school districts; aggregate expenditure limitation

SB 1018 amends state law to update how the Arizona State Board of Equalization calculates spending limits for school districts and other political subdivisions. The bill requires the commission to determine these limits annually based on population growth and changes in the GDP price deflator, which measures inflation. It also provides specific formulas for setting limits in new cities, towns, or counties that are created or divided. By adjusting these calculations, the legislation ensures that spending caps reflect current economic conditions and demographic shifts rather than fixed historical figures.