This resolution proposes an amendment to the Constitution of Arizona, specifically amending Article IX, Section 21, which pertains to expenditure limitations for school districts and community college districts. The amendment involves updating the base fiscal year used for determining expenditure limitations from 1979-1980 to 2024-2025, reflecting changes in student population and cost of living. It also includes language updates, such as changing "prior to" to "before," and clarifies the definitions and exclusions related to local revenues and expenditures. The resolution outlines the role of the economic estimates commission in adjusting expenditure limitations and specifies that excess expenditures may be authorized by a two-thirds vote of the legislature.

The resolution stipulates that the amendment, if approved by voters and proclaimed by the Governor, would apply to fiscal years beginning from and after June 30, 2025. It also mandates the Secretary of State to submit the proposition to voters at the next general election. The amendment aims to modernize the expenditure limitation process for educational institutions in Arizona, ensuring that it aligns with current economic conditions and the needs of the student population.