Colorado Code
Article 40 - Initiative and Referendum
§ 1-40-105.5. Initial Fiscal Impact Statement - Definition

(1) As used in this section, unless the context otherwise requires, "director" means the director of research of the legislative council of the general assembly.
(1.5) (a) For every initiated measure properly submitted to the title board, the director shall prepare a fiscal summary that consists of the following information:
(I) A description of the measure's fiscal impact, including a preliminary estimate of any change in state and local government revenues, expenditures, taxes, or fiscal liabilities if implemented;
(II) A qualitative description of the economic impacts of the measure if implemented;
(III) Any information from the initiated measure or a description of state and local government implementation in order to provide the information required in subsection (1.5)(a)(I) or (1.5)(a)(II) of this section; and
(IV) The following statement: "This fiscal summary, prepared by the nonpartisan Director of Research of the Legislative Council, contains a preliminary assessment of the measure's fiscal impact. A full fiscal impact statement for this initiative is or will be available at www.ColoradoBlueBook.com.".
(b) If an initiated measure has no fiscal impact as specified in subsection (1.5)(a)(I) or (1.5)(a)(II), then the director may include a statement that there is no fiscal impact under that provision.
(c) The director shall notify the secretary of state if the website for fiscal summaries changes, and in such case, the statement required in subsection (1.5)(a)(IV) must include the new website.
(d) The director shall provide the designated representatives of the proponents and the secretary of state with the fiscal summary no later than the time of the title board meeting at which the proposed initiated measure is to be considered. The title board shall not conduct a hearing on the fiscal summary at this title board meeting, and the director's fiscal summary is final, unless modified in accordance with section 1-40-107.
(2) (a) For every initiated measure for which the secretary of state has approved a petition section in accordance with section 1-40-113 (1)(a), the director shall prepare an initial fiscal impact statement, taking into consideration any fiscal impact estimate submitted by the designated representatives of the proponents or other interested person that is submitted in accordance with subsection (2)(b) of this section, the office of state planning and budgeting, and the department of local affairs. The director shall provide the designated representatives of the proponents and the secretary of state with a copy of the fiscal impact statement no later than fourteen days after the petition section was approved. The director shall also post the fiscal impact statement on the legislative council staff website on the same day that it is provided to the designated representatives of the proponents. The fiscal impact statement is not subject to review by the title board or the Colorado supreme court under this article 40.
(b) The designated representatives of the proponents or any other interested person may submit a fiscal impact estimate that includes an estimate of the effect the measure will have on state and local government revenues, expenditures, taxes, and fiscal liabilities if it is enacted, or a draft fiscal summary with the information specified in subsection (1.5) of this section. The director shall consider these estimates and the bases thereon when preparing the initial fiscal impact statement and shall consider the draft fiscal summary when preparing the fiscal summary.
(c) The initial fiscal impact statement must:
(I) Be substantially similar in form and content to the fiscal notes provided by the legislative council of the general assembly for legislative measures pursuant to section 2-2-322, C.R.S.;
(II) Indicate whether there is a fiscal impact for the initiated measure.
(III) (Deleted by amendment, L. 2020.)
(3) Repealed.
(4) The fiscal summary for a measure, as amended in accordance with section 1-40-107, must be included in a petition section as provided in section 1-40-110 (3).
(5) Neither the legislative council of the general assembly nor its executive committee may modify the initial fiscal impact statement prepared by the director. This restriction does not apply to the final fiscal impact statement prepared in accordance with section 1-40-124.5.
(6) At the same time the director posts the initial fiscal impact statement on the legislative council website, he or she shall also post on the website all fiscal impact estimates received in accordance with paragraph (b) of subsection (2) of this section.
Source: L. 2015: Entire section added, (HB 15-1057), ch. 198, p. 676, § 3, effective March 26, 2016. L. 2020: (1.5) added, (2)(a), (2)(b), (2)(c)(II), (2)(c)(III), and (4) amended, and (3) repealed, (HB 20-1416), ch. 232, p. 1122, § 2, effective November 1.