State Public K-12 Education Funding

Second Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
INTRODUCED

LLS NO. 26-0140.05 Pierce Lively x2059 SENATE BILL 26-135
Senate Committees House Committees
Finance
A BILL FOR AN ACT
CONCERNING STATE PUBLIC EDUCATION K-12 FUNDING , AND , IN101
CONNECTION THEREWITH, INCREASING APPROPRIATIONS FOR102
STATE PUBLIC EDUCATION K-12 BY UP TO TWO PERCENT FOR103
TEN YEARS , USING THE INCREASED APPROPRIATIONS FOR104
DISTRICT SCHOOL FINANCING FACTOR FUNDING, ALLOWING THE105
STATE TO RETAIN AN AMOUNT OF STATE REVENUE IN EXCESS OF106
THE LIMITATION ON STATE FISCAL YEAR SPENDING EQUAL TO107
STATE PUBLIC K-12 EDUCATION F UNDING, AND SUBMITTING A108
BALLOT QUESTION TO THE REGISTERED ELECTORS OF THE109
STATE.110
Bill Summary
(Note: This summary applies to this bill as introduced and does
SENATE SPONSORSHIP
Bridges and Kipp, Amabile, Benavidez, Coleman, Cutter, Danielson, Daugherty, Exum,
Gonzales J., Hinrichsen, Jodeh, Kolker, Lindstedt, Marchman, Mullica, Rodriguez, Snyder,
Sullivan, Weissman
HOUSE SPONSORSHIP
Bacon and Lukens, Boesenecker, Camacho, Carter, Duran, Goldstein, Hamrick, Joseph,
Lieder, Lindsay, Martinez, McCormick, Nguyen, Paschal, Phillips, Rydin, Smith, Stewart R.,
Titone, Velasco, Willford
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law.
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov.)
The bill requires the secretary of state to refer a ballot issue at the
November 2026 general election to seek voter approval for the state to
retain and spend an amount of state revenue equal to the amount of state
public K-12 education funding in excess of the limitation on state fiscal
year spending and to increase state public K-12 education funding by up
to 2% for 10 years.
The bill directs legislative council staff to determine the amount
of state public K-12 education f unding and describe s how le gislative
council staff will make that determination.
The bill creates a positive factor to provide additional funding for
each district. A positive factor is equal to the lesser of 2% of statewide
total program funding for the 2026-27 budget year multiplied by a
district's total program as a percentage of the statewide total program or
the amount that the state is authorized to retain and spend that would
otherwise have been in excess of the limitation on state fiscal year
spending multiplied by a district's total program as a percentage of the
statewide total program. A district may only use its positive factor
funding for increasing teacher pay, improving teacher retention, lowering
class sizes, and increasing access to career and technical courses.
The bill creates the excess state revenues account (account) within
the general fund. The account consists of an amount of money equal to
the amount of state revenues in excess of the excess state revenues cap
that the state retains for a given fiscal year pursuant to voter approval of
the bill. Money in the account must first be spent for paying districts their
positive factor and only after that may be spent for any other purpose.
The bill directs the state auditor to conduct and publish, for each
state fiscal year that the state retains and spends state revenues in excess
of the limitation on state fiscal year spending, a legislative report. That
report must include descriptions of:
! The amount of state revenues that the state retained and
spent that would otherwise have been in excess of the
limitation on state fiscal year spending; and
! How the state revenues that the state retained and spent that
would otherwise have been in excess of the limitation on
state fiscal year spending were expended.
Lastly, the bill makes conforming amendments to ensure that voter
approval of the bill does not impact the expanded earned income tax
credit, the family affordability tax credit, or the affordable housing
financing fund.
