The resolution HCR 2031 seeks to amend the Arizona Constitution to establish a minimum annual distribution rate of 6.9% from the Permanent State School Fund until fiscal year 2036, unless a three-fourths majority in both legislative chambers approves a reduction. This amendment is designed to provide stable funding for educational programs, with a specific focus on enhancing teacher salaries through a statewide compensation program funded by any increased earnings from the raised distribution rate. The Arizona Legislature is tasked with creating legislation for this compensation program, which will differentiate between performing and underperforming teachers, set reporting requirements, and ensure that the funds supplement existing teacher compensation rather than replace it.

Furthermore, the resolution proposes changes to Article X, Section 7 of the Arizona Constitution regarding the management of state and school lands. It establishes a framework for creating separate permanent funds for various state grants, prohibits the transfer of funds between these permanent funds, and mandates investment in safe, interest-bearing securities overseen by a board of investment. The distribution of earnings from these funds will prioritize teacher salaries, with the superintendent of public instruction responsible for allocating funds based on a weighted student count. Additionally, the resolution indicates the legislature's intent to allocate $72 million annually from the state general fund for basic state aid, replacing previous funding requirements, and it will be presented to voters in a special election scheduled for 2025.