AZ SB1061

Caps resident undergraduate tuition and mandatory fees beginning in the 2017-2018 school year at the 2016-2017 level, with allowable increases of no more than 2 percent annually.

Requires resident undergraduate students to pay the same tuition and mandatory fees for four consecutive years as they paid in their first year of enrollment.

Mandates the Arizona Board of Regents adopt a performance funding model using metrics including degrees awarded, completed student credit hours, and externally generated research funding.

Requires annual reporting to the joint legislative budget committee on university debt and obligations, including long-term notes, certificates of participation, revenue bonds, and commercial paper.

Changes tuition and fee accounting to create separate subaccounts for each university, with appropriated tuition and fees in one account and locally retained tuition and fees in another separate account.