SB26-135-2-
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. Legislative declaration. (1) The general assembly2
finds and declares that:3
(a) Public education is the bedrock of Colorado's democracy,4
fundamental to individual opportunity, the underpinning of thriving5
communities, and the key to Colorado's economic prosperity and future;6
(b) Wise and adequate investment in Colorado's schools is7
essential to maintaining and improving the competitiveness of Colorado8
and its students;9
(c) The money invested in Colorado's public schools has a return10
on investment that has long been recognized as among the nation's11
highest;12
(d) An increase in the rates of K-12 graduation, the earning of13
industry certifications, and the earning of associates degrees demonstrate14
the effectiveness of Colorado's investment in public schools;15
(e) Research demonstrates that increasing school funding results16
in long-term increases in graduation rates and lifetime wages, prevents17
crime, and lowers incarceration rates;18
(f) Educators and support staff in every school district and charter19
school across Colorado make invaluable contributions to their schools,20
districts, and communities by dedicating their time, talents, and21
out-of-pocket money to their students, despite Colorado ranking near the22
bottom of starting teacher pay and having the largest teacher pay penalty23
in the nation;24
(g) Teachers, counselors, para professionals, bus drivers, and25
essential support staff are leaving their professions because salaries26
SB26-135-3-
haven't kept up with housing, healthcare, and cost of living;1
(h) Students are learning in overcrowded classrooms and in2
schools with fewer mental health counselors, opportunities for special3
education support, and programs that support their ability to develop into4
healthy, productive adults;5
(i) Working class, multilingual, and rural communities are hit6
hardest by chronic school underfunding;7
(j) In January 2025, the legislature received the reports and8
recommendation of the two commissioned adequacy studies: "Equity and9
Adequacy of Colorado School Funding - A Cost-Modeling Approach",10
by the American institutes for research, and "Colorado Input-Based11
Financial Adequacy Study Report", by Augenblick, Pailaich and12
Associates, Inc;13
(k) The adequacy studies found that, were Colorado schools14
funded fully and fairly, every student would have the individual attention15
they need from teachers, counselors, health professionals, tutors, and16
support staff to succeed and thrive; every teacher would have a17
reasonable workload, professional development and coaching, and a18
salary that would allow them to live where they work; and every19
community would enjoy the benefit of vibrant public schools, a20
high-quality workforce, and an engaged citizenry;21
(l) Colorado's fiscal constraints and potential of federal funding22
cuts to education, medicaid, nutrition, human services, and other critical23
programs threaten the sustainability and adequacy of school funding in24
Colorado and to deplete the state education fund; and25
(m) Therefore, it is in the best interest of educators, students, and26
their families to allow voters to invest further in public education by27
SB26-135-4-
modernizing the state's ability to retain and spend revenue to meet the1
needs of Colorado communities and to ensure that state investment in2
