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JBC introduces several transfer and policy bills, adjusts P3 and UPTF moves amid TABOR concerns
Summary
The Joint Budget Committee introduced multiple transfer bills, moved an $800,000 P3 transfer to the transfer bill, debated shifting adult dental funding away from the UPTF and set a statutory timing change to avoid TABOR refund interactions; members also sent severance tax and CWCB refinances to draft.
Committee members introduced and amended several draft bills and technical transfers during figure setting, addressing transfers from the Unclaimed Property Trust Fund (UPTF), Marijuana Tax Cash Fund distributions, P3 office transfers, and proposed severance‑tax refinances.
Key steps included removing a $1.2M transfer from the P3 draft and instead placing an $800,000 transfer into the transfers bill after members expressed concern about impacts on affordable housing projects; the committee voted 6–0 to move the smaller transfer. Staff and members then discussed changing the fund source for adult dental (shifting it from UPTF to General Fund for FY26‑27) and how that interacts with TABOR refund calculations; the committee directed staff to amend bill timing so the effective date for that fund‑source change is 07/01/2026 to avoid unintended reserve effects and held a related discussion about TABOR over‑refund legal opinion recognition ($153M recognition moved by committee vote 4–2).
Members also directed staff to send a package of severance‑tax operational‑to‑perpetual transfers and CWCB refinances to draft for statutory changes required to shift ongoing payments into perpetual/construction accounts; the committee approved sending that package to draft 6–0.
What happens next: JBC staff will draft the requested statutory changes (transfers, CWCB refinances and TABOR/reserve language) and coordinate with OLS and the governor’s office for timing and technical fixes.
