AZ HB2391

Requires all Arizona school districts to expend by June 30, 2011 all locally-collected property tax revenues that exceed allowable budget balance carryforward limits across numerous fund types including maintenance and operations, capital outlay, debt service, and special purpose funds.

Mandates spending of excess cash balances that were budgeted for fiscal year 2011-2012 carryforward pursuant to multiple sections of Arizona Revised Statutes governing fund balance limits.

Reduces state aid allocations to school districts in fiscal year 2011-2012 by amounts equal to the excess local property tax revenues the districts expend under this requirement.