K-12 public education is increased by two percent for at least ten years3
through the funding of a positive factor.4
SECTION 2. In Colorado Revised Statutes, add 22-54-103.7 as5
follows:6
22-54-103.7. Positive factor funding - 2027-28 through 2036-377
budget years - definitions - repeal.8
(1) AS USED IN THIS SECTION , UNLESS THE CONTEXT OTHERWISE9
REQUIRES:10
(a) "N EW FORMULA DISTRICT TOTAL PROGRAM CALCULATION "11
MEANS A DISTRICT'S TOTAL PROGRAM FOR THE APPLICABLE BUDGET YEAR12
AS CALCULATED PURSUANT TO THE DISTRICT TOTAL PROGRAM FORMULA13
IN SECTION 22-54-103.5. THE TERM DOES NOT INCLUDE ANY ADJUSTMENTS14
REQUIRED PURSUANT TO SECTION 22-54-103.3 WHEN DETERMINING A15
DISTRICT'S TOTAL PROGRAM FOR THE 2027-28 BUDGET YEAR THROUGH16
THE 2030-31 BUDGET YEAR.17
(b) "NEW FORMULA STATEWIDE TOTAL PROGRAM CALCULATION"18
MEANS THE DISTRICT TOTAL PROGRAM FOR ALL DISTRICTS FOR THE19
APPLICABLE BUDGET YEAR AS CALCULATED PURSUANT TO THE DISTRICT20
TOTAL PROGRAM FORMULA IN SECTION 22-54-103.5. THE TERM DOES NOT21
INCLUDE ANY ADJUSTMENTS REQUIRED PURS UANT TO SECTION22
22-54-103.3 WHEN DETERMINING A DISTRICT'S TOTAL PROGRAM FOR THE23
2027-28 BUDGET YEAR THROUGH THE 2030-31 BUDGET YEAR.24
(c) "TWO PERCENT K-12 PUBLIC EDUCATION INCREASE" MEANS AN25
AMOUNT EQUAL TO THE LESSER OF TWO PERCENT OF STATEWIDE TOTAL26
PROGRAM FUNDING FOR THE 2026-27 BUDGET YEAR CALCULATED27
SB26-135-5-
PURSUANT TO THIS ARTICLE 54 OR THE AMOUNT THAT THE STATE IS1
AUTHORIZED TO RETAIN AND SPEND PURSUANT TO THE VOTER'S APPROVAL2
OF THE BALLOT MEASURE INCLUDED IN SECTION 24-77-302 FOR THE3
BUDGET YEAR.4
(2) A DISTRICT'S POSITIVE FACTOR FUNDING IS EQUAL TO:5
(NEW FORMULA DISTRICT TOTAL PROGRAM CALCULATION / NEW6
FORMULA STATEWIDE TOTAL PROGRAM CALCULATION) X TWO PERCENT7
K-12 PUBLIC EDUCATION INCREASE.8
(3) F OR THE 2027-28 BUDGET YEAR THROUGH THE 2036-379
BUDGET YEAR , THE DEPARTMENT OF EDUCATION SHALL ANNUALLY10
CALCULATE EACH DISTRICT'S NEW FORMULA DISTRICT TOTAL PROGRAM11
CALCULATION AND THE NEW FORMULA STATEWIDE TOTAL PROGRAM12
CALCULATION.13
(4) F OR THE 2027-28 BUDGET YEAR THROUGH THE 2036-3714
BUDGET YEAR, THE DEPARTMENT OF EDUCATION AND THE STAFF OF THE15
LEGISLATIVE COUNCIL SHALL ANNUALLY DETERMINE EACH DISTRICT 'S16
SCHOOL POSITIVE FACTOR FUNDING BASED ON BUDGET PROJECTIONS ;17
EXCEPT THAT THE DEPARTMENT OF EDUCATION AND THE STAFF OF THE18
LEGISLATIVE COUNCIL SHALL MAKE MID -YEAR REVISIONS TO REPLACE19
PROJECTIONS WITH ACTUAL FIGURES TO DETERMINE ANY NECESSARY20
CHANGES IN THE AMOUNT TO MAINTAIN POSITIVE FACTOR FUNDING FOR21
THE APPLICABLE BUDGET YEAR.22
(5) A DISTRICT 'S SCHOOL POSITIVE FACTOR FUNDING IS IN23
ADDITION TO, BUT IS NOT INCLUDED IN, THE DISTRICT'S TOTAL PROGRAM24
DETERMINED PURSUANT TO THIS ARTICLE 54. THE DEPARTMENT SHALL25
MAKE PAYMENTS FOR A DISTRICT'S SCHOOL POSITIVE FACTOR FUNDING IN26
THE SAME FORM AND MANNER AS THE PAYMENTS THAT THE DEPARTMENT27
SB26-135-6-
MAKES PURSUANT TO SECTION 22-54-115 (1).1
(6) A DISTRICT'S POSITIVE FACTOR FUNDING IS AVAILABLE TO A2
DISTRICT TO FUND:3
(a) INCREASING TEACHER PAY;4
(b) IMPROVING TEACHER RETENTION;5
(c) LOWERING CLASS SIZES; AND6
(d) INCREASING ACCESS TO CAREER AND TECHNICAL COURSES.7
(7) THIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2039.8
SECTION 3. In Colorado Revised Statutes, add part 3 to article9
77 of title 24 as follows:10
PART 311
SUBMISSION OF BALLOT ISSUE12
VOTER-APPROVED REVENUE CHANGE13
