The resolution proposes an amendment to Article IX, Section 21 of the Arizona Constitution, which pertains to expenditure limitations for school districts and community college districts. It mandates that the Economic Estimates Commission will determine and publish annual expenditure limits based on local revenue adjustments reflecting changes in student population and the cost of living. Specifically, for community college districts, the limits will be set before May 1 each year, while for school districts, the limits will be calculated for the fiscal year 2025-2026. The resolution also allows for expenditures exceeding these limits if authorized by a two-thirds vote of the legislature.

Additionally, the resolution defines key terms such as "cost of living," "expenditure," and "local revenues," and outlines the process for adjusting expenditure limits in response to changes in governmental functions or district boundaries. It emphasizes the need for a uniform reporting system to ensure compliance with these limitations and establishes penalties for non-compliance. The proposed amendment will be submitted to voters at the next general election for approval.