AZ HB2387

Reduces appropriations from the state general fund by $350,000,000 in fiscal year 2010-2011 for basic state aid and additional state aid to school districts, with exemptions for charter schools and qualifying school districts under section 15-949.

Requires the Department of Education to apportion funds to qualifying school districts by November 2, 2011 based on a formula that considers ending fund balances as of June 30, 2011 and scheduled state aid apportionments.

Calculates school district apportionments by identifying total ending fund balances across all fund types, subtracting budgeted balance amounts, adjusting for P.L. 81-874 revenue proportions, and reducing scheduled state aid by the resulting amount.

Provides an additional apportionment for fiscal year 2011-2012 by October 15, 2011 calculated as 2 percent interest on the fiscal year 2010-2011 apportionment amount multiplied by five-twelfths to account for a five-month accumulation period.

Allows school districts to budget estimated interest expenses related to deferred state aid in fiscal year 2011-2012 and exempts such amounts from revenue control limits, with restrictions on expenditures exceeding amounts actually received.