AZ SB1518

Appropriates $102.7 million in fiscal year 2019-2020, $205.5 million in 2020-2021, and $308.2 million in 2021-2022 from the state general fund to the Arizona Board of Regents to fund resident student tuition costs at universities under their jurisdiction.

Beginning in fiscal year 2022-2023, appropriates funds equal to $7,900 multiplied by the basic actual full-time equivalent enrollment of resident students meeting residency requirements in section 15-1802, as reported by universities in the preceding fiscal year.

For fiscal years 2023-2024 and thereafter, appropriates funds based on the $7,900 amount increased annually by the lesser of 2 percent or the GDP price deflator change, with a floor ensuring appropriations do not fall below the 2021-2022 level.

Makes technical amendments to section 15-1661, Arizona Revised Statutes, including grammatical corrections and clarifications regarding enrollment audits, accounting policies, and the use of appropriated funds for salary increases.