In the 2022-23 school year, Arizona began implementation of a "universal voucher" program through which all school-age students are eligible for a voucher, and families can use public funding to underwrite private or homeschool education for their children. Universal vouchers in Arizona are an expansion of the existing Empowerment Scholarship Account (ESA) program, which was targeted to students with special education needs or in specific circumstances. To better understand this program's impact on Arizona public schools, this report undertook a financial review of the expanded Arizona ESA program using publicly available data from the state budget, which details total state expenditures and student enrollment; Arizona Department of Education (ADE) quarterly reports to the State Board of Education, which detail the number of ESA applications received, approved, and denied; and ADE enrollment figures. The authors analyzed student enrollment in the program, the combined cost of the earlier enacted ESA program and the new universal voucher program, and their effects on education funding in the state. This report outlines the cost estimates and calculations in detail.