AZ SB1408

Requires the joint legislative budget committee to compute and transmit "truth in spending" estimates to legislative appropriations and finance committees by February 15 of each year, beginning in 2012.

Truth in spending estimates adjust current fiscal year appropriations by the combined percentage change in state population and cost of living (measured by GDP price deflator) for the most recent twelve-month period.

Mandates a joint public hearing by the house and senate appropriations committees if proposed general fund or total appropriations exceed the truth in spending estimates, with notice published 14-20 days in advance on the legislature's website.

Requires the hearing notice to display the proposed spending increase percentages compared to the population plus inflation rate in at least eighteen point type, and mandates a roll call vote on any motion to recommend the spending levels.

Directs the appropriations committees to issue a press release containing the truth in spending notice in addition to publishing it on the legislature's website.