SB1732 is a budget reconciliation bill (BRB) that makes session law changes necessary for the implementation of the FY 2024 state budget in Arizona. The bill includes provisions that continue the requirement for any unrestricted federal monies received by Arizona in FY 2024 to be deposited into the state General Fund and used for essential governmental services, retroactive to July 1, 2023. It also asserts that the Legislature is not required to appropriate or transfer monies from the Budget Stabilization Fund for FY 2024, FY 2025, and FY 2026, and continues to suspend the Budget Stabilization Fund cap of 10 percent of the state General Fund revenue for FY 2024, prohibiting the State Treasurer from transferring any surplus monies from the Budget Stabilization Fund to the state General Fund.

The bill becomes effective on the general effective date, with a retroactive provision as noted. It was signed by the Governor on May 11, 2023, and is now Chapter 145. The new language inserted into the bill relates to appropriating monies and implementing budgetary fund revisions.