SB 228 the most significant reform since Ref C
June 3 marks a major milestone in the journey toward greater fiscal sanity in Colorado. This morning, Gov. Bill Ritter signed SB 228, one of the most important pieces of legislation of his term in office.
SB 228 repeals an antiquated budget formula known as Arveschoug-Bird, and it more than doubles the state's reserve requirement as a cushion against future economic downturns. Both steps have been priorities for the Bell since we first released our groundbreaking report on TABOR in 2003.
Many things about the TABOR amendment are troublesome. But our research pointed to four fundamental flaws that most restricted the legislature's ability to budget rationally and meet the needs of a growing state.
Between Referendum C in 2005 and Senate Bill 228 in 2009, we have now corrected three of those flaws and made major progress on the fourth.