A plan to save, but nothing to save yet

DENVER - A Colorado Springs lawmaker answered two weeks of legislative calls for a rainy-day fund Friday by proposing a constitutional amendment that would allow the state to tuck money into an untouchable reserve for future recessions.

There is one thing missing from Republican Rep. Bob Gardner's plan, however: money to put into the account.

Gardner noted that during a recent budget debate over the need to build a reserve, some Democrats insisted there's no vehicle for setting aside extra money from year to year.

Democrats also said that with the economy heading south, the state should shore up programs and focus on jobs rather than put away money for the future.

Responding to the first argument, Gardner unveiled his amendment that, if approved by voters, would create a fund that can be touched only if two-thirds of the Legislature agrees to it, with one exception: If revenues slip to the point where the state brings in less money one year than it did the year before, only a majority of the General Assembly would have to agree to spend from the fund.

Gardner chose to pursue a constitutional amendment rather than a simple law change because it's the only way to ensure that legislators don't lower the threshold to tap the reserve, he said.

Even though there's no money to feed it, Gardner said creating such a fund would eliminate the question of where rainy-day money would be stored and would have the account ready to go whenever legislators believe the economy is in good enough shape to begin saving again, he said.

"The idea of having the discussion of how to fund it right now seems a little pointless," said Gardner, noting a recent economic forecast predicting that the state will bring in $700 million less than expected over the next four years. "Why should you have the political fight with anybody if there really is no money to fund it?"

House Speaker Andrew Romanoff, a Denver Democrat who has talked with GOP leaders about creating a fund, was surprised to hear that the idea has made its way into print.

He was even more befuddled, however, to see Gardner had not come up with cash for the reserve and said that could be a roadblock to moving the amendment to the ballot.

"I think the questions remain," he said.

"Where does the money come from?" he added. "I think having a shell may be of some value, but not if it's empty. I need to continue my conversations with them and see where it leads."

Gardner plans to introduce his proposal next week.