If Colorado voters choose to set up a single-payer healthcare system, it would run out of money in just over a year, a new independent analysis found.

In November, voters will choose whether to adopt a constitutional amendment to create a system of universal healthcare coverage. However, the new taxes to pay for the system wouldn't be able to outpace rising healthcare costs, according to the independent Colorado Health Institute.

The ballot vote comes as Democrats are growing more emboldened to expand the Affordable Care Act. President Obama has called for the public option being added to the law, which was nixed due to severe blowback from the insurance industry.

Expanding Medicare to cover everyone was a popular part of Sen. Bernie Sanders' Democratic primary campaign. The Democratic Party platform did not include a push for single payer but did advocate for universal healthcare.

ColoradoCare, the proposed single-payer system, would replace most private health insurance and put Medicaid and other state-federal programs in ColoradoCare's control. The institute added that other federal programs such as Medicare and the Veterans Affairs would be untouched.

To pay for the program, Colorado has three main funding sources including a 10 percent payroll tax and state and federal funding for current healthcare and coverage programs, including Medicaid.

Another funding source is copays from ColoradoCare members when they use their coverage, the institute said.

But that funding won't be nearly enough, the institute added.

It projects that ColoradoCare would nearly break even in its first year but would "slide into ever-increasing deficits in future years unless taxes were increased."

The problem is the revenues won't be able to keep up with increasing healthcare costs that would result in red ink "each year of its first decade," the report added.

For the first year of operation, the institute projects ColoradoCare would have a deficit of $253 million, which would grow every year.

The payroll tax would bring in $25 billion in 2019, according to the Colorado Legislative Council, which performs research for the state legislature.

However, healthcare costs have grown faster than the economy. Tax revenue to fund ColoradoCare is projected to grow annually at a rate of up to 4.5 percent, but healthcare spending is projected to rise even faster by nearly 7 percent a year.

The campaign for the single-payer system said on its web site that it can reduce administrative expenses by $6.2 billion and reduce fraud by more than half a billion dollars. It also points to cheaper prices for medical equipment and pharmaceuticals through better market power.

The campaign behind the ballot measure, ColoradoCare Yes, said the report failed to take into account "even the most conservative figures for decreasing health care spending."

It addded that the "unreasonable assumption that Medicaid funds would be reduced by $4 billion under a waiver account for significant miscalculations in their estimation of ColoradoCare's financial viability."

A May poll conducted by conservative polling firm Magellan found that 55 percent supported the single-payer system.

? This article has been updated.