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This report addresses ways to better maximize revenues generated from
state trust lands administered by the Arizona State Land Department and Permanent Fund
Assets managed by the Arizona State Treasurer. Specifically, the Department should adopt a
more proactive approach to managing and disposing of these assets. In addition, the
Department can better ensure that it maximizes revenues obtained from grazing and
agricultural lands by restricting grazing lease rent reductions, requiring a surcharge
when grazing lands are subleased, and reviewing the methods used to determine grazing and
agricultural lease rates. Finally, long-term returns could be improved by reinvesting some
earnings and investing a portion of assets in stocks. However, changes to the Arizona
Constitution and the Enabling Act will be needed to authorize stock investment.
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