Sixty-first General Assembly
LLS NO. R980935.01 GWF
STATE OF COLORADO
BY SENATOR Bishop;
also REPRESENTATIVE Smith. REENGROSSED
FINANCE
SENATE CONCURRENT RESOLUTION 98010
SUBMITTING TO THE REGISTERED ELECTORS OF THE STATE
OF COLORADO AN AMENDMENT TO SECTION 20 OF ARTICLE X OF THE CONSTITUTION
OF THE STATE OF COLORADO, CONCERNING STATE CASH FUNDS, AND, IN
CONNECTION THEREWITH, MODIFYING THE DEFINITION OF "FISCAL
YEAR SPENDING" TO EXCLUDE STATE EXPENDITURES AND RESERVE
INCREASES FROM STATE CASH FUNDS AND REQUIRING A ONETIME
REDUCTION IN THE STATE'S BASE TO EXCLUDE THE STATE'S FISCAL YEAR
SPENDING FROM STATE CASH FUNDS.
Resolution Summary
(Note: This summary applies to this resolution
as introduced and does not necessarily reflect any amendments
that may be subsequently adopted.)
For purposes of the constitutional limit on the state's
fiscal year spending, amends the definition of "fiscal year
spending" to exclude state expenditures and reserve increases
from state cash funds. Requires a onetime reduction in
the state base for the 199899 state fiscal year in an amount
equal to the amount of the state's fiscal year spending during
the previous fiscal year from cash funds.
Be It Resolved by the Senate of the Sixtyfirst General Assembly of the State of Colorado, the House of Representatives concurring herein:
SECTION 1. At the next election at which such question may be submitted, there shall be submitted to the registered electors of the state of Colorado, for their approval or rejection, the following amendment to the constitution of the state of Colorado, to wit:
Section 20 (2) (e) and (7) (d) of article X of the constitution of the state of Colorado are amended to read:
Section 20. The Taxpayer's Bill
of Rights. (2) Term definitions. Within
this section: (e) "Fiscal year spending"
means all district expenditures and reserve increases except,
as to both, those for refunds made in the current or next fiscal
year or those from gifts, federal funds, collections for another
government, pension contributions by employees and pension fund
earnings, reserve transfers or expenditures, damage awards, or
property sales, OR STATE CASH FUNDS.
(7) Spending limits. (d) If revenue from sources not excluded from fiscal year spending exceeds these limits in dollars for that fiscal year, the excess shall be refunded in the next fiscal year unless voters approve a revenue change as an offset. Initial district bases are current fiscal year spending and 1991 property tax collected in 1992. Qualification or disqualification as an enterprise shall change district bases and future year limits. Future creation of district bonded debt shall increase, and retiring or refinancing district bonded debt shall lower, fiscal year spending and property tax revenue by the annual debt service so funded. Debt service changes, reductions, (1) and (3) (c) refunds, and voterapproved revenue changes are dollar amounts that are exceptions to, and not part of, any district base. IN ADDITION TO ANY OTHER CHANGES REQUIRED BY THIS (d), FOR THE STATE FISCAL YEAR COMMENCING ON JULY 1, 1998, THE STATE BASE, WHICH SHALL BE THE STATE FISCAL YEAR SPENDING FOR THE STATE FISCAL YEAR COMMENCING ON JULY 1, 1997, SHALL BE DECREASED BY AN AMOUNT EQUAL TO THE AMOUNT OF THE STATE'S FISCAL YEAR SPENDING DURING THE STATE FISCAL YEAR COMMENCING ON JULY 1, 1997, FROM STATE CASH FUNDS. Voterapproved revenue changes do not require a tax rate change.
SECTION 2. Each elector voting at said election and desirous of voting for or against said amendment shall cast a vote as provided by law either "Yes" or "No" on the proposition: "AN AMENDMENT TO SECTION 20 OF ARTICLE X OF THE CONSTITUTION OF THE STATE OF COLORADO, CONCERNING CASH FUNDS, AND, IN CONNECTION THEREWITH, MODIFYING THE DEFINITION OF "FISCAL YEAR SPENDING" TO EXCLUDE STATE EXPENDITURES AND RESERVE INCREASES FROM STATE CASH FUNDS, AND REQUIRING A ONETIME REDUCTION IN THE STATE'S BASE TO EXCLUDE THE STATE'S FISCAL YEAR SPENDING FROM STATE CASH FUNDS."
SECTION 3. The votes cast for the adoption or rejection of said amendment shall be canvassed and the result determined in the manner provided by law for the canvassing of votes for representatives in Congress, and if a majority of the electors voting on the question shall have voted "Yes", the said amendment shall become a part of the state constitution.