(1) Emergency taxes may be imposed by the state pursuant to the requirements set forth in paragraph (a) of subsection (2) of this section without prior approval of the registered electors of the state; except that no state property tax shall be imposed as an emergency tax.
(2) (a) Any emergency tax may be imposed by the state upon:
(I) The declaration of a state emergency by the passage of a joint resolution which is approved by a two-thirds majority of the members of both houses of the general assembly and which is approved by the governor in accordance with section 39 of article V of the state constitution; and
(II) The imposition of an emergency tax by the passage of a bill which is approved by a two-thirds majority of the members of both houses of the general assembly and which is approved by the governor in accordance with section 11 of article IV of the state constitution.
(b) Any emergency tax which is imposed pursuant to paragraph (a) of this subsection (2) shall be subject to approval by a majority of the registered electors of the state at the next statewide election which occurs sixty days or more after the declaration of the emergency pursuant to subparagraph (I) of paragraph (a) of this subsection (2). Any emergency tax which is not approved at such election shall expire as of the last day of the month in which such election was held.
(3) Revenues from any emergency tax imposed pursuant to the provisions of subsection (2) of this section shall not be expended until all of the state emergency reserve has been expended for such emergency.
(4) Any emergency tax revenues which are not expended on the declared state emergency shall be refunded within one hundred eighty days after such emergency has ended.
Source: L. 93: Entire article added, p. 1503, � 1, effective June 6. L. 99: (2)(a)(II) amended, p. 625, � 25, effective August 4.
24-77-106. Establishment of annual allowable uncommitted reserves - legislative declaration. (1) The general assembly hereby finds and declares that:
(a) Section 20 of article X of the state constitution limits state fiscal year spending;
(b) Subject to certain exclusions specified in section 20 of article X of the state constitution, all state general fund revenues and all state cash fund revenues are included in the limitation on state fiscal year spending;
(c) The legislative powers of the general assembly, including but not limited to its plenary power of appropriation, authorize and require the general assembly to assure compliance with the limitation on state fiscal year spending and to make fundamental fiscal policy decisions establishing the level of activity of all departments and agencies of state government, including those funded by revenues generated from fees; and
(d) Consonant with the exercise of such legislative powers, the general assembly must establish limits on the amount of uncommitted reserves that may be maintained by the departments and agencies of state government for cash funds under their control and must exercise any other necessary controls on cash fund revenues, including but not limited to the power of appropriation.
(2) (Deleted by amendment, L. 99, p. 1237, � 4, effective August 4, 1999.)
(3) For the 1999-2000 fiscal year and each fiscal year thereafter, each department or agency of state government shall maintain the uncommitted reserves of any cash fund under its control in accordance with section 24-75-402.
Source: L. 93: Entire article added, p. 1504, � 1, effective June 6. L. 99: Entire section amended, p. 1237, � 4, effective August 4.
24-77-106.5. Annual financial report - certification of excess state revenues. (1) (a) For each fiscal year, the controller shall prepare a financial report for the state for purposes of ascertaining compliance with the provisions of this article. Any financial report prepared pursuant to this section shall include, but shall not be limited to, state fiscal year spending, reserves, revenues, revenues that the state is authorized to retain and spend pursuant to voter approval of section 24-77-103.6, and debt. Such financial report shall be audited by the state auditor.
(b) Notwithstanding section 24-1-136 (11)(a)(I), based upon the financial report prepared in accordance with subsection (1)(a) of this section for any given fiscal year, the controller shall certify to the governor, the general assembly, and the executive director of the department of revenue no later than September 1 following the end of a fiscal year the amount of state revenues in excess of the limitation on state fiscal year spending imposed by section 20 (7)(a) of article X of the state constitution, if any, for such fiscal year and the state revenues in excess of such limitation that the state is authorized to retain and spend pursuant to voter approval of section 24-77-103.6.
(2) Any financial report prepared and certification of state excess revenues made pursuant to subsection (1) of this section shall be audited by the state auditor. No later than September 15 following the certification made by the state controller for any given fiscal year, the state auditor shall report and transmit to the governor, the joint budget committee, the finance committees of the house of representatives and the senate, and the executive director of the department of revenue the results of any audit conducted in accordance with this subsection (2).
(3) Notwithstanding any generally accepted accounting principles to the contrary, financial reports prepared pursuant to subsection (1) of this section shall not include any unrealized gains or losses on investments held by the state.
Source: L. 94: Entire section added, p. 1090, � 2, effective May 4. L. 98: Entire section amended, p. 848, � 2, effective May 26. L. 99: Entire section amended, p. 787, � 2, effective May 24; entire section amended, p. 1330, � 2, effective June 3; entire section amended, p. 1287, � 2, effective August 4; entire section amended, p. 1294, � 2, effective August 4; entire section amended, p. 1316, � 2, effective August 4. L. 2001: (2) amended, p. 1178, � 9, effective August 8. Referred 2005: (1) amended, p. 2325, � 2, effective upon proclamation of the governor, December 16, 2005. L. 2017: (1)(b) amended, (HB 17-1058), ch.18, p. 60, � 10, effective March 8.
Editor's note: Subsection (1) was amended by House Bill 05-1194. That bill contained a referendum clause and was approved by a vote of the registered electors of the state of Colorado on November 1, 2005. Subsection (1) was effective upon the proclamation of the governor, December 16, 2005. The vote count for the measure was as follows:
FOR: 600,222
AGAINST: 552,662
Cross references: For the legislative declaration contained in the 1998 act amending this section, see section 1 of chapter 229, session laws of Colorado 1998.