ARIZONA
HOUSE OF REPRESENTATIVES
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HB 2274: Arizona power authority |
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PRIME SPONSOR: Representative Dunn, LD 13 BILL STATUS: Caucus & COW |
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Modifies various reporting requirements for
Arizona Power Authority (APA) budgets and audits.
History
The APA Commission was established to perform various duties relating to the development and sale of power from Colorado River water (A.R.S. § 30-109). Current statute requires the APA Commission to submit an annual report to the Governor and Legislature by December 1 containing an account of all transactions and proceedings for the previous fiscal year (FY), as well as other facts, suggestions and recommendations deemed of public value (A.R.S. § 30-108).
The APA is required to adopt an administrative budget and an operation budget each year by July 1. The APA is prohibited from making administrative expenditures in excess of the total amount in the administrative budget, which cannot exceed $75,000 per year. The operation budget is required to consist of: 1) a statement of all incoming receipts and expenditures; 2) an estimate of anticipated income and expenditures for the next year; 3) an asset and liability statement; and 4) a statement including profit and loss, cash on hand, commitments, reserves and obligations anticipated for the next FY (A.R.S. § 30-201).
The APA is authorized to issue revenue bonds if other financing methods to acquire or construct transmission lines, projects, works or facilities are inadvisable, inadequate or insufficient (A.R.S. § 30-221). Current statute requires an annual audit of the operation funds for all district and state agencies that are authorized to issue revenue bonds. The audits are required to be completed by a Certified Public Accountant within 30 days after the end of the FY for the district, agency or municipality (A.R.S. § 30-204).
Provisions
1. Requires the APA Commission to submit an annual report by January 1, rather than December 1. (Sec. 1)
2. Requires the APA to adopt an annual administrative budget and operation budget by September 30, rather than July 1. (Sec. 2)
3. Requires the APA to include an estimate of expenditures that may be necessary to meet administrative requirements in the administrative budget for the next FY. (Sec. 2)
o Current law requires the administrative budget to include a complete statement of administrative expenses and proposed fixed amounts for expenses and emergencies.
4. Removes the annual limit of $75,000 and the requirement to not exceed the total estimated amount for the administrative budget. (Sec. 2)
5. Removes the requirement for the APA to include various statements and estimates in the operation budget. (Sec. 2)
6. Aligns the APA's budget and audit FY with the federal FY of October 1 through September 30. (Sec. 2)
7. Requires an audit of the operation funds for all district and state agencies that are authorized to issue revenue bonds to be completed at the APA's request, rather than annually. (Sec. 4)
8. Requires the audit to be completed within 60 days, rather than 30 days. (Sec. 4)
9. Makes technical and conforming changes. (Sec. 2,3,4)
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13. Fifty-fourth Legislature HB 2274
14. First Regular Session Version 2: Caucus & COW
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