Arizona shifted to using current-year enrollment, instead of prior-year enrollment, as the basis for determining state aid for school districts following the passage of Arizona Education Finance Amendment (AEFA) in 2017. This study examines the short-term effects of AEFA implementation on school inputs--namely, expenditures and district personnel, particularly teachers. We find that the average district does not seem to respond to AEFA. However, our heterogeneity analyses reveal that the highest-income districts significantly reduce more inputs than the lowest-income districts in response to AEFA. The differential impact between these two groups is most evident in instructional expenditures, administration expenditures, total full-time equivalent teachers, and particularly teachers with 1-5 years of experience.