Arizona Laws 15-901.01. Inflation adjustments
Terms Used In Arizona Laws 15-901.01
- Base: means the revenue level per student count specified by the legislature. See Arizona Laws 15-901
- Base level: means the following amounts plus the percentage increase to the base level as provided in Section 15-902. See Arizona Laws 15-901
- Budget year: means the fiscal year for which the school district is budgeting and that immediately follows the current year. See Arizona Laws 15-901
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fiscal year: means the year beginning July 1 and ending June 30. See Arizona Laws 15-101
- GDP price deflator: means the average of the four implicit price deflators for the gross domestic product reported by the United States department of commerce for the four quarters of the calendar year. See Arizona Laws 15-901
- Revenue control limit: means the base revenue control limit plus the transportation revenue control limit. See Arizona Laws 15-901
(Caution: 1998 Prop. 105 applies)
If approved by the qualified electors voting at a statewide general election, for fiscal years 2001-2002 through 2005-2006, the legislature shall increase the base level or other components of the revenue control limit by two per cent. For fiscal year 2006-2007 and each fiscal year thereafter, the legislature shall increase the base level or other components of the revenue control limit by a minimum growth rate of either two per cent or the change in the GDP price deflator, as defined in section 41-563, from the second preceding calendar year to the calendar year immediately preceding the budget year, whichever is less, except that the base level shall never be reduced below the base level established for fiscal year 2001-2002.