Colorado receives annual payments from tobacco manufacturers as part of the Tobacco Master Settlement Agreement (MSA). In April 2022, the state received $88.2 million, which was used to determine distributions to MSA-funded programs for the current FY 2022-23. This document presents a forecast for annual receipts from the Tobacco MSA through FY 2024-25. The state is expected to receive $92.3 million in 2023; the actual amount received in 2023 will determine disbursements to MSA‑funded programs in FY 2023-24. Payments are expected to be $89.8 million in 2024 and $86.8 million in 2025.