[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6394834,"mediaKeyId","2101922-5c9d88c3b7dc706c8e93f523ba7a593a","parentId",2101922,"title","Revenue Department details marijuana and natural‑medicine rollouts, firearms licensing and DMV modernization","audioSeconds",1535,"startMs",11363000,"endMs",12898000,"viewUrl","/Search/View?dp=1&key=2101922-5c9d88c3b7dc706c8e93f523ba7a593a&start=11363&end=12898","thumbnailUrl","https://assets.pipeline.soar.com/2101922-5c9d88c3b7dc706c8e93f523ba7a593a/thumbnail_11363000.jpg","articleUrl","/articles/6394834/Colorado/Revenue-Department-details-marijuana-and-naturalmedicine-rollouts-firearms-licensing-and-DMV-modernization","mediaUrl","https://secure.pipeline.soar.com/6394834-edf4f7640bcc11dd243866edd18557fd/orig.mp4?Expires=1770992069&Signature=hPYyqp9ncfE5b0qoq84pd6gfw1Gx3iu~xv2b5y~UL1Gy-a6xMFzFICD8-fBRCbwDbLG0-1yko~ypdYz0bfJXSIWdEV0cA-Bjkqio0ABpAWntqF3rKq-8rTlJ0As8-Q--3PaLaNHH9ikJHv-Y21cxtB5DaHEnTRNRRofXtD2P9aYYWA7h8DfCYO~IUKhKlVxrCRzdTfS3lD0xnjWsm27oEI9V0U9g9zH2~LFzA7awFJjeVDWc2ou3TM3lwu7Pw5BN7lHL5fPvBs3pDZyTyQfSoxxq2gwI1dm01CJj9fFyTQ~iVc9iRYSI9f6fvnOIlM5NWwBWR23fPFgQV2ATL~aH1g__&Key-Pair-Id=KUT5TJCACFTXG","author","State of Colorado","date","2025-01-10T00:00:00Z","article","The Colorado Department of Revenue briefed the Joint Finance Committee on Jan. 23 about 2024 implementation work, rulemakings and operational priorities across its tax, motor‑vehicle, regulatory and lottery programs.

Heidi Humphreys, executive director, and Deputy Executive Director Megan Tannus led the presentation and described three major implementation efforts under way: a firearms dealer licensing program established by House Bill 24‑133, a new Natural Medicine Division created by Proposition 122 and enabling legislation (S.B. 23‑190), and continued DMV modernization projects including digital IDs and expanded kiosk use.

In‑brief: the department’s role

Humphreys said the department collects roughly $20.4 billion in state and local sales and income taxes and processed about 4 million income tax returns in 2024. The Division of Motor Vehicles (DMV) serves millions of transactions each year and has rolled out a Colorado digital ID that is available in Apple, Google and Samsung wallets; the DMV is also expanding kiosks that reduced in‑office visits by about 15% and reported a customer satisfaction rate above 97% in recent data.

Firearms dealer licensing

Tannus described the new firearms dealer permit program required by law as a multi‑phase rollout. The department proposed rules after four large working‑group sessions, completed more than 20 site visits during design and finalized training materials for dealers and employees. The department said it is implementing the program in February 2025 using a phased hiring approach that initially uses experienced staff from other divisions and brings on permanent hiring over time. The department also plans emergency rulemaking on Feb. 1 to enable the program’s earlier activities.

Natural medicine: licensing, rollout and early licensing numbers

The Natural Medicine Division began accepting applications on Dec. 31, 2024, Tannus said. The division has conducted extensive listening sessions across the state, worked with tribal governments and law‑enforcement stakeholders and held multiple rulemaking and fee‑setting meetings. As of the committee’s hearing the department reported four business applications, 11 owner applications and five in‑person appointments. Division staff began in‑person licensing appointments on the day of the hearing.

Lottery, conservation and responsible gaming

The Colorado Lottery reported another record year of revenue, Humphreys said, delivering over $196 million for outdoor recreation, conservation and schools in fiscal 2024 and continuing a multi‑year record trend. The Lottery said it achieved the World Lottery Association’s top certification for responsible gaming and has added a full‑time player health manager and a secret‑shopper program for underage checks.

