HB 2432 Summary

• Amends Arizona Revised Statutes sections 35-316 and 35-326.01 to consolidate the state treasurer's operating fund and eliminate the separate state treasurer's management fund.

• Redirects management fees collected from long-term local government investment pools (except those from trust and treasury monies) to the state treasurer's operating fund rather than maintaining a separate management fund.

• Transfers all unexpended and unencumbered monies from the state treasurer's management fund to the state treasurer's operating fund upon the effective date of the act.

• Maintains the state treasurer's authority to deduct a management fee not exceeding 0.06% from investment pool earnings to support the operating budget of the state treasurer's office.

• Takes effect on April 30, 2019 (the date approved by the Governor).