4) Subsection (5)(y) was originally lettered as (5)(x) in House Bill 09-1151 but has been relettered on revision for ease of location.

(5) Prior to the recreation of subsection (11) in 2015, subsection (11)(b) provided for the repeal of subsection (11), effective July 1, 2014. (See L. 2013, p. 2218.)

(6) Subsections (5)(j), (5)(k), (5)(m), (5)(o), (5)(p), (5)(r) to (5)(z), (5)(cc), (5)(dd), (5)(ff), (5)(gg), (5)(hh), and (11)(b) provided for the repeal of subsections (5)(j), (5)(k), (5)(m), (5)(o), (5)(p), (5)(r) to (5)(z), (5)(cc), (5)(dd), (5)(ff), (5)(gg), (5)(hh), and (11), respectively, effective July 1, 2017. (See L. 2015, p. 1307.)

(7) Subsection (5)(n) provided for the repeal of subsection (5)(n), effective September 1, 2020. (See L. 2017, p. 1073.)

(8) Subsection (5)(uu) was lettered as (5)(rr) in SB 21-154 but was relettered on revision for ease of location.

2024 Ch. 478, was passed without a safety clause. See Colo. Const. art. V, § 1(3).

2024 Ch. 370, was passed without a safety clause. See Colo. Const. art. V, § 1(3).

2024 Ch. 245, was passed without a safety clause. See Colo. Const. art. V, § 1(3).

2023 Ch. 225, was passed without a safety clause. See Colo. Const. art. V, § 1(3).

2023 Ch. 103, was passed without a safety clause. See Colo. Const. art. V, § 1(3).

(1) For the legislative declaration in SB 14-155, see section 1 of chapter 237, Session Laws of Colorado 2014. (2) For the short title ("Environmental Justice Act") and the legislative declaration in HB 21-1266, see sections 1 and 2 of chapter 411, Session Laws of Colorado 2021. For the legislative declaration in HB 21-1281, see section 1 of chapter 361, Session Laws of Colorado 2021. (3) For the legislative declaration in SB 22-201, see section 1 of chapter 201, Session Laws of Colorado 2022. For the legislative declaration in HB 22-1378, see section 1 of chapter 287, Session Laws of Colorado 2022. (4) For the legislative declaration in HB 23-1194, see section 1 of chapter 225, Session Laws of Colorado 2023. (5) For the legislative declaration in SB 24-188, see section 1 of chapter 235, Session Laws of Colorado 2024. For the legislative declaration in HB 24-1325, see section 1 of chapter 273, Session Laws of Colorado 2024. For the legislative declaration in HB 24-1360, see section 1 of chapter 324, Session Laws of Colorado 2024. For the legislative declaration in HB 24-1157, see section 1 of chapter 370, Session Laws of Colorado 2024. For the legislative declaration in HB 24-1365, see section 1 of chapter 478, Session Laws of Colorado 2024.