Other updates

Tax division staff told the committee they processed almost 50 million sales tax filings and nearly 4 million income tax returns during the year, implemented 14 new tax credits for tax year 2024 and continue IT and accessibility work to meet AA web accessibility standards. DMV officials said the electronic vehicle title and registration program is growing — monthly e‑title transactions rose from about 7,000 in Nov. 2023 to nearly 13,800 in Nov. 2024 — and that digital ID adoption is increasing. The department also noted an ongoing audit response process and an emphasis on employee retention through onboarding and training.

What lawmakers asked and next steps

Committee members pressed the Department of Revenue on staffing and budget requests, emergency rule timing for firearms dealers, detailed vending‑machine counts for the Lottery and readiness for Real‑ID compliance for mobile digital IDs. The department said some decision items are under review by the Joint Budget Committee and that they will provide additional numbers and follow‑up materials on request.

Ending

Humphreys closed by emphasizing that the agency remains largely cash‑funded and that the department will continue rulemaking and stakeholder outreach as these significant new programs move into operational phases.","mediaType","Video","parentTitle","Joint Finance [Jan 10, 2025]","oneSentenceSummary","The Department of Revenue told the Joint Finance Committee the agency is implementing a new firearms dealer permitting regime and the Natural Medicine Division created after Proposition 122 while continuing DMV modernization and record lottery revenue.","taxTitle","Joint Finance, YEAR-ROUND COMMITTEES, Committees, Legislative, Colorado","taxId",78522,"location","Colorado","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6394840,"PERA reports strong long‑term returns, no automatic adjustment trigger for 2025; board refines asset allocation",1474,6935000,8409000,"/Search/View?dp=1&key=2101922-5c9d88c3b7dc706c8e93f523ba7a593a&start=6935&end=8409","https://assets.pipeline.soar.com/2101922-5c9d88c3b7dc706c8e93f523ba7a593a/thumbnail_6935000.jpg","/articles/6394840/Colorado/PERA-reports-strong-longterm-returns-no-automatic-adjustment-trigger-for-2025-board-refines-asset-allocation","https://secure.pipeline.soar.com/6394840-40eddee1aedc6a88bbdf7be5390ffe7d/orig.mp4?Expires=1770992069&Signature=A8mEC0ZbYULDFhKZN5UEApGKQCCy0ThQvLLnTPZn-lA-0UXCF-QnhBoxknY874-UPSvpMEbeqd-ajlCRQr9A5Sure2ZgY-oc-WUrNYVldA0PNSG6Wa2J3ejopocYpBBebLSbcuLowF~m~pEMSKSLcWIeqytLz353gOvlMRIBX3ONHYAf9ZRZHHSETQWqEkWkusRid3S4Orqj9TgRn8KAOavlUysFqq41wZwbmv5jSglY68YRRFWu4Gziopz4dBVQbnlqvYkoFx4RoSoxQidgK3eSL2VhmHsbewZuFVxFiW0qSk3vU0yoRF7FvHwICGWe9Kw5TFpck7JefJq~0TCx8w__&Key-Pair-Id=KUT5TJCACFTXG","Representatives of the Public Employees’ Retirement Association (PERA) briefed the Joint Finance Committee on Jan. 23 about investment performance, governance changes and the pension fund’s outlook.

Mr. Roth (PERA) told the committee PERA posted a net investment return of 13.4% for calendar year 2023 and a 30‑year annualized return of 8.3%, both net of fees. PERA’s board conducted an asset‑liability study that trimmed the public global equities target and modestly increased targets for private equity and real estate. The board also removed hedge funds from the alternatives sleeve and shifted some emphasis to private credit and infrastructure.

“No automatic adjustment for 2025”: Roth said that under the automatic adjustment framework enacted in Senate Bill 18200, PERA’s actuarial projections do not trigger contribution or benefit changes for the 2025 certification. The office will publish the formal results of the 2025 actuarial valuation this summer as part of its regular schedule.

Why this matters: PERA’s funded status and assumptions determine both contribution rates paid by employers and employees and the plan’s cost‑of‑living adjustments for current retirees. Any change in assumed returns or actuarial measures carries consequences for state and local budgets.

