(1.5) Beginning with the 2004-05 fiscal year, an agency that achieves cost savings, as an alternative to the transfer authorized pursuant to subsection (1) of this section, may transfer fifty percent of the amount of the cost savings from one item of appropriation made to the agency in the general appropriation act or any supplemental appropriation act to the item for personal services in the appropriation made to the same agency for the purpose of paying performance-based awards to employees of the agency. The award shall be awarded in the fiscal year in which the cost savings are achieved and shall be made consistent with the performance review done in accordance with the merit pay system identified in section 24-50-104 (1)(c.7). Prior to the end of the state fiscal year in which a transfer is made pursuant to this subsection (1.5), an agency shall submit written notice to the joint budget committee, the office of state planning and budgeting, and the state controller of the amount of the cost savings achieved by the agency during the state fiscal year.
Source: L. 98: Entire article added, p. 1309, § 1, effective August 5. L. 2004: (1) amended and (1.5) added, p. 1239, § 1, effective August 4. L. 2012: (1.5) amended, (HB 12-1321), ch. 260, p. 1341, § 4, effective September 1.
Cross references: In 2012, subsection (1.5) was amended by the "Modernization of the State Personnel System Act". For the short title and the legislative declaration, see sections 1 and 2 of chapter 260, Session Laws of Colorado 2012.