Legislation written in 2012 by Colorado State Treasurer Walker Stapleton is already making a positive impact on Colorado taxpayers, according to a treasurer’s office news release.

Colorado Senate Bill 12-150 aimed to consolidate financial management of the state’s debt within the treasurer’s office.

Stapleton has already identified multiple cost-saving opportunities over the last six months, with oversight of refinancing related to University of Colorado’s Fitzsimmons Campus and Colorado’s Department of Transportation, the state will save almost $7 million, according to the release.

“This is the tip of the iceberg,” Stapleton said in the release. “We will continue to work hard to find and correct inefficiencies and bring long term benefits to Colorado taxpayers.”

Before SB12-150, the state did not have a mechanism to track debt issued by Colorado’s many state agencies, the release stated. Colorado taxpayers did not know whether they had $1 million or $100 million of debt obligations in any given year.

Additionally, there was no method to determine whether state agencies had the staff expertise to properly issue bonds. This legislation addressed those weaknesses in Colorado’s debt issuance process and ensures that Colorado stays fiscally responsible, according to the release.

“This bill takes a giant step forward to bring more financial responsibility to Colorado’s government,” Stapleton said in the release. “Centralizing the process in which Colorado issues debt is not the most glamorous function, but this is the nuts and bolts of the treasurer’s office. I am excited that taxpayers are already seeing the benefits.”