PUB00122

• Year: 1984
• Title: Construction Fund Annual Report 1984
• CWCB Section: Finance
• Author: CWCB
• Description: Construction Fund Annual Report 1984
• Publications - Doc Type: CF Annual Report

STATE OF COLORADO

OFfICE OF STATE PLANNING AND BUDGHING

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August 26,

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Representative Ronald H. Strahle
House Majority Leader
State Capitol Building Room 242
Denver, CO 80203'

Dear Representative Strahle:

We are writing to you concerning the year-end general fund financial
closeout of FY 1982-83. It is now confirmed that the fiscal year-
end balance in the-General Fund is $7,325.

.

In calculating the year-end general fund balance we accrued a $4.0
million liability against FY 1982-83 representing the cost of Medi-
caid se~vices which were provided in FY 1982-83 but for which appro-
priations were insufficient to reimburse providers. We also
included revenue of approximately $24.6 million from the Colorado
Water Conservation Board Construction Fund (CWCB/CF) which was
available to the General Fund for deficit prevention purposes
pursuant to H.B. 1320.

This raises an issue regarding the mechanics of H.B. 1320 as it
appears in law which Legislative Council informs us may differ from
legislative intent. Specifically, the law states that $22.5 million
shall be transferred to the fiscal emergency fund from the CWCB/CF
as well as all monies ". . . otherwise accruing to such funds
between the effective date of this section and June 30, 1983 . . ."
Pursuant to the quoted provision (CRS 24-75-211), an additional $1.6
million was required to be transferred to the fiscal emergency,
fund. The Attorney General's Office informs us informally that our
understanding of this p.ovision is correct. The initial transfer
of $22.5 million earned interest of $.5 million in FY 1982-83 which
also accrued to the fiscal emergency fund. A summary of CWCB/CF
transfers to the fiscal e'nergency fund, under H.8. 1320 is as
follows:

CWCS/CF Tranfe.s' FY 1982-83

.

$22.5 m
.5 m
1 ~6 m

Transferred to FEF on 3/22/83
Interest earned on above 3/22-6/30/83
Payments and accrued receivables to CWC8/Cr
3/22-6/30/83 also t.snsfer.ed or accrued to fEF

$24.6 m

Total