ARIZONA STATE SENATE
Phoenix, Arizona
corporation commission;
funding
Modifies the distribution of resources appropriated
to the Arizona Corporation Commission (ACC) to allow expenditures for general
administrative and legal expenses of the ACC.
Background
The ACC staff is organized
into six divisions: Administrative Division, Hearings Division, Utilities
Division, Securities Division, Corporations Division and Legal Division. According to the ACC, the current
appropriation does not properly reflect the total amount of resources necessary
to support three of these divisions, the Administrative, Hearing and Legal
Divisions, which are currently funded from the state general fund and provide
services to the other three divisions.
In addition, the ACC is requesting changes in select divisions funding
source distribution to reflect whom they support more accurately.
The affected funds, which
consist of non-general fund monies and are subject to legislative
appropriation, include:
·
Public
Access Fund – Monies come from the fees for expedited service for the filings
of articles of incorporation and other documents. Monies currently are used for an improved data processing system
that allows direct, on-line access by any person at a remote location to all
public records concerning corporations and associations.
·
Utility
Regulation Revolving Fund – Monies come from assessments against public
utilities regulated by the ACC. Monies
currently are used for all expenses of the Utilities Division for attorneys
employed to represent the ACC.
·
Securities
Division and Enforcement Fund – Monies come from registration fees for
securities dealers and salespersons, and from registration fees for securities
exchanges established in this state.
Monies currently are used for education, regulatory, investigative and
enforcement operations in the Securities Division.
The House and Senate Appropriations Subcommittees on
Criminal Justice and Transportation recommended adoption of the provisions of
H.B. 2249 in the Omnibus Reconciliatory Budget Act.
According to the Joint Legislative Budget Committee,
the fiscal impact associated with this measure would be an addition of $621,700
other fund monies in FY 2001-2002 and FY 2002-2003 to the Utility Regulatory
Revolving Fund; $36,000 other fund monies in FY 2001-2002 and FY 2002-2003 to
the Securities Regulatory and Enforcement Fund; and $34,500 other fund monies
in FY 2001-2002 and FY 2002-2003 to the Public Access Fund. Correspondingly, there would be a reduction
of $622,200 general fund monies in FY 2001-2002 and $692,200 general fund
monies in FY 2002-2003 that would be appropriated to the ACC.
Provisions
1. Allows monies in the public access fund to be allocated for a part of the general administrative and legal expenses of the ACC.
2. Allows monies in the utility regulation revolving fund to be allocated for a part of the administrative and hearing divisions’ expenses of the ACC.
3. Expands the number of employees who can receive compensation from the utility regulation revolving fund to include other legal staff.
4. Expands the annual assessment by the ACC against public service corporations to include a part of the administrative, hearing and legal divisions’ expenses.
5. Allows monies in the securities regulatory and enforcement fund to be allocated for a part of the general administrative and hearing expenses of the ACC.
6. Makes technical and conforming changes.
7. Provides for a general effective date.
EUT 1/24/01 10-0-0-0
APPROP 2/13/01 15-0-0-1
3rd Read 2/27/01 60-0-0-0
Prepared by Senate Staff
March 12, 2001