A group tasked with tackling the state鈥檚 largest challenges says Colorado needs to reform the constitution and discuss putting more money into schools and roads.
The report from Governor John Hickenlooper鈥檚 TBD initiative concludes that Colorado is on an unsustainable financial path.
TBD stands for 鈥淭o Be Determined鈥� and is the brainchild of the Governor. Over the last several months the TBD group has held meetings across the state on a wide range of topics including healthcare, education, transportation, the budget and state workforce.
鈥淲e wanted to have constructive and collaborative discussions, not have preconceived idea,鈥� says Governor Hickenlooper.
The final recommendations say conflicting parts of the Colorado constitution such as Amendment 23, which requires more spending, and the TABOR amendment, which restricts revenue cannot continue to coexist.
Greg Maffei is the CEO of Liberty Media and chaired the TBD board. Maffei says the state鈥檚 tax structure isn鈥檛 keeping up with the needs.
鈥淢any of the fastest growing sectors are either exempt from tax or are taxed at a lower rate than other sectors. Even though Colorado鈥檚 revenues are now increasing as the economy begins to recover, the state will be unable to grow its way out of the coming fiscal gridlock unless structural changes are made.鈥�
But the report is vague on what those changes should look like and Governor Hickenlooper would not commit to anything specific. He did say it will take a lot more discussion to get the public on board with any big changes.
鈥淭he voters of Colorado will have the final say in any dramatic tax policy changes. The more facts we can give them and the more we can hear them the higher the probability that we鈥檒l get to a desired outcome.鈥�
In the past, Hickenlooper has said it鈥檚 impossible to raise taxes until people feel government is operating efficiently and not wasting the money it already has. Lawmakers will read the full report in early December. It鈥檚 not clear what the next steps are after that.
