Coloradans to vote on ballot measure to change revenue cap, increase k-12 funding
In November, Coloradans will get the chance to vote on a ballot measure to update the state's revenue cap and invest more money into K-12 education.
On Tuesday, the Colorado General Assembly passed Senate Bill 135, which will refer the statewide ballot measure to voters. If approved, the state would retain an extra $6 billion in revenue that would usually be refunded under the Taxpayer's Bill of Rights (TABOR).
Money kept in excess of the state revenues cap would be placed in an excess state revenues account within the general fund. The bill would also create a children's account and increase state public K-12 education funding by up to 2% for 10 years.
The bill requires that the funds for the districts be paid before the state can use the rest of that money. However, the bill doesn't specify how the state may use the remaining funds.
"For state fiscal years commencing on or after July 1, 2027, the account consists of that same amount minus an amount equal to the total dollar amount of warrants issued by the state treasurer to reimburse local governments for property tax exemptions. Money in the account must first be spent for paying districts their positive factor and only after that may be spent for any other purpose," the assembly said.
Each year, the state would be audited to account for where the money was spent.
Opponents of the bill say it's writing a blank check to the state.
In a social media post, Colorado Senate Republicans said, "SB-135 represents a Democrat effort to mislead teachers and taxpayers at best or outright lie to them at worst. This deceptive bill will essentially eliminate TABOR while dramatically increasing the state's spending authority. The Democrats say the intent of this bill is to fund education, but the reality is that only a tiny fraction of the money raised by this bill is statutorily required to go to K-12 education. The vast majority, over 90%, will go directly into the Democrats' 'slush fund.'"
The Colorado Education Association applauded the assembly's passage of the bill. It says the funds would help close the state's education funding gap, reduce class sizes, improve educator pay and retention, and support student opportunities.
"This is a major victory for Colorado students, educators, and public schools," said Kevin Vick, President of the Colorado Education Association and an educator of more than 20 years. "For decades, Colorado's outdated revenue cap has prevented our state from fully investing in the kids and classrooms that make our communities strong. Today, lawmakers took an important step toward changing that and giving voters the opportunity to decide whether Colorado should invest the revenue it already collects in public education without raising taxes or asking Coloradans to pay a dollar more."
