Arkansas House Bill HB1062

Arkansas 2023 Regular Session

• Introduced: 1/4/23
• Refer: 1/9/23
• Report Pass: 3/30/23
• Engrossed: 4/4/23
• Enrolled: 4/5/23
• Chaptered: 4/10/23
• Passed: 4/10/23

Caption

An Act For The Office Of The Treasurer Of State Appropriation For The 2023-2024 Fiscal Year.

Summary

House Bill 1062 is an appropriation act aimed at funding the Office of the Treasurer of State for the fiscal year ending June 30, 2024. The bill specifies a budget allocation of over $6.2 million that encompasses personal services, operating expenses, and initiatives like the Arkansas 529 College Savings Program. It details the maximum number of regular and temporary employees along with their respective salary caps to ensure that the office functions effectively under its mandated responsibilities. The primary impact of HB 1062 is the allocation of necessary resources to the Office of the Treasurer, enhancing its capacity to manage financial education and debt collection programs, including the Arkansas ABLE Program. This funding is crucial for the continuing operation and oversight of state-held financial services and educational programs relevant to citizens, particularly in light of fiscal responsibilities tied to state developmental programs. Overall sentiment surrounding HB 1062 appears to be supportive within the legislative assembly, as evidenced by its passing in a recent vote with 32 in favor and none against. This strong majority indicates a consensus on the necessity of the bill to maintain foundational support for the state’s financial operations and services. The acknowledgment of addressing financial education reflects a progressive approach towards preparing citizens for informed financial decisions. While there were no substantial points of contention highlighted during discussions or in the bill’s summary, the emphasis on ensuring compliance with existing laws and regulations indicates an interplay between maintaining operational efficiency and adhering to accountability measures. A legislative intent section also clarifies that appropriated funds must align with the goals outlined by various agency requests, further embedding transparency into state operations.