AZ Rev Stat § 48-4231.01 (2021)
2021 Arizona Revised Statutes|Title 48 - Special Taxing Districts|§ 48-4231.01 - Financial and performance audits of districts owning multipurpose facilities; appearance before joint committee on capital review

48-4231.01.  Financial and performance audits of districts owning multipurpose facilities;  appearance before joint committee on capital review A. Beginning in 2010 and every three years thereafter,  the auditor general shall contract with an independent auditor to conduct a performance audit as defined in section 41-1278,  including a financial audit,  of each district organized under section 48-4202,  subsection B. The independent auditor must have national status with expertise in evaluating public construction,  ownership and management of capital improvements that include hospitality,  convention and sports venue facilities. The audit must be completed within one hundred twenty days after the end of the fiscal year. B. The audit shall include consideration of: 1. Capital costs,  including debt service,  of the multipurpose facility and other assets of the district. 2. The level of the district's indebtedness,  the amount of principal,  interest and other debt service expenses paid in the preceding fiscal year and the remaining term to maturity with respect to each outstanding bond issue. 3. Operation and maintenance costs of the multipurpose facility and other assets of the district. 4. The district's overall expenditures in the preceding fiscal year,  including: (a) The level of expenses for administration,  planning,  travel and entertainment. (b) The success of those expenditures in supporting and achieving the district's purposes. 5. A description of and the amount of municipal payments pursuant to section 42-5031,  subsection D during the preceding fiscal year and the cumulative amount of those payments through the end of the preceding fiscal year. 6. The public use of each component of the multipurpose facility. 7. Revenues derived from each component of the multipurpose facility and other revenues of the district by source. 8. District projects that are currently under construction and that are included in the district's plans for capital improvements and investment. C. The audit shall make findings and recommendations regarding the construction,  financing,  operation and maintenance of each component of the multipurpose facility,  including whether the facility exceeds,  meets or fails to meet nationally recognized design and performance standards. D. The district and the board of directors shall cooperate with and submit to the auditor general and the auditor contracted to conduct the audit information necessary to conduct and complete the audit in a timely manner. E. Within forty-five days after the audit is released,  the board of directors shall: 1. Hold a public hearing on the audit's findings and recommendations and allow any person to make or submit oral or written comments on the audit. 2. By majority vote adopt a public response agreeing,  agreeing with reservations or disagreeing with each finding and recommendation in the audit. F. The auditor general shall distribute copies of the audit and the board of director's response to: 1. The mayor and governing body of the municipality in which the district is located. 2. The governor. 3. The president of the senate and the speaker of the house of representatives. 4. The department of revenue and the state treasurer. 5. The secretary of state. 6. Any other person who requests a copy of the audit. G. The cost incurred by the auditor general in contracting with independent auditors under this section is an operating expense of the district and shall be paid from revenues payable to the district pursuant to section 42-5031. The auditor general shall deposit the payments in the audit services revolving fund established by section 41-1279.06. H. At the request of the chairperson of the joint committee on capital review,  the executive director or a representative of the board of directors shall appear before the joint committee on capital review to report on any aspect of the district's operation,  including the activities and financial performance of the district during the previous fiscal year,  the district's plans for capital improvements and investment and the district's response to the audit conducted under this section.