Investment governance and costs

PERA’s investment staff told the committee the system manages roughly 60% of its $65 billion‑plus portfolio internally, saving an estimated $65 million in external fees in 2023. The total 2023 management cost was about 35.5 basis points, the presenters said. The board revised the private equity benchmark to global equities plus 200 basis points; it also maintained the long‑term return assumption the board uses for actuarial valuation discussions.

Board reports and legislation

PERA staff noted statutory reporting requirements and said the experience study and accompanying actuarial audit — scheduled under existing governance — are on the board’s agenda for the coming months. PERA staff also summarized two bills: a repeat of a retiree income‑tax credit (House Bill 1052) the pension review commission advanced, and a timing change for actuarial studies in Senate Bill 28. The presenters flagged the recently enacted federal Social Security Fairness Act, which they said could restore benefits for roughly 100,000 Coloradans affected by federal offset rules; PERA said it is monitoring potential implementation issues.

Pinnacle and disaffiliation

PERA staff confirmed they have produced actuarial estimates for the potential disaffiliation payment if Pinnacle (the state workers’ compensation insurer) were privatized. They said the payment methodology would follow statutory approaches used for local government disaffiliations and that any conversion would require a careful calculation of liabilities owed. PERA emphasized that current retirees’ benefits are not at risk and that any conversion would create discrete accounting and transition decisions for the employer and the fund.

Ending

PERA told the committee the system remains committed to transparency and will provide the committee with updated actuarial and asset allocation materials as the valuation and the board's strategic planning work continue.","PERA told the Joint Finance Committee the pension system returned 13.4% in 2023, has a 30‑year annualized return of about 8.3%, and will not trigger the automatic adjustment provision for 2025 under Senate Bill 18200; trustees directed modest shifts in the strategic allocation after a multi‑year asset‑liability study.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6394844,"State Treasurer outlines $1.6–$1.8 billion in unclaimed property, seeks new programs and a long‑range infrastructure authority",4732,2161000,6893000,"/Search/View?dp=1&key=2101922-5c9d88c3b7dc706c8e93f523ba7a593a&start=2161&end=6893","https://assets.pipeline.soar.com/2101922-5c9d88c3b7dc706c8e93f523ba7a593a/thumbnail_2161000.jpg","/articles/6394844/Colorado/State-Treasurer-outlines-1618-billion-in-unclaimed-property-seeks-new-programs-and-a-longrange-infrastructure-authority","https://secure.pipeline.soar.com/6394844-ee36e44f8467fa5a1f43125949e71a56/orig.mp4?Expires=1770992069&Signature=esNmHNIG2gQU1-VAuX5Be9EpvuTzdW2OEssJTIeXqnvvHXYe2mfNr8xcZvQS4hiMcvGcV~qZBY~Mqbsh~AoHGdt5ZCnu43RP2sPHVrucrni0tyzJWP2cOz1uOx9bE0td7PHaW9csGkucVWpIsl7T6w~WVg259HBwnkaLtIgpNdD1ViYXkQe1ygEyPZe4o9f4fTRLHWrrvdVdgV9rVfQSiBdAlzt4C7XZYhOMqSSHD1KaeO9ETbnhVAuL~bxV8fJ9XDG~liSE-3CF1Iw5onX6ORitGhuFykmcM5zGTcQp49Drv8Vo5tFNKfkdXpbNm1bBPtG9-5za0jMxsAMo9KjUwQ__&Key-Pair-Id=KUT5TJCACFTXG","State Treasurer Dave Young told the Joint Finance Committee on Jan. 23 that the Colorado Department of the Treasury is managing a large portfolio of unclaimed property and expanding new programs while pressing the legislature for tools to finance long‑term infrastructure needs.

Young said the Treasury holds what he described in the presentation as about $1.8 billion in unclaimed property, but later in question acknowledged the department’s slide and materials list $1.6 billion and said he would “default to $1.6 billion” when asked for a single figure. He described the unclaimed property program as a trust fund that the office is actively trying to return to rightful owners and said the Treasury prefers not to treat the balance as a general‑fund resource.

