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Voters for monuments in November will have the chance to extend a streak that has allowed city officials to keep their income beyond legal limits.
If approved, the 2E voting measure would allow officials to keep funds above a legally established income limit and spend the money on road construction and maintenance. The measure would not increase taxes but would allow the city to spend excess funds it collects between fiscal years 2021 and 2028. If the measure is not passed, the city would be required to repay any excess income received during the course of the year. of those years.
City leaders had previously considered a 12-year timeframe for the measure before moving to eight years, according to meeting minutes.
The language of the ballot indicates that the city can keep income “regardless of the limitations” of the Colorado Taxpayer Bill of Rights and the state’s legal code. Both elements of Colorado’s complex tax system limit the amount of tax revenue that local governments can collect.
Approved by voters in 1992, TABOR requires governments to reimburse taxpayers for any income they receive above a certain limit. The amendment capped the growth of government spending and requires residents to approve tax increases.
Monuments voters have freed the city coffers of TABOR on at least six occasions since 1996, allowing city leaders to keep surplus funds.
Counties in the state have freed their revenues from restrictions for set periods of time, and some have passed broader circumventions of the law, presentations to Monument administrators have shown. Since the adoption of TABOR, more than 85% of voting measures made by local governments asking to keep funds have been approved by voters, according to presentations.
Fifty-one counties have largely decoupled their finances from TABOR, and 34 others have asserted closer independence from the law, according to the submissions. Over time, governments have brought fewer TABOR issues to voters.
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