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 outlines definitions for key terms such as "cost of living," "expenditure," and "local revenues," and specifies exclusions from local revenues. It requires the legislature to establish expenditure limitations for school districts and a uniform reporting system to ensure compliance. The Secretary of State is tasked with submitting this proposition to voters at the next general election, contingent upon approval by the Governor.