tourism; sports authority; technical correction

Plain English Breakdown

The official source confirms all financial management steps described in the candidate explanation.

SB1348: Technical Correction for Tourism and Sports Authority Funds

This bill updates state law about how the Arizona Tourism and Sports Authority manages its general fund, investment accounts, and reporting when money runs low.

What This Bill Does

• Requires the authority to keep a general fund with specific accounts for construction, facility revenue, and tourism revenue.
• Allows the authority to create extra accounts or subaccounts if needed.
• Permits the authority to invest any unused money in these funds according to state investment rules.
• States that interest earned from investments must go back into the same account where the original money came from.
• Requires investments to mature when the fund needs cash for its legal duties.

Who It Names or Affects

• The Arizona Tourism and Sports Authority
• The board of the authority
• The treasurer of the authority
• The auditor general

Terms To Know

General fund

A main pool of money held by an organization that is divided into smaller accounts for specific uses.

Liquidate securities

To sell investments to turn them back into cash quickly when the authority needs money to pay its bills.

Limits and Unknowns

• The bill does not state a specific date when these changes take effect.
• The text describes what must happen if funds run low but does not list penalties for failing to follow the rules, only that an investigation and audit will occur.

Official Summary Text

SB1348 - tourism; sports authority; technical correction

Current Bill Text

SB1348 - 572R - I Ver

REFERENCE TITLE:
tourism; sports authority; technical correction

State of Arizona

Senate

Fifty-seventh Legislature

Second Regular Session

2026

SB 1348

Introduced by

Senator
Gonzales

AN
ACT

amending section 5-832, Arizona
Revised Statutes; relating to the tourism and sports authority.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Section 5-832, Arizona Revised
Statutes, is amended to read:

START_STATUTE
5-832.

General fund; investments

A. The authority shall maintain a general fund,
divided into a construction account, a facility revenue clearing account and a
tourism revenue clearing account.� The authority may establish additional
accounts and subaccounts as necessary and convenient. All revenues
and monies received by the authority shall initially be deposited in accounts
and subaccounts in the general fund as provided by law.

B. The authority may invest any unexpended monies in
the fund as provided in title 35, chapter 2. Interest and other
income from investments of monies in any account shall be credited to that
account except as otherwise provided by law.�

C. The authority's investments must mature when the
fund assets will be required for the purposes of this chapter.� If the liquid
assets in the fund
or any account or subaccount
become
insufficient to meet the
authority's

statutory
obligations, the board shall direct the treasurer to liquidate
sufficient securities to meet all of the current obligations and immediately
notify the auditor general of the insufficiency.� The auditor general shall
investigate and audit the circumstances surrounding the depletion of the fund
, account or subaccount
and report the findings to the board.
END_STATUTE