(II.5) (A) If the limitation on state fiscal year spending for a given fiscal year is calculated with a percentage of allowable increase in state fiscal year spending that includes a percentage change in state population determined in accordance with subparagraph (II) of this paragraph (b) and the limitation on state fiscal year spending exceeds the actual amount of state fiscal year spending for that fiscal year, the percentage change in state population shall be reduced so that the limitation on state fiscal year spending for that fiscal year calculated with a percentage of allowable increase in state fiscal year spending that includes such reduced percentage change in state population equals the amount of state fiscal year spending for that fiscal year.
(B) The difference between the percentage change in state population determined in accordance with subparagraph (II) of this paragraph (b) and the reduced percentage change in state population used to calculate the limitation on state fiscal year spending pursuant to sub-subparagraph (A) of this subparagraph (II.5) shall be carried forward as an adjustment of the percentage change in state population determined pursuant to subparagraph (I) of this paragraph (b) for a maximum period of nine fiscal years. If the amount of state fiscal year spending for the immediately subsequent fiscal year exceeds the limitation on state fiscal year spending for that fiscal year, the unused adjustment shall be added first to the percentage change in state population determined pursuant to subparagraph (I) of this paragraph (b) that is included in the percentage of the allowable increase in state fiscal year spending used in calculating the limitation on state fiscal year spending for that fiscal year to the greatest extent possible without causing the limitation on state fiscal year spending to exceed the actual amount of state fiscal year spending for that fiscal year.
(C) Any remaining portion of the unused adjustment shall continue to be added, to the greatest extent possible, to the percentage change in state population determined pursuant to subparagraph (I) of this paragraph (b) that is included in the percentage of allowable increase in state fiscal year spending used in calculating the limitation on state fiscal year spending for subsequent fiscal years without causing the limitation on state fiscal year spending for a given fiscal year to exceed the actual amount of state fiscal year spending for that fiscal year.
(D) Any portion of the unused adjustment that remains unused after the expiration of the maximum period of nine fiscal years shall not be included in the percentage of allowable increase in state fiscal year spending used in calculating the limitation on state fiscal year spending for any fiscal year subsequent to the expiration of such period.
Source: L. 93: Entire article added, p. 1500, § 1, effective June 6. L. 99: (1)(a) and IP(1)(b) amended and (2.3) added, p. 1235, § 2, effective August 4. L. 2002: (2) amended, p. 730, § 2, effective August 7; (2) amended, p. 710, § 2, effective August 7. L. 2017: (7) amended, (HB 17-1251), ch. 253, p. 1061, § 16, effective August 9.
Structure Colorado Code
Article 77 - State Fiscal Policies Relating to Section 20 of Article X of the State Constitution
§ 24-77-101. Legislative Declaration
§ 24-77-103. Limitation on State Fiscal Year Spending - Legislative Declaration - Report
§ 24-77-103.7. Over-Refunds of State Revenues - Definitions
§ 24-77-103.8. Unrefunded State Revenues
§ 24-77-103.9. Over-Refunds of and Unrefunded State Revenues - Records and Disclosure
§ 24-77-105. Emergency Taxes - Declaration of Emergency - Limitation
§ 24-77-106. Establishment of Annual Allowable Uncommitted Reserves - Legislative Declaration
§ 24-77-106.5. Annual Financial Report - Certification of Excess State Revenues