AZ HB2416

School districts must spend all monies collected through local property tax levies by a specified date in fiscal year 2010-2011 that exceed allowable budget balance carryforward amounts across numerous fund types including maintenance and operations, capital outlay, debt service, and other designated funds.

The spending requirement applies to funds budgeted for balance carryforward under Arizona Revised Statutes sections 15-918.04, 15-919.04, 15-943.01, and 15-947.

State aid allocations to school districts from general fund monies in fiscal year 2010-2011 shall be reduced by amounts equal to the monies expended by districts under this requirement.