(The Center Square) - An audit by the Office of the State Auditor confirmed this week that Colorado taxpayers have a refund coming their way.

The refund comes because the state collected $1.4 billion more in revenue in Fiscal Year 2024 than the Taxpayer’s Bill of Rights allows, according to the Office of the State Auditor.

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Colorado voters added TABOR to the state constitution in the November 1992 general election.

TABOR reins in government spending by limiting the growth of state revenues to the sum of inflation and the percentage change to the state's population to create a TABOR growth rate.

The state must return any money beyond that amount to its taxpayers.

Auditors found three possible mechanisms for refunding excess state revenues this year, a release said. These include, "a local government property tax exemption reimbursement, a temporary income tax rate reduction, and a six-tier sales tax refund mechanism that distributes refunds to taxpayers based on their adjusted gross income if the refund amount will exceed $15 per person," the release said.

“The excess state revenues are expected to trigger all three of the refund mechanisms,” Audit Manager Maya Rosochacova said.

State law says the OSA must conduct an annual audit of the State Controller’s report that shows how much revenue Colorado amasses each fiscal year. The report makes sure that the state complies with TABOR requirements.

Colorado finished its Fiscal Year 2024 TABOR Financial Report this summer, and the State Controller certified it on August 31, 2024.

View the full report here.