24-77-301. Definitions.14
AS USED IN THIS PART 3, UNLESS THE CONTEXT OTHERWISE15
REQUIRES:16
(1) "D ISTRICT" HAS THE MEANING SET FORTH IN SECTION17
22-54-103 (5).18
(2) "EXCESS STATE REVENUES ACCOUNT" OR "ACCOUNT" MEANS19
THE EXCESS STATE REVENUES ACCOUNT CREATED IN SECTION 24-77-30220
(2).21
(3) "P OSITIVE FACTOR FUNDING " MEANS THE AMOUNT22
DETERMINED PURSUANT TO SECTION 22-54-103.7 (2).23
(4) "S TATE PUBLIC EDUCATION FUNDING " MEANS THE AMOUNT24
DETERMINED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO SECTION25
24-77-303 (1).26
(5) "STATE REVENUES" MEANS STATE FISCAL YEAR SPENDING, AS27
SB26-135-7-
DEFINED IN SECTION 24-77-102 (17).1
24-77-302. Retention of excess state revenues - excess state2
revenues account - definitions.3
(1) FOR STATE FISCAL YEARS COMMENCING ON OR AFTER JULY 1,4
2027, THE STATE MAY RETAIN AND SPEND STATE REVENUES THAT THE5
STATE OTHERWISE WOULD HAVE BEEN REQUIRED TO REFUND UNDER6
SECTION 20 (7)(d) OF ARTICLE X OF THE STATE CONSTITUTION IN AN7
AMOUNT EQUAL TO THE STATE PUBLIC EDUCATION FUNDING FOR THE8
STATE FISCAL YEAR.9
(2) (a) T HERE IS HEREBY CREATED IN THE GENERAL FUND THE10
EXCESS STATE REVENUES ACCOUNT, WHICH CONSISTS OF AN AMOUNT OF11
MONEY EQUAL TO THE AMOUNT THAT THE STATE RETAINS FOR A GIVEN12
FISCAL YEAR PURSUANT TO SUBSECTION (1) OF THIS SECTION, EXCEPT AS13
PROVIDED IN SUBSECTION (3) OF THIS SECTION.14
(b) FOR EACH STATE FISCAL YEAR BEGINNING ON OR AFTER JULY15
1, 2027, AND BEFORE JULY 1, 2037, THE GENERAL ASSEMBLY SHALL16
TRANSFER OR APPROPRIATE FROM THE ACCOUNT TO THE DEPARTMENT OF17
EDUCATION AN AMOUNT NECESSARY FOR THE DEPARTMENT OF EDUCATION18
TO PAY EACH DISTRICT AN AMOUNT THAT IS EQUAL TO AT LEAST EACH19
DISTRICT'S SCHOOL POSITIVE FACTOR FUNDING, AND THE DEPARTMENT OF20
EDUCATION SHALL MAKE THESE PAYMENTS IN ACCORDANCE WITH SECTION21
22-54-103.7 (5).22
(c) AFTER MAKING THE APPROPRIATIONS OR TRANSFERS REQUIRED23
BY SUBSECTION (2)(b) OF THIS SECTION FOR A STATE FISCAL YEAR , THE24
GENERAL ASSEMBLY MAY APPROPRIATE OR TRANSFER MONEY IN THE25
ACCOUNT FOR ANY OTHER PURPOSE FOR THAT SAME FISCAL YEAR.26
(3) (a) IF THE APPROVED EXCESS STATE REVENUES ARE DIFFERENT27
SB26-135-8-
FROM THE AMOUNT THAT, BASED ON ESTIMATES, THE GENERAL ASSEMBLY1
APPROPRIATED OR TRANSFERRED FROM THE ACCOUNT FOR A STATE FISCAL2
YEAR, THEN EACH APPROPRIATION OR TRANSFER FROM THE ACCOUNT IS3
PROPORTIONALLY ADJUSTED SO THAT THE TOTAL APPROPRIATIONS OR4
TRANSFERS FROM THE ACCOUNT ARE EQUAL TO THE APPROVED EXCESS5
STATE REVENUES FOR THE STATE FISCAL YEAR.6
(b) A S USED IN THIS SUBSECTION (3), UNLESS THE CONTEXT7
OTHERWISE REQUIRES, "APPROVED EXCESS STATE REVENUES" MEANS THE8
STATE REVENUES THAT THE STATE IS AUTHORIZED TO RETAIN AND SPEND9
FOR A STATE FISCAL YEAR IN ACCORDANCE WITH THE APPROVAL OF THE10
BALLOT MEASURE , INCLUDING THIS SECTION , BY A MAJORITY OF THE11
ELECTORS VOTING ON THE BALLOT ISSUE AT THE NOVEMBER 202612
STATEWIDE ELECTION, AS REPORTED BY THE STATE CONTROLLER IN THE13
ANNUAL FINANCIAL REPORT REQUIRED BY SECTION 24-77-106.5 (1)(b),14
OR, IF THE AMOUNT CHANGES IN THE FINAL ACCOUNTING FOR THE STATE15
FISCAL YEAR, IN THE COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE16
STATE FOR THE STATE FISCAL YEAR.17
(4) T HE APPROVAL OF THE BALLOT MEASURE INCLUDING THIS18
SECTION BY A MAJORITY OF THE ELECTORS VOTING ON THE BALLOT ISSUE19
CONSTITUTES A VOTER -APPROVED REVENUE CHANGE TO ALLOW THE20
