Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
Legislative Council Staff ∙ 200 E. Colfax Ave, Room 029 ∙ Denver CO 80203
Fiscal Note
Memorandum
April 15, 2024
TO: Representative Monica Duran
FROM: Amanda Liddle, Economist
amanda.liddle@coleg.gov | (303-866-5834)
SUBJECT: Fiscal Assessment of Proposed Amendment L.004 to HB 24-1349
This memorandum is an assessment of the fiscal impact of the attached proposed amendment
L.004 to HB 24-1349. This fiscal assessment is for the impact of the bill with inclusion of this
amendment only. Any other added amendment could influence the fiscal impact.
Summary of Proposed Amendment L.004
Conditional on voter approval in the 2024 election and subject to annual appropriation by the
General Assembly, the amendment would allow the Department of Revenue (DOR) to expend
money from the Firearms and Ammunition Excise Tax Cash Fund (“cash fund”) for costs
associated with implementing and administering the excise tax.
On the last day of both fiscal year FY 2024-25 and FY 2025-26, the amendment transfers an
amount equal to any implementation and administration costs paid from the General Fund for
the ending fiscal year from the cash fund to the General Fund.
Fiscal Impact of Amendment L.004
The amendment reduces the amount of expenditures in the bill by about $380,000 in
FY 2024-25 and by about $180,000 in FY 2025-26. The bill does not change the amount spent
for administrative costs, but reduces the amount spent for crime victim services because the
administrative expenses will be paid from revenue that would otherwise be allocated to crime
victim services under the bill if the amendment is not adopted.
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It is assumed that administrative expenses will be paid from the General Fund in FY 2024-25 and
from the cash fund in later years. For FY 2024-25, the bill requires a transfer of about $380,000
from the cash fund to the General Fund to repay costs initially paid from the General Fund. For
FY 2025-26, the amendment shifts expenditures of about $180,000 from the General Fund to the
cash fund. By decreasing the amount of General Fund expenditures, the amendment reduces the
General Fund reserve requirement by about $27,000 in FY 2025-26, relative to the bill without
the amendment.
Bill’s Revised Fiscal Impact with Amendment L.004
The revised bill would increase cash fund revenue and expenditures by the amounts in Table 1
below.
Table 1
State Fiscal Impacts Under HB 24-1349 as Amended by L.004
Budget Year
FY 2024-25
Out Year
FY 2025-26
Revenue Cash Funds $12.8 million $50.9 million
Total Revenue $12.8 million $50.9 million
Expenditures General Fund $383,027 -
Cash Funds up to $12.4 million up to $50.9 million
Centrally Appropriated $6,554 -
Total Expenditures up to $12.8 million up to $50.9 million
Total FTE 1.2 FTE 0.8 FTE
Transfers Cash Funds ($12.8 million) ($50.7 million)
Cash Funds $12.4 million $50.7 million
General Fund $383,027 -
Net Transfers $0 $0
Other Budget Impacts General Fund Reserve $57,454 -