AZ SB1042

Changes the base year for calculating school district aggregate expenditure limitations from fiscal year 1979-1980 to fiscal year 2024-2025.

Updates the reference year for student population calculations from school year 1978-1979 to 2023-2024.

Updates the GDP price deflator reference year from 1978 calendar year to 2023 calendar year for school district expenditure limitation calculations.

Directs the economic estimates commission to adjust necessary calculations for the aggregate expenditure limitation for fiscal year 2025-2026 under the amended statute.

Bill becomes effective only upon voter approval of a constitutional amendment (Senate Concurrent Resolution) at the next general election and applies to fiscal years beginning after June 30, 2025.