Andres Pico
- Republican
Primary
The state controller is required to prescribe a unified system of accounts and prepare financial statements based on systems set forth by the governmental accounting standards board (GASB). Statement number 87 by GASB, which affects state and local government fiscal years after June 15, 2021, requires that a contract that transfers ownership of an asset be accounted for and reported as a financed purchase or sale of an asset, regardless of whether the contract is labeled by the parties as a lease.Effective July 1, 2021, the act replaces the term "lease-purchase agreement", and, as necessary to effectuate the purpose of the act, substantially similar terms, with "financed purchase of an asset or certificate of participation agreement", and, as necessary to effectuate the intent of the act, substantially similar terms, throughout the Colorado Revised Statutes to clarify that, in accordance with GASB requirements, any such state or local public contract is to be accounted for and reported by the state controller as a financed purchase or sale of the underlying asset rather than as a lease.(Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the Speaker of the House
Signed by the President of the Senate
Senate Third Reading Passed - No Amendments
Senate Second Reading Special Order - Passed - No Amendments
Senate Committee on State, Veterans, & Military Affairs Refer Unamended - Consent Calendar to Senate Committee of the Whole
Introduced In Senate - Assigned to State, Veterans, & Military Affairs
House Third Reading Passed - No Amendments
House Second Reading Special Order - Passed - No Amendments
House Second Reading Laid Over Daily - No Amendments
House Committee on State, Civic, Military, & Veterans Affairs Refer Unamended to House Committee of the Whole
Introduced In House - Assigned to State, Civic, Military, & Veterans Affairs
| Bill Text Versions | Format |
|---|---|
| Signed Act (06/24/2021) | |
| Final Act (06/21/2021) | |
| Rerevised (06/04/2021) | |
| Revised (06/03/2021) | |
| Reengrossed (06/02/2021) | |
| Engrossed (06/01/2021) | |
| Introduced (05/14/2021) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note FN1 (05/19/2021) | |
| Fiscal Note FN2 (07/20/2021) |
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