This policy study traces the history of school finance in Colorado over four and a half decades and describes how the available levers of direct democracy in the state have led to a seemingly insurmountable political logjam that is restricting budgets for all essential government services. Precollegiate education is particularly affected as evidenced by continuously declining per-pupil expenditures, as compared with the national average, and growing funding inequities among school districts. The study primarily analyzes how state constitutional amendments, initiated by the legislature or citizen groups, have created a school finance system in Colorado that is inadequate, inequitable, and seemingly intractable, while at the same time continues to consume a growing percent of the state budget.