AZ SB1696

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

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

Requires the Economic Estimates Commission to adjust calculations for the aggregate expenditure limitation starting in fiscal year 2027-2028.

The bill's enactment is contingent upon voter approval of a related constitutional amendment at the next general election.

Applies to fiscal years beginning after June 30, 2027 if the constitutional amendment is approved.