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 determine and publish annual expenditure limits based on local revenue expenditures from the fiscal year 1979-1980, adjusted for changes in student population and cost of living. The governing boards of these districts are prohibited from authorizing expenditures that exceed these limits unless specifically allowed by law. Additionally, the resolution outlines the definitions of key terms such as "cost of living," "expenditure," and "local revenues," and specifies the conditions under which expenditures can exceed the established limits.

Furthermore, the resolution stipulates that the legislature must establish expenditure limitations for each school district and create a uniform reporting system to ensure compliance. It also includes provisions for adjusting expenditure limits in response to changes in district boundaries or student populations. The proposed amendment will be submitted to voters at the next general election, and if approved, will require a proclamation from the Governor to take effect.