C.R.S. § 8-47-106

The state average weekly wage shall be established by the director annually on or before July 1 of each year. The state average weekly wage shall be determined from the average weekly earnings referenced in section 8-73-102 (1), computed by the division in June on the basis of the most recent available figures, and applicable to the ensuing twelve months beginning July 1. Such state average weekly wage shall automatically form the basis for establishing maximum benefits under the “Workers’ Compensation Act of Colorado” as of 12:01 a.m., July 1, 1974, and at each succeeding time and date annually thereafter.