AZ SB1386

Establishes the state finance review task force composed of 15 members including the state treasurer, director of revenue, one public member appointed by the governor, four legislative members from each chamber, economics professors from University of Arizona and Arizona State University, a Morrison Institute faculty member, and a school business officials representative.

Requires the task force to review Arizona's budget revenue mix and recommend ways to decrease revenue volatility, propose measures to increase education funding for K-12, community colleges, and universities to the national median level, and examine all other state expenditures for budget recommendations.

Mandates the task force to propose measures ensuring Arizona can financially implement the federal Affordable Care Act and related regulations.

Requires an interim report by December 31, 2012 and a final report by April 1, 2013 to be delivered to the president of the senate, speaker of the house, governor, and secretary of state.

Task force automatically repeals on July 1, 2014.