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 implementation of SB1 will create a structured mechanism for transferring funds, which is intended to enhance the operational efficiency of state government. By allowing the state's Chief Fiscal Officer to release these funds as necessary, the bill aims to streamline budgetary processes and facilitate a more responsive government. It also suggests a recognition of the need for some flexibility in managing the state's fiscal resources to accommodate various operational demands without hindrance.
Summary
Senate Bill 1 (SB1) aims to create and transfer funds to a newly established sub-fund within the Restricted Reserve Fund known as the Arkansas Reserve Fund Set-Aside. The bill specifically outlines the transfer of $710,612,508 from the General Revenue Allotment Reserve Fund to this new fund, with the intention of making additional funds available to various state departments, agencies, and institutions. This marks a significant adjustment in the state's financial planning, allowing for more flexible response capabilities to budgetary needs as they arise.
Contention
Notably, the bill includes provisions that require the prior approval of the Legislative Council or, during session periods, the Joint Budget Committee before any funds can be released from the Arkansas Reserve Fund Set-Aside. This requirement may invoke concerns regarding the check-and-balance dynamics of budgetary decisions within the Arkansas government. While proponents emphasize oversight to ensure fiscal responsibility, critics may argue this could lead to delays in fund allocation when urgent needs arise, impacting the effectiveness of various state services.
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 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.
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.
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.