ARIZONA STATE SENATE
Phoenix, Arizona
Arizona historical society
Transfers, from the Board of Directors of the Arizona Historical Society to its Executive Director, the responsibility of approving expenditures of legislative appropriations, and stipulates that interest earned on monies in the Journal of Arizona History magazine fund and the permanent Arizona historical society revolving fund (enterprise fund) be credited to those funds.
The Arizona Historical Society became an official state agency in 1913 to collect, preserve, interpret and disseminate the history of Arizona, the West and northern Mexico as it pertains to Arizona. The Society operates museums in Flagstaff, Tempe, Yuma and Tucson.
In fiscal year 2000-2001, it is estimated that the Society will receive $4.5 million from the general fund and $1.8 million from other non-appropriated funds. Two of these other funds include the Journal of Arizona History magazine fund and the enterprise fund. Currently, interest from these funds is credited to the state general fund. This bill allows the funds to keep the interest.
According to the Joint Legislative Budget Committee, based on estimated fund balances and using a 5.75 per cent interest rate in FY 2001-2002 and a 5.25 per cent interest rate in FY 2002-2003, the impact to the state general fund is approximately $34,000 over the biennium.
1. Requires the Executive Director of the Arizona Historical Society, rather than the Board of Directors, to verify and approve all expenditures of legislative appropriations.
2. Stipulates that interest earned on monies in the Journal of Arizona History magazine fund and the enterprise fund be credited to those funds, rather than the general fund.
3. Contains technical and conforming changes.
4. Contains a general effective date.
Prepared by Senate Staff
February 15, 2001