The Board of Directors of the Metropolitan State University of Denver on Wednesday adopted a resolution They formally rejected two tax-related ballot measures that members said would significantly increase college tuition and threaten the state’s long-term economic viability.

Unanimously approved by MSU Denver’s Board of Trustees The resolution, signed by Chair Kristin Hultquist, states that Initiative 108 and Amendment 50 would result in a significant reduction in state revenue and could force lawmakers to make significant cuts to higher education funding, further increasing the burden on already cash-strapped students to finance their college education.

The resolution notes that MSU Denver is the state’s only modified open access institution of higher education, educating a large number of low-income students from underserved communities. Nearly 60% of MSU Denver students are the first generation in their families to attend college.

If the initiatives are adopted, tuition costs would likely rise significantly and fewer of these students would be able to afford college, “which would likely result in a lifetime loss of economic and social mobility for these Coloradans and challenge our state’s ability to create and maintain good, family-sustaining jobs,” the resolution states.

Initiative 108 would reduce the property tax rate on residential properties to 5.7% and on commercial properties to 24%. Additionally, if passed, Amendment 50 would cap annual growth in the state’s property tax revenue at 4%. Supporters say the measures are necessary to control rising property taxes.

MSU Denver trustees agree that property tax relief “is warranted and requires a solution,” but that this need was addressed this year by bipartisan state legislation that reduced the residential tax rate to 6.95% and the business tax rate to 25%. Those rates would go into effect if the proposed ballot initiatives fail.

The committee argues that the ballot initiatives “go beyond what is fiscally responsible” and would create a budget deficit of up to $1.7 billion in the 2025-26 fiscal year, according to nonpartisan researchers for the state General Assembly.

Property taxes are collected by local governments and fund school districts and county and city services. However, the referendums would mitigate local governments’ tax losses by offsetting their losses with state funds.

While estimates of the extent of the budgetary impact vary, a number of government services, such as health and education, are at risk of cuts.

These cuts are particularly severe in higher education, because colleges and universities rely heavily on government funding to cover their costs and support the success of their students.

About half of MSU Denver’s operating budget relies on state funds, which are necessary to keep tuition “reasonably affordable,” trustees said. In return, the state benefits from graduates who drive a diverse workforce and economy.

“Access to high-quality post-secondary education programs is a central component of the State of Colorado’s economic competitiveness and job creation strategy, as well as its ability to sustain a vibrant and large middle class,” the resolution states.

Supporters of the initiative continued the ballot measure despite the bipartisan bill passed this year, which lawmakers had viewed as a compromise to combat rising property tax rates.

Governor Jared Polis is considering calling a special session of the legislature to make another attempt to find a compromise solution. Lawmakers have until September 6 to reach an agreement that would remove the initiatives from the ballot.

“Responsible tax policy should strike a balance that protects property owners while safeguarding the state budget and the ability of higher education to prepare more Coloradans for the workforce,” said MSU Denver President Janine Davidson, Ph.D. “We hope that a special session can produce a decisive legislative compromise that achieves this balance.”