County Version of Smartcap (this is a TAB proposal). Objective: Limits spending growth to population growth and inflation formula. Reference: State Revenue Limitation (CS/SJR958). The yearly adjustment factor is calculated based on the previous year’s cap, not revenue collected. This avoids the problem encountered by Colorado “TABOR” which caused excessive reductions in spending during an economic downturn. Precedent: Brevard – s29 and City of Jacksonville Sections 14.08/14.09: Suggested wording: 1) For each budget year, county revenue collected is limited by the state computed adjustment factor defined in CS/SJR958. 2) Exemptions are allowed for unfunded mandates and certain other classifications of spending. 3) Emergency override is permitted with a super majority vote of the BCC.