Arizona schools are facing financial uncertainty as Prop 123, a major source of funding set to expire this summer, provided increased state land trust money to public schools. State leaders are working to renew the proposition before it expires in June. Gov. Katie Hobbs emphasized the importance of renewing Prop 123 during her State of the State speech. The last scheduled election before the expiration has already passed, making it challenging to bring the issue to voters in time. If Prop 123 expires, funding for schools will decrease from 6.9% to 2.5%, with the remaining funds coming from the state’s general fund. Republicans and Democrats in the legislature have differing opinions on how the funds should be allocated, with Republicans focusing on teacher pay and Democrats advocating for a clean continuation of Prop 123. Arizona Treasurer Kimberly Yee recommends a 4-4.5% distribution rate for the future due to increased market volatility and higher inflation. Legislators are working to put Prop 123 on the ballot for voters to decide.
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