AZ HB2637

Resets the base year for calculating school district aggregate expenditure limitations from fiscal year 1979-1980 to fiscal year 2026-2027, and updates the base student population year from 1978-1979 to 2025-2026.

Changes the GDP price deflator reference year from 1978 to 2023 for calculating school district expenditure limits.

Directs the Economic Estimates Commission to adjust calculations for determining the aggregate expenditure limitation starting with fiscal year 2027-2028.

Conditional enactment requiring voter approval of an accompanying constitutional amendment at the next general election before the bill takes effect.

Applies to fiscal years beginning after June 30, 2027.