(1)\nThe general assembly hereby finds and declares that:\n(a)\nSection 20 of article X of the state constitution, which was approved by the registered electors of this state at the 1992 general election, limits fiscal year spending of the state government;\n(b)\nIt is within the legislative prerogative of the general assembly to enact legislation which will facilitate the operation of section 20 of article X;\n(c)\nIt is a legislative prerogative to facilitate compliance with the state fiscal year spending limit and legislation to implement section 20 of article X as it relates to state government is a reasonable and necessary exercise of the legislative prerogative;\n(d)\nIn interpreting the provisions of section 20 of article X, the general assembly has attempted to give the words of said constitutional provision their natural and obvious significance;\n(e)\nWhere the meaning of section 20 of article X is uncertain, the general assembly has attempted to ascertain the intent of those who adopted the measure and, when appropriate, the intent of the proponents, as well as to apply other generally accepted rules of construction;\n(f)\nThe content of this article represents the those who adopted the measure and, when appropriate, the intent of the proponents, as well as to apply other generally accepted rules of construction;\n(f)\nThe content of this article represents the considered judgment of the general assembly as to the meaning of the provisions of section 20 of article X as it relates to state government.\n(2)\nThe general assembly further finds and declares that:\n(a)\nThe adoption of section 20 of article X imposes a limit on state fiscal year spending and the provisions of this article were enacted to facilitate compliance with the state fiscal year spending limit;\n(b)\nThis article reflects the judgment of the general assembly regarding the meaning and implementation of section 20 of article X of the state constitution as it relates to state government;\n(c)\nThe provisions of this article should not be construed to substitute for generally accepted accounting principles which are applicable to financial documents and reports of state government;\n(d)\nThe purpose of preparing figures in accordance with this article, to ensure compliance with the state fiscal year spending limit, may differ from the purpose of preparing financial statements ;\n(d)\nThe purpose of preparing figures in accordance with this article, to ensure compliance with the state fiscal year spending limit, may differ from the purpose of preparing financial statements of the state, to determine the financial condition of the state;\n(e)\nThe financial statements of the state prepared by the state controller shall be prepared, insofar as possible, in conformity with generally accepted accounting principles; and\n(f)\nThe financial report required by this article shall be prepared in conformity with generally accepted accounting principles unless otherwise provided by law or unless an irreconcilable conflict exists between generally accepted accounting principles and the provisions of section 20 of article X in which case the provisions of said constitutional provision shall control.\n(3)\nThe general assembly further finds and declares that:\n(a)\nWhen revenues exceed the state fiscal year spending limitation for any given fiscal year, section 20 (7)(d) of article X of the state constitution requires that the excess revenues be refunded in the next fiscal year unless voters approve a revenue change allowing the state to retain the revenues;\n(b)\nIt of article X of the state constitution requires that the excess revenues be refunded in the next fiscal year unless voters approve a revenue change allowing the state to retain the revenues;\n(b)\nIt is the duty and intent of the general assembly to comply with the constitutional requirement to refund state excess revenues;\n(c)\nIt is within the legislative prerogative to facilitate compliance with the constitutional requirement to refund state excess revenues and legislation relating to the refunding of such excess revenues is a reasonable and necessary exercise of the legislative prerogative; and\n(d)\nState excess revenues that are carried forward from the fiscal year in which they accrued shall be refunded in the next fiscal year and shall not be available for any other governmental purpose unless voters have authorized the state to retain such revenues.\nL. 93: Entire article added, p. 1495, § 1, effective June 6. L. 94: (2) added, p. 1089, § 1, effective May 4. L. 98: (2) amended and (3) added, p. 847, § 1, effective May 26.
Colorado Legal Code