Colorado voters on Nov. 3 approved Proposition NN. The measure raises the state spending limit under the Taxpayer’s Bill of Rights (TABOR) and directs additional money to public schools.
Proposition NN raises the limit on growth in government spending by $4.6 billion. The amount equals the highest annual sum the state has spent on K-12 education to date. The change takes effect in 2027. The state will be able to keep and spend money that it previously returned to taxpayers in the form of TABOR refunds.
According to Chalkbeat, budget forecasts assume the state will keep about $500 million more next year. Whether refunds to taxpayers are reduced or halted entirely depends on the level of revenue. Lawmakers will have to increase school funding by 2 percent a year. In the first year, that comes to about $107 million.
The additional money is to be accounted for separately from the existing school funding formula. Schools will have to publish spending information online. Colorado Education Association President Kevin Vick called the result a historic victory. The money is to flow for 10 years, after which restrictions on how it is used will expire.
Voters also approved other changes. Proposition 137 will redirect part of the TABOR refunds from the tax on sporting goods to wildlife and conservation programs, including wildfire prevention. It is expected to provide about $175 million a year. It passed by about 83,400 votes, with support of nearly 52 percent. Voters also approved Amendment 87, which imposes higher income taxes on top earners.
The Colorado Sun assesses that each of these changes alone would be the largest increase in revenue for public services since Referendum C in 2005. According to the newspaper, together they open a new stage in the state’s politics, one in which Democrats want to increase spending beyond TABOR limits. Conservative organizations defending TABOR opposed NN.
Source: Denver Post
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