On March 13, 2007, Governor Bill Ritter and state Senator Sue Windels announced a proposal they call the "Colorado Children's Amendment." This proposal would "freeze," or stabilize, local property tax mill levies for general education to maintain local funding for public K-12 education. As overall costs for K-12 education grow, and as the state government shoulders a growing share of those costs, the state has less money to spend on other services, such as higher education, health care, prisons and transportation. Since the March announcement, there have been voices in support of and against the measure, but also many questions about the proposal and the potential impact on the state. Without an understanding of the fiscal basis for the measure and the implications for our budget and our students, many Coloradans who care about education and the future of the state are left without the knowledge they need to fully understand and enter the debate. Colorado fiscal policy is extremely complicated. This paper provides a general explanation of the mill levy stabilization proposal but does not answer all related questions about school finance. (Contains 1 chart.)