The resolution HCR 2031 seeks to amend the Arizona Constitution to ensure that the annual distribution rate of the Permanent State School Fund cannot be reduced below 6.9% until fiscal year 2036, unless a three-fourths majority in both legislative chambers approves such a change. This amendment is designed to provide stable funding for educational programs and mandates that any increase in the fund's earnings, resulting from a distribution rate exceeding 2.5%, be directed towards a statewide classroom teacher compensation program. Additionally, the resolution requires the legislature to create laws that differentiate between performing and underperforming teachers and to update salary schedules accordingly.

Furthermore, the resolution proposes changes to Article X, Section 7 of the Arizona Constitution, establishing a framework for managing state and school lands by creating separate permanent funds for various grants. It prohibits the transfer of funds between these permanent funds and mandates that all funds be invested in safe, interest-bearing securities, overseen by a newly established board of investment. The distribution of earnings from these funds will prioritize teacher salaries, with the superintendent of public instruction responsible for equitable distribution based on student counts. The resolution also includes a commitment to appropriate $72 million annually from the state general fund for basic state aid, with the proposed amendment set to be presented to voters in a special election in 2025.