HCR2047 is a resolution proposing an amendment to the Arizona Constitution regarding the distribution of funds from the Permanent State School Fund. The resolution seeks to continue the 6.9% annual distribution rate from the fund for fiscal years 2026-2035, provided that voters approve both this resolution and a statutory measure to establish a statewide program to increase the base salary of all eligible teachers above the FY 2025 base salary. The resolution outlines the history of the fund, which benefits primarily K-12 schools, and references Proposition 123, which increased the annual distribution rate from 2.5% to 6.9% for fiscal years 2016-2025. After FY 2025, the rate is set to return to 2.5% unless this resolution is approved.

The resolution includes several provisions, such as adjusting the distribution rate for the specified fiscal years, mandating that any increase in expendable earnings resulting from a distribution rate above 2.5% be appropriated for the teacher salary increase program, and setting the distribution rate back to 2.5% beginning in FY 2036. It also subjects the distribution rate for FYs 2026-2035 to existing constitutional language that allows for adjustments to preserve the fund's capital. The resolution directs the Secretary of State to submit the proposition to voters at the next general election and includes amendments from the Committee on Appropriations, which propose reducing the distribution rate from 6.9% to 5.5% for FYs 2026-2035.