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The Arizona Department of Transportation, the Arizona Game & Fish Department and the Arizona State Parks Board are required to conduct a study every three years on watercraft fuel consumption and recreational watercraft usage. The fuel consumption data is collected to determine the allocation of motor vehicle fuel tax to the State Lake Improvement Fund. The information on recreational watercraft usage patterns on Arizona’s lakes and rivers is necessary, in part, to determine the distribution of SLIF funds to applicants.
Letter from Michael J. Reardon to Carl T. Hayden, in agreement with Ralph Cameron, asserting that Bright Angel Trail should not be sold from Coconino County to the United States.
Letter from Carl T. Hayden to Michael J. Riordan explaining the benefits of selling Bright Angel Trail and building an approach road.
Agricultural cooperatives tend to be riskier than investor-oriented firms, both in a business and financial sense. However, cooperative managers are often reluctant to actively manage risk. Although the “risk management irrelevance proposition” suggests that cooperative managers should be unable to add shareholder value through risk management activities, this study argues that there are several reasons why this is not likely to be the case for cooperatives. Several empirical examples are provided through numerical simulation of pro-forma financial statements from representative agricultural cooperatives. Using mean variance, expected utility and valueat-risk metrics, the results of these simulations show that various risk management strategies can improve the risk-return profile of a typical cooperative.