DENVER (KDVR) — Preliminary election results show that more than 56% of voters have rejected Amendment 78, which would require the legislature to directly allocate all state spending.

Returns just before midnight Tuesday showed 51 of 64 counties reporting. The amendment requires 55% of the vote to pass.

The measure involves custodial money, which is money state agencies receive to use for a certain purpose — like federal emergency relief money, donations or a legal settlement.

Under Amendment 78, custodial money be deposited into a new fund, and the legislature would be required to allocate spending from the fund and hold a public hearing. Any interest earned in the fund would be put in the state’s general fund.