The Treasury also updated the committee on the Colorado Secure Savings Program, the state’s payroll‑deduct automatic IRA for private‑sector workers without employer plans. Young said the program holds roughly $84 million in assets and has enrolled about 16,000 savers and a similar number of employer accounts. He told the committee the program is growing and the Treasury is partnering with other states to help smaller states stand up similar programs.

Why this matters: The unclaimed‑property balance and the Secure Savings program touch millions of residents. Lawmakers weigh whether such funds should remain reserved for return to owners and program costs or be treated as possible sources of budgetary relief — a policy choice with legal and political implications.

Treasury programs and borrowing tools

Young outlined several operational activities and policy proposals: the state’s property‑tax deferral program, debt‑management work and short‑term note financings the Treasury issues to support school cash flow, and a legislative proposal the Treasurer described as “BUILD” (Building Urgent Infrastructure and Leveraging Dollars), an authority intended to help bundle and finance larger infrastructure projects to attract private and institutional investment.

Property‑tax deferral details: Young said the deferral program is a safety‑valve loan program for homeowners who receive a property tax bill but cannot afford payment. The program includes separate tracks for seniors, active military and property owners who experience more than a 4% tax increase; the non‑senior/active‑military track is limited to $10,000 per household. Applicants can apply once they receive their county bill; the program typically opens in January and runs through early April. Interest on deferrals is simple interest tied to a 10‑year Treasury rate (the department described it as the Feb. 1 10‑year Treasury yield for the relevant year).

Debt and short‑term financing: Young described the Treasury’s expanded role in debt management after the Legislature consolidated state debt functions in the office. He highlighted recent financings to support school districts’ cash flow — interest‑free loans repaid with property‑tax receipts — and said the Treasury now manages large short‑term note programs that keep school payrolls and district obligations solvent until property taxes arrive.

Unclaimed property and budget questions

Young emphasized the legal and practical limits on using unclaimed property proceeds as a general revenue source. He told the committee the Treasury’s priority is returning funds to owners and cautioned against proposals that would treat holders’ remitted property as a budget “slush fund.” He noted holders (banks, insurers and others) must remit dormant property by law and that aggressive use of unclaimed balances as budget relief could discourage holders from timely reporting and transfer.

Colorado Secure Savings and other initiatives

Young said Secure Savings is nearing scale and that program fees will ultimately support operations; in the near term the Treasury is seeking support for compliance activities at the Colorado Department of Labor and Employment. He also said the office is working on cybersecurity improvements, an upgrade to the Treasury’s debt systems and additional staff in debt management if market activity increases.

Pinnacle and PERA funding questions

In a wide-ranging Q&A, lawmakers asked about state plans to convert Pinnacle (the state workers’ compensation insurer) to a private entity and about potential effects on the Public Employees’ Retirement Association (PERA). Ferrendino, the Office of State Planning and Budgeting director (who spoke earlier in the hearing), and Young described conversion proposals as long‑running conversations; the Treasurer said disaffiliation questions and the potential use of sale proceeds to support the state’s long‑term budget or PERA contributions are being explored. Treasury officials told lawmakers the Treasury had produced an estimate of any PERA disaffiliation payment and would share it with the committee.

What’s next

Young asked legislators to work with the Treasury when they draft statutes that affect the office and said the department will press the committee for assisted resources where statutory responsibilities — such as compliance for Secure Savings — create new, ongoing costs. He also underscored the BUILD proposal as a long‑range financing concept intended to pair state project selection with private investment at scale.

Ending

Treasury officials left the committee with three practical requests: continued collaboration on statutory language for finance operations, modest near‑term resources for program standup and compliance, and legislative consideration of medium‑ and long‑term financing tools that would let Colorado bundle projects to attract larger pools of capital.","State Treasurer Dave Young told the Joint Finance Committee the Treasury manages a large unclaimed‑property balance, the Colorado Secure Savings auto‑IRA is expanding, and the office is proposing a statewide infrastructure financing authority and other budget and program changes including property tax deferral and debt management upgrades.","actionData","errors"]

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Revenue Department details marijuana and natural‑medicine rollouts, firearms licensing and DMV modernization

PERA reports strong long‑term returns, no automatic adjustment trigger for 2025; board refines asset allocation

State Treasurer outlines $1.6–$1.8 billion in unclaimed property, seeks new programs and a long‑range infrastructure authority