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HB19-1257

Voter Approval To Retain Revenue For Ed & Transp

Concerning authority for the state to keep and spend all of the revenue in excess of the constitutional limitation on state fiscal year spending beginning with the 2019-20 fiscal year in order to provide funding for public schools, higher education, and roads, bridges, and transit.
Session:
2019 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

Excess state revenues - retain and spend - voter-approved revenue change - November 2019 election - public schools, higher education, and roads, bridges, and transit - annual audit. Contingent on voters' approval at the statewide election held on November 5, 2019, the act authorizes the state to annually retain and spend all state revenues in excess of the constitutional limitation on state fiscal year spending that it would otherwise be required to refund. An amount of money equal to the state revenues so retained is designated as part of the general fund exempt account and the general assembly is required to appropriate or the state treasurer is required to transfer this money to provide funding for:

  • Public schools;
  • Higher education; and
  • Roads, bridges, and transit.

The state auditor is required to contract with a private entity to annually conduct a financial audit regarding the use of the money that the state retains and spends under this measure.

Adopted by the General Assembly: April 29, 2019

NOTE: On November 5, 2019, the secretary of state shall submit this act by its ballot title to the registered electors of the state for their approval or rejection. Except as otherwise provided in section 1-40-123, Colorado Revised Statutes, if a majority of the electors voting on the ballot title vote "Yes/For", then the act will become part of the Colorado Revised Statutes.
(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Adopted

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Bill Text

COVID-19 Resources

Temporary Guidelines for Review and Comment Meetings

The House will meet in limited session on Thursday, April 2nd. The Senate adjourned. The Capitol will be open for the duration of the session for those with essential business related to the session. The building will not be available for public tours. People without essential business are encouraged to access the session through the General Assembly website and Colorado Channel.  Anybody with essential business related to the session will be required to practice appropriate social distancing measures.