AZ HB2018

Amends the process for school districts to correct budget calculation errors from fiscal years 2003-2006 by allowing extended repayment periods instead of immediate correction.

Districts that miscalculated their 2004-2005 budget with specific criteria (maintenance and operations correction of $220,000-$240,000 and unrestricted capital outlay correction of $3,000-$5,000) may correct errors over 5 years from fiscal year 2007-2008 to 2011-2012.

Districts that experienced departmental calculation errors in 2005-2006 budgets totaling $400,000-$1.2 million must correct over 6 years from fiscal year 2007-2008 to 2012-2013.

Districts with specific 2005-2006 budget miscalculations ($400,000-$450,000 correction amount and enrollment of 1,100-1,200 pupils) must correct over 5 years from fiscal year 2007-2008 to 2011-2012.

Districts with overexpenditures exceeding $3 million during fiscal years 2003-2006 must repay in annual installments beginning fiscal year 2010-2011, with payments of 5% annually for the first four years and 10% in subsequent years, plus accrued interest.