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Arizona State Land Department

Report

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.