Prohibits state revenue growth in excess of inflation plus the percent change in population. Excess revenues must be refunded to the taxpayers, unless the voters approve otherwise. Prohibits local government revenue growth, including school districts, in excess of inflation plus population growth, unless the voters approve otherwise. Excess revenues must be refunded to the taxpayers, unless the voters approve otherwise. State Impacts Large excesses during a robust economy are returned to taxpayers.
Public perception is that all state programs are adequately funded.
Legislature may not remove or raise Arveschoug limit to account for population growth without voter approval. Creates the potential for local taxing districts to be unable to maintain a consistent revenue base during economic downturns. Forces local taxing jurisdictions to lower their mill levies during periods of economic growth to avoid hitting the revenue limit. Precludes local taxing jurisdictions from adjusting mill levies upward during periods of economic downturn to maintain consistent revenues. She worked in the State of Colorado Office of State Planning and Budgeting.