Page 1
July 22, 2022 SB 22-215
Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
Final Fiscal Note
Drafting Number:
Prime Sponsors:
LLS 22-0951
Sen. Hansen; Zenzinger
Rep. Herod; McCluskie
Date:
Bill Status:
Fiscal
Analyst:
July 22, 2022
Signed into Law
Christina Van Winkle | 303-866-6289
Christina.VanWinkle@state.co.us
Bill Topic: INFRASTRUCTURE INVESTMENT & JOBS ACT CASH FUND
Summary of
Fiscal Impact:
☐ State Revenue
☒ State Expenditure
☒ State Transfer
☐ TABOR Refund
☒ Local Government
☐ Statutory Public Entity
The bill creates the Infrastructure Investment and Jobs Act Cash Fund to be used for
by state and local governments for non-federal matching funds required to receive
federal infrastructure funds under the Infrastructure Investment Jobs Act. It increases
state expenditures beginning in FY 2022-23, and may increase local government
revenue and expenditures.
Appropriation
Summary:
The bill requires and includes a $60 million appropriation to any principal department
and the Office of the Governor.
Fiscal Note
Status:
The fiscal note reflects the enacted bill.
Table 1
State Fiscal Impacts Under SB 22-215
Current Year
FY 2021-22
Budget Year
FY 2022-23
Out Year
FY 2023-24
Revenue - - -
Expenditures
1
Cash Funds - $60.0 million -
Total Expenditure - $60.0 million -
Transfers General Fund ($80.25 million) - -
Cash Funds $80.25 million - -
Net Transfer $0 - -
Other Budget Impacts - - -
1
The bill provides roll-forward spending authority through FY 2026-27.
Page 2
July 22, 2022 SB 22-215
Summary of Legislation
The bill creates the Infrastructure Investment and Jobs Act Cash Fund (fund) to provide non-federal
matching funds for infrastructure projects allowed under the federal Infrastructure Investment and
Jobs Act (federal act). The fund is annually appropriated to any principal department and the
Governor’s Office. Subject to approval by the Governor, a department may expend money in the fund
as matching funds for the following infrastructure categories as set forth in the federal act:
transportation infrastructure projects;
water, environmental, and resiliency projects;
power, grid, and broadband projects; and
any other infrastructure projects explicitly funded and set forth in the federal act.
The Governor’s Office will develop a process for departments to apply for funds and for reviewing
and approving applications. It will submit a report by October 1, 2022 and each year thereafter to the
Joint Budget Committee and relevant legislative committees detailing expenditures from the fund.
The bill creates a statutory transfer in FY 2021-22 of $80.25 million from the General Fund to the fund.
On June 30, 2028, all unexpended money in the fund will be transferred to the General Fund.
Background
The Infrastructure Investment Jobs Act (IIJA) includes around 200 programs that impact Colorado.
Through formula funding, Colorado is expected to receive approximately $3.5 billion from the federal
government. Colorado may be eligible for additional funding through competitive grants by
providing non-federal matching funds. The IIJA legislation specifies that non-federal matching funds
will be required for at least 40 percent of these programs, but exact matching amounts are not
specified.
The Office of State Planning and Budgeting estimates the maximum match amount that may be
required across all programs where non-federal matches are required to be around $971 million. The
IIJA funds may be allocated and granted over the next five years, and more information will be
available on non-federal matching requirements in the coming months.
State Transfers
In FY 2021-22, the bill transfers $80.25 million from the General Fund to the Infrastructure Investment
and Jobs Act Cash Fund.
Page 3
July 22, 2022 SB 22-215
State Expenditures
The bill will affect state agency workload and spending in several ways, as described below.
Administration. Beginning in FY 2022-23, workload will increase in the Governor’s Office to
administer the cash fund and provide project planning and grant writing support to state agencies.
This fiscal note assumes that the office will require 2.5 FTE and $475,904 in FY 2022-23, including an
infrastructure coordinator, a budget and policy analyst, and a controller to establish an application
process, review and approve grant applications, award and monitor grants, and prepare annual
reports. Costs beyond FY 2022-23 will depend on the number of applicants and level of grant writing
and project planning support required by the departments.
Infrastructure funding. Spending from the Infrastructure Investment and Jobs Act Cash Fund will
increase by up to $60 million from FY 2022-23 through FY 2026-27 to pay for the non-federal portion
of project funding. By providing the state share of project funding, additional federal matching funds
will also be available for projects, which will increase expenditure of federal funds on eligible projects
conducted by the state. The timing of spending from the fund will depend on when projects are
approved, and the amount of federal funds available will depend of the matching rate for specific
projects. If the remaining $20.25 million in the cash fund is appropriated in future fiscal years,
spending will increase by the appropriated amount.
Local Government
Revenue and expenditures in local governments will increase to the extent matching funding is
provided from the fund for an infrastructure project that will be conducted by a local government.
State Appropriation
For FY 2021-22, the bill requires and includes an appropriation of $60 million from the Infrastructure
Investment and Jobs Act Cash Fund to a principal department of the state and to the Office of the
Governor. Any money appropriated and not expended is further appropriated through FY 2026-27.
Effective Date
This bill was signed into law by the Governor and took effect on June 7, 2022.
State and Local Government Contacts
Office of State Planning and Budgeting
The revenue and expenditure impacts in this fiscal note represent changes from current law under the bill for each
fiscal year. For additional information about fiscal notes, please visit: leg.colorado.gov/fiscalnotes.