To Create And Transfer Funds To The Arkansas Reserve Fund Set-aside In The Restricted Reserve Fund To Allow That Additional Funds May Be Made Available For State Departments, Agencies, And Institutions; And For Other Purposes.
Impact
The Arkansas Reserve Fund Set-Aside will enhance the state's financial capacity by creating a sub-fund within the existing Restricted Reserve Fund. The bill establishes a mechanism through which the Chief Fiscal Officer of the State can approve the transfer of funds from this reserve to operational funds or accounts as circumstances require. The oversight by the Legislative Council or the Joint Budget Committee is maintained, ensuring that any fund dispersal is duly authorized and documented.
Summary
House Bill 1004, sponsored by various representatives and senators, is an act designed to create and transfer a substantial amount of funds to the Arkansas Reserve Fund. The specific amount being transferred is $710,612,508 from the General Revenue Allotment Reserve Fund into this newly established set-aside fund for state agencies, departments, and institutions. This bill aims to ensure that state entities have access to additional funding when necessary, allowing for a proactive approach to state financial management.
Contention
One potential area of contention surrounding HB 1004 pertains to the stipulations for fund usage and the requirement for bi-partisan approval for any fund transfers exceeding general revenue allocations. Critics may argue that such requirements could lead to delays in accessing necessary funds during urgent financial situations. Furthermore, the constitutional implications of such requirements could also be scrutinized, especially regarding their impact on the Legislative Council's authority if deemed unconstitutional.
An Act To Transfer Funds, Define Monies Available In The Restricted Reserve Fund, And To Allow Additional Funds For State Departments, Agencies And Institutions; And For Other Purposes.
To Amend The Revenue Stabilization Law; To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts; And To Declare An Emergency.
To Amend The Revenue Stabilization Law; To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts; And To Declare An Emergency.
To Repeal The Arkansas River Navigation System Fund; To Provide Additional Funding For The Arkansas Port, Intermodal, And Waterway Development Grant Program Fund; And To Create A Waterways Investment Income Tax Credit.
To Establish The Water And Sewer Treatment Facilities Grant Program; To Transfer Funding From The Securities Reserve Fund; And To Declare An Emergency.
To Provide Additional Funding For The Arkansas Port, Intermodal, And Waterway Development Grant Program Fund; And To Create A Waterways Investment Income Tax Credit.
To Amend The Distributions From The General Revenue Fund Account; And To Transfer Revenues To The Restricted Reserve Fund To Be Used To Address Food Insecurity And Health Needs.
Concerning Cybersecurity Insurance; To Establish The Arkansas Self-funded Cyber Response Program And The Arkansas Cyber Response Board; And To Create The Arkansas Self-funded Cyber Response Program Trust Fund.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Revenue Stabilization Law, To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Revenue Stabilization Law, To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts.