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FLC Board of Trustees passes resolution opposing ballot initiatives 50 and 108
DURANGO— The Fort Lewis College Board of Trustees unanimously approved a resolution opposing Ballot Initiatives 50 and 108, stating the bills would negatively impact K-12 and higher education institutions across the state.
“The combination of both Initiative 50 and Initiative 108 would have catastrophic consequences for Colorado, affecting every sector of the economy,” states the resolution, approved during a special session Friday, Aug. 16. “The Colorado legislature has already addressed property tax concerns with bipartisan relief in 2024 through SB 24-233, balancing rate reductions while protecting essential services and education funding.”
Initiative 50, set to appear on the November 2024 ballot, proposes a constitutional 4 percent annual cap on total statewide property tax revenues. According to the resolution, any local district seeking to exceed this cap would require statewide approval, which would reduce local property tax revenue by $115 million in the first year and potentially reach a $1 billion loss by the third year.
According to the resolution, the bill would trigger severe cuts to essential programs such as K-12 education, mental health services, and infrastructure maintenance. It would also hinder the local government’s ability to maintain services and support new developments.
“This revenue cap could create competition among districts, particularly disadvantaging rural areas if urban growth outpaces theirs,” it states.
Initiative 108 proposes to reduce residential and non-residential property assessment rates, with the state’s General Fund required to backfill the lost revenue to local districts. This initiative would potentially reduce local property tax revenue by $3 billion in the first year, compelling the state to allocate approximately 15 percent of its total budget to cover these losses.
The initiatives could result in cuts of between $160 and $450 million to higher education institutions, forcing campus closures and consolidations and jeopardizing federal funding.
At FLC, the initiatives could lose between $2.9 to $8.2 million, potentially prompting budget cuts and tuition increases.
“Such significant state budget cuts could lead to severe reductions in funding for essential services and higher education, reminiscent of the Great Recession's impact,” the resolution read.
Colorado Governor Jared Polis called for a Special Session of the General Assembly to discuss property taxes on Aug. 26.