The Greater Phoenix Chamber of Commerce is supporting the passage of Proposition 123 to continue moving the state’s educational system on an upward trajectory.

The proposition, which is the result of a compromise between education groups and state leaders, settles a long-running lawsuit against the state. Settling this lawsuit allows the education community to focus on what’s most important — delivering a highly effective education product to Arizona students.

Under the plan, K-12 schools will receive an additional $3.5 billion over 10 years. Upon voter approval, classrooms will start seeing the increased funding in the current fiscal year. Part of this proposal relies on increased distributions from the state’s land trust, which was created at statehood largely to help fund K-12 education.

While the trust has performed well recently and is on strong financial footing, the proposition also contains safeguards to ensure the state land trust maintains its financial strength.

“Proposition 123 goes to the heart of what the Chamber has been fighting for, which is meaningful funding and a complement to our educators,” said Jaime Molera, public affairs committee chair with the Greater Phoenix Chamber of Commerce.

Economic development and prosperity is of great importance to the business community and benefits the entire state. However, these endeavors cannot exist without a strong and adequately funded education system. Businesses looking to expand operations or relocate to Arizona consider the educational system and workforce availability as key factors of the strength or weakness of our economy prior to making those decisions.

“Arizona needs an adequate K-12 funding resolution that provides greater stability for students and schools moving forward. Prop. 123 goes a long way towards providing that without raising taxes,” said Mike Huckins, the Chamber’s vice president of public affairs.

“The passage of this proposition will greatly strengthen Arizona’s educational system and allow the state to invest needed resources into other key areas,” said Todd Sanders, president and CEO of the Greater Phoenix Chamber of Commerce. “This funding for K-12 will have a positive impact on our teachers and schools and increases classroom spending for students.”

Sanders added, “The Greater Phoenix Chamber of Commerce asks Arizona voters to help set the state of Arizona on a stronger path to educational and economic prosperity by voting yes on Proposition 123.”