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 the expenditure limitations for community college districts before May 1 each year, adjusting for changes in student population and cost of living based on fiscal year 2025-2026 data. The governing boards of these districts are prohibited from authorizing expenditures exceeding these limitations unless permitted by law. Additionally, the resolution outlines the process for the legislature to authorize expenditures beyond the set limits for a single fiscal year, requiring a two-thirds affirmative vote from both houses.

Furthermore, the resolution defines key terms such as "cost of living," "expenditure," and "local revenues," and establishes guidelines for how these limitations will be adjusted in response to changes in governmental functions or district boundaries. It also mandates the legislature to create a uniform reporting system to ensure compliance with these expenditure limitations and to impose sanctions for non-compliance. The Secretary of State is tasked with submitting this proposition to voters at the next general election, as stipulated by the Arizona Constitution.