RETENTION AND EXPENDITURE OF THE ADDITIONAL STATE REVENUES THAT21
THE STATE IS AUTHORIZED TO RETAIN AND SPEND PURSUANT TO22
SUBSECTION (1) OF THIS SECTION.23
(5) THIS SECTION DOES NOT AFFECT THE AMOUNT THAT THE STATE24
IS PERMITTED TO RETAIN AND SPEND UNDER THE EXCESS STATE REVENUES25
CAP.26
24-77-303. Determination of state public education funding.27
SB26-135-9-
(1) ON OR AFTER JULY 1, 2027, BUT BEFORE AUGUST 1, 2027, AND1
ON OR AFTER EACH JULY 1 AND BEFORE EACH AUGUST 1 THEREAFTER,2
LEGISLATIVE COUNCIL STAFF SHALL DETERMINE AND REPORT TO THE3
STATE CONTROLLER , THE OFFICE OF STATE PLANNING AND BUDGETING ,4
AND THE JOINT BUDGET COMMITTEE , THE TOTAL AMOUNT THAT IS5
COUNTED AS STATE FISCAL YEAR SPENDING AND APPROPRIATED BY THE6
GENERAL ASSEMBLY FOR THE IMMEDIATELY PRECEDING STATE FISCAL7
YEAR FOR CATEGORICAL PROGRAMS AND THE STATE SHARE OF TOTAL8
PROGRAM. THE AMOUNT DETERMINED AND REPORTED BY LEGISLATIVE9
COUNCIL STAFF PURSUANT TO THIS SUBSECTION (1) FOR THE IMMEDIATELY10
PRECEDING STATE FISCAL YEAR IS THE STATE PUBLIC EDUCATION FUNDING11
FOR THAT STATE FISCAL YEAR.12
(2) AS USED IN THIS SECTION , UNLESS THE CONTEXT OTHERWISE13
REQUIRES:14
(a) "CATEGORICAL PROGRAMS" HAS THE SAME MEANING AS SET15
FORTH IN SECTION 22-55-102 (4).16
(b) "S TATE SHARE OF TOTAL PROGRAM " MEANS AN AMOUNT17
EQUAL TO THE TOTAL OF THE STATE'S SHARE OF EACH SCHOOL DISTRICT'S18
TOTAL PROGRAM, AS DEFINED IN SECTION 22-55-102 (18).19
24-77-304. Excess state revenues expenditure independent20
audit.21
(1) (a) FOR EACH STATE FISCAL YEAR THAT THE STATE RETAINS22
AND SPENDS STATE REVENUES IN EXCESS OF THE LIMITATION ON STATE23
FISCAL YEAR SPENDING PURSUANT TO THIS PART 3, THE STATE AUDITOR24
SHALL PREPARE AN EXCESS STATE REVENUES LEGISLATIVE REPORT THAT25
INCLUDES THE FOLLOWING INFORMATION:26
(I) THE AMOUNT OF STATE REVENUES THAT THE STATE RETAINED27
SB26-135-10-
AND SPENT IN EXCESS OF THE LIMITATION ON STATE FISCAL YEAR1
SPENDING PURSUANT TO THIS PART 3; AND2
(II) A DESCRIPTION OF HOW THE STATE REVENUES THAT THE STATE3
RETAINED AND SPENT IN EXCESS OF THE LIMITATION ON STATE FISCAL4
YEAR SPENDING PURSUANT TO THIS PART 3 WERE EXPENDED.5
(b) THE STATE AUDITOR SHALL COMPLETE THE REPORT REQUIRED6
BY SUBSECTION (1)(a) OF THIS SECTION BY OCTOBER 15 FOLLOWING A7
FISCAL YEAR THAT THE STATE RETAINS AND SPENDS STATE REVENUES IN8
EXCESS OF THE LIMITATION ON STATE FISCAL YEAR SPENDING PURSUANT9
TO THIS PART 3 AND MAY AMEND THE REPORT THEREAFTER AS NECESSARY.10
(c) THE STATE AUDITOR SHALL PUBLISH AND LINK TO THE OFFICIAL11
WEBSITE OF THE GENERAL ASSEMBLY A COPY OF THE REPORT REQUIRED BY12
THIS SUBSECTION (1).13
SECTION 4. In Colorado Revised Statutes, 24-77-106.5, amend14
(1)(b) as follows:15
24-77-106.5. Annual financial report - certification of excess16
state revenues.17
(1) (b) Notwithstanding section 24-1-136 (11)(a)(I), based upon18
the financial report prepared in accordance with subsection (1)(a) of this19
section for any given fiscal year, the controller shall certify to the20
governor, the general assembly, and the executive director of the21
department of revenue no later than September 1 following the end of a22
fiscal year the amount of state revenues in excess of the limitation on23
state fiscal year spending imposed by section 20 (7)(a) of article X of the24
state constitution, if any, for such fiscal year and the state revenues in25
excess of such limitation that the state is authorized to retain and spend26
