This brief report provides conceptual perspectives on public investment using debt financing. Empirical evidence of the relationship between public investment and economic activity is provided, showing that moderate levels of debt do not impair economic growth and may provide a stimulus to growth. Arizona's public debt currently is low relative to national standards. Related to this low debt, public investment in infrastructure has fallen behind the state's population and economic growth over the last 15 years. Because of low interest rates and a construction slump that will reduce construction costs, current conditions are ideal for public investment using debt financing.

This report provides an assessment for fiscal year (FY) 2013 of the economic contribution of Arizona State University (ASU) to the city of Phoenix, Arizona. Estimates are presented for the jobs and incomes that are supported in the Phoenix economy by the spending of the university and its employees and students. The economic contribution to Phoenix of the spending by the university, its employees, and its students, in FY 2013 totaled more than 24,000 jobs, $1.1 billion in labor income, and nearly $1.8 billion in gross product.

Students FIRST (Fair and Immediate Resources for Students Today) was enacted July 9, 1998. This paper will focus on (1) the facts and direct rationale behind the payment for K-12 school construction from a pool of current general fund dollars, as mandated in the Students FIRST provisions; and (2) the implications and logical consequences of bonding versus paying for capital improvements with cash on an annual basis. 'Track 1' designates the status quo strategy of cash payment for capital improvements, while 'Track 2' represents a strategy for bonding that distributes the costs of the projects to taxpayers over the course of their useful life.

The condition of Arizona’s infrastructure has a direct impact on economic productivity and quality of life. As economic competition expands domestically and globally, and as the knowledge economy evolves, the importance of a strong infrastructure increases. Education, in particular, is of growing importance. Arizona’s infrastructure challenges will require commitment and creativity to meet the needs and potential of 10 million people and to ensure a positive future for the state.

State trust lands are among the greatest public assets in Arizona’s portfolio. Set aside at statehood, the Arizona State Land Department manages more than 9 million acres of trust lands on behalf of 14 beneficiaries. The largest of which by far is Arizona Public Education K through 12.The mission of the Land Department is to maximize revenues from these trust lands. In FY 2005, state trust lands generated $115 million for all beneficiaries, of which $101 million was designated to support public K-12 schools.These amounts are increasing rapidly as more state trust land becomes attractive for development in Arizona’s urban areas.

The parcel discussed in this report, “Superstition Vistas,” stands out as the jewel among Arizona’s trust lands. Not only is it situated in the path of metro Phoenix growth, but it also borders thousands of acres of public land managed by the Tonto National Forest and U.S. Bureau of Land Management. Estimates of its total value run well into the billions of dollars.

"The Treasure of the Superstitions" sets the stage for a continuing dialogue about the potential for Superstition Vistas, and indeed, all of Arizona’s trust lands. We look forward to listening to and working with our beneficiaries, citizens, counties, municipalities, real estate businesses, and other interested parties to make the most of Arizona’s “treasure.”

This report follows The Coming of Age report produced in 2002 by some of the principals involved in this project, and published by St. Luke’s Health Initiatives. That research showed that Arizona had much to do to get ready for the baby boomer age wave. The results of Unlocking Resilience from new survey data, interviews, and secondary research indicates Arizona still has much to do to prepare for aging and must make concrete policy decisions about aging.