State Treasurer Calls for Fiscal Reforms

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Colorado State Treasurer Mike Coffman says residents should give up some of their tax breaks to help the state balance its budget. On Wednesday, Coffman proposed a package fiscal reform.

He says his plan will fix fiscal flaws in three constitutional amendments and allow the state to save for a rainy day. Lawmakers agree reforming the three constitutional amendments will be one of the top issues during the legislative session that begins on Jan. 7.

Lawmakers say if they can't agree on a package of reforms, they may ask voters next year to approve the changes. The proposals were drafted following a series of public meetings over the summer to discuss Amendment 23, which guarantees increases for public education, the Taxpayer Bill of Rights, which requires voter approval of tax increases, and the Gallagher Amendment, which limits residential property tax increases.