§ 22-44-115.5 — Fiscal emergency - effect on budget

Colorado § 22-44-115.5

• Jurisdiction: Colorado
• Title 22: Education
• Art.: Budget Policies and Procedures

Text

(1) During any budget
year, if the board of education of the school district determines that the anticipated
revenues specified in the budget and the amounts appropriated in the budget for
expenditure exceed the actual revenues available to the school district due, in
whole or in part, to action by the general assembly or the governor relating to the
state appropriation for the district's total program pursuant to article 54 of this
title, the board may declare a fiscal emergency in such budget year. A declaration
of fiscal emergency may only occur upon an affirmative vote of two-thirds of the
members of the board at a public meeting. Prior to any vote taken pursuant to this
subsection (1), the board of education shall hold at least one public hearing within
the district after full and timely notice to the public.

(2) If a fiscal emergency is declared by the board of education pursuant to
subsection (1) of this section, the board may implement a reduction in salaries for all
employees of the school district on a proportional basis or may alter the work year
of such employees. Such reduction in salaries may be made notwithstanding the
provisions of section 22-63-401 (3).

Legislative History

Source: L. 92: Entire section added, p. 541, � 15, effective May 28. L. 94: (1) amended, p. 818, � 38, effective April 27.