AGA Meeting
May 8, 2013
Pima Community College
Tucson, Arizona
11:30 – 1:00 pm
AGA Southern Arizona Chapter:
Attendees: Emiliano Amaro, Carol Beltran, Trevor Behan, Susan Brown, Leticia Brumbaugh, Chad
Callahan, Denise Dellinger, Adrienne Dillard, Hanh Do, Graciela Dominquez, Doug Ducey, Kari Duling,
Mary Fellows, Beth Ford, Diane Groover, Paul Guerrero, Janet Gurton, Casey Good, Nicole Hinze, Joyce
Jaden, Jean Lee, Ajana Lee, Janet Mabon, Jose Martens, Prisila Mata, Mark McGurk, Anna Midkiff, Kathy
Moroz, Jay Parke, Melinda Pelusi, Michiko Kamitami-Pinnington, Nick Smith, Derek Tengler, Terri
Vorholzer, Brittney Williams-Spross, Jessica Xie, Beth Zimner.
Announcements:
Brittney Williams Spross – FY 2013 Chapter President:
 May 8, 2003 was the last meeting of the fiscal year 2013. The next meeting will be in September
2013 at Pima Community College.
 Brittney thanked Ajana Lee for a great job with our website and encouraged members to sign up
and pay for the monthly meeting through the website.
 CPE will be sent to all attendees on May 9th by email.
 Chapter CGFM books are available for checkout to members.
 Brittney expressed her appreciation to everyone for a wonderful year with her.
 She introduced Doug Ducey, Arizona State Treasurer as the guess speaker for the meeting.
Doug Ducey, Arizona State Treasurer
Topic: Local Government Investment and State Land Endowment Update
Doug Ducey shared with the audience that he came to Arizona State Treasurer Office from the private
sector and brings his experience in the past to the public sector.
Doug Ducey spoke about what has been happening in the State and in his office:
 The state’s economy has been slowly coming back.
 His concept is not to borrow money for daily operations.
 The Treasurer’s Office manages more than 12 billions and has turned a negative budget in 2009
into a 2.4 billion state cash balance today.
 Funding dollar formula is primarily focused on education, healthcare and public safety areas.
 There have been many improvements, but still need to do more.
Doug Ducey gave update on the State Land Endowment Trust Fund:
 Its market value has first time reached the threshold of more than 4 billion in February 2013.
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If Arizona State Land Endowment were a college endowment, it would be the 21st largest in the
country.
The endowment’s asset allocation is 60% stocks with all indexed to the S&P 400, S&P 500 and
S&P 600. The remaining 40% is invested in fixed income products including high-grade corporate
bonds and US Treasury securities.
Earning money for Arizona’s public schools is the primary mission of the trust’s management.
Prop 118 was passed in November 2012 and introduced a simplified formula to ensure more
consistent and reliable distribution of earnings that benefits K-12 education.
Regarding investment, Doug Ducey’s philosophy is to have a better and safer investment with
diversification portfolio. He said safety is before liquidity and before yield.
Investing in Institutional Common Trust Fund could provide a lot of cost savings in management
fees, which ultimately brings more available funds to the beneficiaries.
Senate Bill 1311 (Public Moneys and Investment) was signed by the Governor on April 4, 2013.
Doug Ducey opened a Q&A section for the meeting attendees.
Closing remarks by Jose Martens – FY2014 Chapter President:
 Jose Martens thanked Doug Ducey for spending time with the AGA Southern Arizona chapter
and updating the meeting attendees with the state’s economy and the State Land Endowment.
 Jose Martens thanked Brittney Williams Spross for a great service year.
The meeting was adjourned at 1:00 pm
Hanh Thi Minh Do
AGA Southern Arizona Chapter Secretary
The Board meeting was held following the meeting.
Issues should be followed up:
 Finding speakers for FY2014 luncheon meetings.
 Submitting 4th quarter reports and completing April financial statements
 Planning for FY2014 chapter’s activities
 Sending survey for FY2013 and suggestions for new fiscal year.