News Release
June 24, 2005
Board Of Education Unanimously Urges Voter Support For "Colorado Economic Recovery Act" - Referenda C And D
The Denver Board of Education this week unanimously approved a resolution that urges voter support of Referendum C and Referendum D, two questions that have been referred to the statewide ballot by the Colorado legislature.
The complete text of the resolution approved by the Denver Board of Education:
WHEREAS, the recent recession has caused state revenues to drop 16%, forcing the Legislature to cut $2 billion in spending the past three years; and
WHEREAS, recent economic recovery has resulted in the spending limit in the Taxpayer's Bill of Rights (TABOR) to "ratchet" down, evidenced by the state's requirement to make refunds to taxpayers while it has had to cut programs; and
WHEREAS, strong bipartisan efforts and support from the Governor have enabled the General Assembly to refer the Colorado Economic Recover Act, a compromise budget recovery package known as Referendum C, to voters for the November 2005 election to allow the state to retain state revenues that it collects in excess of the constitutional limit on spending and spend these revenues to fund public education, health care, transportation and retirement plans for fire and police for the next five fiscal years beginning with the 2005-2006 fiscal year; and
WHEREAS, Referendum C would allow the retention and spending of state revenues in excess of the constitutional limitation for fiscal year 2010-11 and succeeding fiscal years with the limitation that the annual state revenues are not to exceed the highest total annual state revenue amount received during the five-year period beginning 2005-2006, adjusted each subsequent fiscal year for inflation, the percentage change in state population, and other factors currently defined in TABOR; and
WHEREAS, Referendum C, if approved, would authorize a "time out" from TABOR refunds and allow lawmakers to spend approximately $3.1 billion in revenues it will collect over the next five years to restore services that have been cut, including major cuts to higher education, and at least maintain its support for elementary and secondary education; and
WHEREAS, the economic downturn has made the state unable to invest in the state's infrastructure in order to remain competitive with other states in seeking new jobs and investment from companies that demand good roads and schools whenever they expand their operations; and
WHEREAS, the General Assembly and Governor have referred another measure to the voters for the November 2005 election, Referendum D, that is contingent on voter-approval of Referendum C in order to fund a bond package that would expedite the financing of needed infrastructure improvements, including school capital construction; and
WHEREAS, Referendum D would, if approved, authorize the state to incur multiple fiscal year financial obligations by issuing over $2 billion in critical needs notes, with which $147 million will be available for public school capital construction (the Giardino settlement), $50 million for higher education facilities, $175 million for the fire and police pension fund, and $1.7 billion for strategic transportation needs.
NOW THEREFORE, BE IT RESOLVED, that the Board of Education of District No. 1 supports Referendum C and Referendum D and urges voter support of these referenda in the November 2005 election.
For more information, contact the DPS Communications Office at 720-423-3414.