Section 24-75-201.5 - Revenue shortfalls - required actions by the governor with respect to the reserve(1)(a) Whenever the revenue estimate for the current fiscal year, prepared in accordance with section 24-75-201.3 (2), indicates that general fund expenditures for such fiscal year based on appropriations then in effect will result in the use of one-half or more of the reserve required by section 24-75-201.1 (1)(d), the governor shall formulate a plan for reducing such general fund expenditures so that said reserve, as of the close of the fiscal year, will be at least one-half of the amount required by said section 24-75-201.1 (1)(d). The governor shall promptly notify the general assembly of the plan. The plan shall be promptly implemented by the governor, using the procedures set forth in section 24-2-102 (4) or 24-50-109.5 or any other lawful means.(2) In formulating a plan for the reduction of general fund expenditures as required by subsection (1) of this section, the governor may consider any recommendations for reducing general fund expenditures of the institutions of higher education submitted by the Colorado commission on higher education, after consultation with the governing boards of such institutions.(4) Whenever the governor has formulated and implemented a plan to reduce general fund expenditures in accordance with subsection (1) of this section, and such plan reduces general fund expenditures in an amount equal to or greater than one percent of all general fund appropriations for the fiscal year, the governor, after consultation with the capital development committee and the joint budget committee, may transfer general fund moneys from the capital construction fund into the general fund. Pursuant to this subsection (4), the governor will restrict the capital construction projects in the reverse order of the priorities as established by the capital development committee unless approved by the capital development committee and the joint budget committee.Amended by 2016 Ch. 153,§ 26, eff. 7/1/2016.Amended by 2016 Ch. 153,§ 11, eff. 7/1/2016.Amended by 2013 Ch. 209, § 19, eff. 5/13/2013.L. 88: Entire section added, p. 913, § 5, effective June 21; (3) added, p. 982, § 2, effective June 21. L. 90: (1) amended, p. 1270, § 4, effective June 8. L. 91: (1)(b) amended, p. 835, § 2, effective April 9; (4) added, p. 805, § 3, effective July 1. L. 92: (1)(b) amended, p. 1074, § 2, effective February 25. L. 94: (3) amended, p. 823, § 50, effective April 27. L. 97: (1) amended, p. 1094, § 5, effective May 27; (1)(a) amended, p. 377, § 11, effective August 6. L. 2002: (1)(a) amended and (1)(c) and (1)(d) added, p. 387, § 2, effective April 30; (1)(c)(I) and (1)(c)(II) amended and (1)(d)(II)(D) added, pp. 681, 682, §§ 2, 3, effective May 28; (1)(b) and (3) repealed, p. 1006, § 2, effective August 7. L. 2003: (1)(d)(III) added, p. 2438, § 3, effective June 5. L. 2004: (1)(e) added, p. 959, § 2, effective May 21. L. 2005: (1)(f) added, p. 1336, § 1, effective June 3. L. 2009: (1)(g) added, (SB 09 -279), ch. 367, p. 1934, § 28, effective June 1. L. 2013: (1)(g)(II)(F) and (1)(g)(II)(G) amended, (SB 13-181), ch. 209, p. 872, § 19, effective May 13. L. 2016: (1)(a) amended and (1)(c) to (1)(g) repealed, (HB 16-1408), ch. 153, pp. 466, 472, §§ 11, 26, effective July 1. For the legislative declaration contained in the act amending subsection (1), see section 1 of chapter 188, Session Laws of Colorado 1990.