AZ SB1231

Establishes an annual cap on state general fund revenue appropriations beginning in fiscal year 2012-2013, calculated by adjusting the prior year's appropriations by population change and cost of living increases.

Population change determined by the joint legislative budget committee using U.S. decennial census data or annual revisions from the Department of Commerce and state universities.

Cost of living measured using the GDP price deflator or gross state product for Arizona, whichever is greater, as reported by federal agencies.

Excludes from the spending limit debt service on state obligations outstanding as of June 30, 2011, and amounts appropriated to restore payments deferred from fiscal year 2010-2011.

Requires the joint legislative budget committee to publish by January 20 each year the total estimated state general fund revenues and the authorized expenditure amount; permits legislature to exceed the limit only by simultaneously enacting a concurrent resolution acknowledging and authorizing the excess.