Repeal Lease Savings Transfer to Capital Construction Fund

Joint Budget Committee. Senate Bill 22-239 created a mechanism by which state agencies that terminate a lease for private space calculate the amount of annual reduction in the state agency's costs (cost reduction) for leased space and the general assembly transfers to the capital construction fund an amount equal to the cost reduction from the fund that was the source of the funding for the lease. The transfer continues annually until the amount transferred equals the amount that Senate Bill 22-239 requires to be transferred to the capitol complex renovation fund from annual depreciation-lease equivalent payments that otherwise would be credited to state agency capital reserve accounts. To date, no transfers for cost reduction have been made, nor are any anticipated. The bill repeals this mechanism created by Senate Bill 22-239.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)