Kiera Riley
Arizona Capitol Times
Senate and House Republicans announced a plan to renew Proposition 123 via voter referendum and allocate the $300 million or so from the land trust endowment solely to teacher pay.
At a press conference this afternoon, Senate President Warren Petersen, R-Gilbert, said the proposed plan would increase teacher pay by 7%, or about $4,000 per teacher and put the state’s average teacher salary just above the national average.
“We’re going to ensure that the dollars go to the classroom,” Petersen said. “Dollars placed in this fund can only be used to pay teachers.”
K-12 schools receive a percentage of the five-year average value of the Permanent Land Trust Endowment Fund.
Proposition 123, passed by voters in 2016, increased the land trust distribution percentage to K-12 schools from 2.5% to 6.9% through FY2025.
