Colorado Savings Account for Education

I had the chance to attend a presentation on the Colorado Savings Account for Education.


 


Here is my understanding of what this initiative would accomplish:


 


       In essence, permanently “debruce” the state.  The state could keep all revenues that are collected rather than limiting collections to a 6% increase over the previous year.


       Tax rates would stay the same.  Voters would have to approve any increase in taxes.


       Statutory spending limits would stay the same.  State spending is not allowed to increase more than 6% in a single year.


       Revenues that are collected in excess of the spending limit would be placed in an account earmarked for Preschool – 12 grade education funding.  In economic slow times, this “savings account” can be used to fund public education without having to take the money from other types of services.


       Spending mandates to increase k-12 funding would be eliminated beginning in 2011.  The legislature would have the power to decide whether to increase or decrease education funding.  Put another way, our representatives would again have the ability to set priorities based on the state’s needs on a year to year basis.


 


For those who are interested, you can learn more at Andrew Romanoff’s blog.


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