PROP 123- Special Election May 17, 2016.
Upon voter approval, the agreement will provide approximately $3.5 billion to Arizona's K-12 education system over a period of 10 years by:
- Increasing the per-student base funding level resulting in $248 million in partially restored funding this fiscal year.
- Increasing funding an additional $50 million annually, beginning this fiscal year, for five years (2016-2020); and then $75 million annually for the next five years (2021-2025)
The 10-year funding increase, after the passage of PROP 123 by the voters would come from the state general fund and an increase in the percentage of the State Land Trust revenues distributed to K-12 schools from 2.4% to 6.9% per year.
Additional funding from the passage of PROP 123 is a notable starting point for improving education in Arizona, but not the entire solution.