pursuant to voter approval of section 24-77-103.6 AND PART 3 OF THIS27
SB26-135-11-
ARTICLE 77.1
SECTION 5. In Colorado Revised Statutes, 29-32-104, amend2
(5) as follows:3
29-32-104. Permissible expenditures - affordable housing4
programs - report - definitions.5
(5) If the Legislative Council Staff's March Economic and6
Revenue Forecast in any given year projects revenue for the next state7
fiscal year will fall below the revenue limit imposed under section 20 of8
article X of the state constitution BY AN AMOUNT GREATER THAN THE9
AMOUNT OF STATE PUBLIC EDUCATION FUNDING AS DEFINED IN SECTION10
24-77-301 (4), the general assembly may reduce the funding allocated to11
the office required by this section for the next state fiscal year in order to12
balance the state budget for said state fiscal year.13
SECTION 6. In Colorado Revised Statutes, 39-22-123.5, amend14
(3.5)(a)(VIII) as follows:15
39-22-123.5. Earned income tax credit - legislative declaration16
- repeal.17
(3.5) (a) As used in this subsection (3.5), unless the context18
otherwise requires:19
(VIII) "Nonexempt revenue" means, for the applicable state fiscal20
year, the revenues that are identified as nonexempt revenues in the annual21
comprehensive financial report published by the office of the state22
controller; EXCEPT THAT, FOR STATE FISCAL YEARS COMMENCING ON OR23
AFTER JULY 1, 2027, NONEXEMPT REVENUE INCLUDES STATE PUBLIC24
EDUCATION FUNDING AS DEFINED IN SECTION 24-77-301 (4).25
SECTION 7. In Colorado Revised Statutes, 39-22-130, amend26
(2)(b)(II)(G) as follows:27
SB26-135-12-
39-22-130. Family affordability tax credit - tax preference1
performance statement - legislative declaration - definitions - repeal.2
(2) As used in this section, unless the context otherwise requires:3
(b) (II) As used in this subsection (2)(b):4
(G) "Nonexempt revenue" means, for the applicable state fiscal5
year, the revenue that is identified as nonexempt TABOR revenues in the6
annual comprehensive financial report published by the office of the state7
controller; EXCEPT THAT, FOR STATE FISCAL YEARS COMMENCING ON OR8
AFTER JULY 1, 2027, NONEXEMPT REVENUE INCLUDES STATE PUBLIC9
EDUCATION FUNDING AS DEFINED IN SECTION 24-77-301 (4).10
SECTION 8. Refer to people under referendum. At the11
election held on November 3, 2026, the secretary of state shall submit this12
act by its ballot title to the registered electors of the state for their13
approval or rejection. Each elector voting at the election may cast a vote14
either "Yes/For" or "No/Against" on the following ballot title: "Shall state15
investment in K-12 public education increase two percent each year for16
the next ten years, with investments used to increase teacher pay, improve17
teacher retention, lower class sizes, and increase access to career and18
technical courses, without raising taxes but instead funded by raising the19
annual limit on state fiscal year spending only by the amount the state20
spends on public K-12 education as a voter-approved revenue change,21
and requiring an annual publicly released, independent audit to show how22
the new investments are spent?" Except as otherwise provided in section23
1-40-123, Colorado Revised Statutes, if a majority of the electors voting24
on the ballot title vote "Yes/For", then the act will become part of the25
Colorado Revised Statutes.26
SB26-135-13-