Citizens Finance Review Commission
Commissioners
Tony Astorga
(Co-Chair)
William J. Post
(Co-Chair)
Frank Alvarez
Fritz Aspey
David Bartlett
Johnny Basha
Drew Brown
James Bush
Ray Clarke
Peter Fine
Tom Franz
Kristine Garrett
Yolanda Kizer
Ivan Makil
Anne Mariucci
Monsignor Edward Ryle
Rano Singh Sidhu
David Smith
Randie Stein
Mary Upchurch
Joel Valdez
Executive Director
Leezie Kim
Budget Stabilization Fund:
Cap Size and Other Issues
Prepared for the Citizens Finance Review Commission
by
Alberta H. Charney, PhD
Economic and Business Research Program
Eller College of Business and Public Administration
University of Arizona
This paper is the result of the author and a review by many people. This paper is not, however,
representative of the views of all or even a consensus of the author and the critical reviewers. To
attribute the author with the various positions taken in this paper without other confirmation
would be misleading. Rather, the author at