AZ HB2488

Establishes a teacher salary increases fund administered by the Department of Education, funded through legislative appropriations, private gifts, grants, and other lawful sources.

Appropriates $50,000,000 from the state general fund in fiscal year 2017-2018 to the new teacher salary increases fund.

Requires the Department of Education to distribute fund monies annually to school districts and charter schools based on their average daily membership counts from the preceding fiscal year, exclusively for increasing classroom teacher salaries.

Makes fund monies continuously appropriated and exempt from lapsing provisions, with earnings from investments credited back to the fund.

Transfers all unexpended and unencumbered monies from the Arizona public school credit enhancement fund to the new teacher salary increases fund.