AZ HCR2034

Proposes constitutional amendment adding Article IX, Section 26 to establish a budget stabilization fund with automatic deposit and withdrawal mechanisms based on economic growth rates.

Requires legislature to deposit excess revenues into the stabilization fund when annual growth rate exceeds trend growth rate, calculated as excess growth multiplied by total state general fund revenue.

Requires legislature to transfer funds from stabilization fund back to general fund when annual growth rate falls below both 2 percent and the trend growth rate, up to the available balance and only what is needed to balance the budget.

Prohibits legislature from appropriating or diverting monies from purpose-specific funds except when stabilization fund balance falls below 1 percent of prior year general fund revenue and a two-thirds majority of both legislative houses approves by roll call vote.

Defines key terms including adjusted personal income, annual growth rate, GDP price deflator, real adjusted personal income, transfer payments, and trend growth rate based on U.S. Department of Commerce data.