HB 05-1194: The Colorado Economic Recovery Act (Penfield Tate III)
HB 05-1194: The Colorado Economic Recovery Act, by Penfield Tate III to the House Finance Committee, Feb. 2, 2005
"We believe the best solution is a constitutional amendment to permanently change the spending limits at both the state and local levels, to make it easier for all levels of government to save for a rainy day, and to eliminate the weakening provision.
"HB05-1194 is a long way from that ideal.
"On the positive side, it moves away from consumer price inflation as the basis for spending limits at the state level, and it eliminates the ratchet effect at the state level by pegging limits to a specific year. And by allowing the state to keep more revenues, it creates an opportunity to build a rainy day fund."