The Legislative Council takes no position with respect to the merits of the proposals. Background Excess state revenues. In 1992, Colorado voters approved a constitutional amendment that limits the increase in most state government revenue from year to year.
Revenue growth is limited to the rate of inflation plus the percentage change in population.
These excess revenues must be refunded to taxpayers in the following year unless voters agree to let the state use the excess. A voter decision. The average refund in the next four years depends on whether the state collects money in excess of the limit. Money for road construction comes from federal, state, and local taxes and vehicle-related fees. K-12 school building construction and renovation.