Here is the Attorney General's Summary of Proposition 38 (including the Legislative Analyst's summary of the fiscal effects):
SCHOOL VOUCHERS. STATE-FUNDED PRIVATE AND RELIGIOUS EDUCATION. PUBLIC SCHOOL FUNDING.
Initiative Constitutional Amendment.
• Authorizes annual state payments of at least $4000 per pupil for private and religious schools phased in over four years.
• Restricts state and local authority to require private schools to meet standards, including state academic requirements.
• Limits future health, safety, zoning, building restrictions on private schools. • Requires release of composite test scores of voucher pupils.
• Permits Legislature to replace current voter-enacted constitutional funding priority for public schools (Proposition 98) with minimum formula based on national per-pupil average, as defined by terms of this measure.
• Short-term (first several years) state costs averaging between zero and $1.1 billion annually.
• Longer-term (within five years to ten years) net fiscal effect on state funding of K–12 schools is largely unknown. Annual impact likely to range from costs of about $2 billion to savings of over $3 billion, depending on the number of pupils who shift from public schools to private schools.
• Debt service savings to the state and school districts potentially in excess of $100 million annually after 10 years to 20 years, resulting from reduced need for construction of public schools.
• Potential loss of federal funds in the hundreds of millions of dollars annually.
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