An Act To Transfer Funds; Define The Monies To Be Available In The Restricted Reserve Fund; And Allow Additional Funds To Be Made Available For State Departments, Agencies And Institutions; And To Declare And Emergency.
Impact
The bill introduces crucial changes to how state funds are governed. It allows for the Chief Fiscal Officer to manage transfers based on the funds' availability while maintaining a level of oversight by requiring prior approval from the Legislative Council or the Joint Budget Committee. By defining the monetary limits and the purposes for which the funds can be allocated, the bill aims to enhance transparency and accountability in state financial matters, potentially impacting a wide array of state programs and services.
Summary
Senate Bill 636 proposes to streamline the financial management of the state by establishing a framework for transferring funds into the Restricted Reserve Fund and making additional funds available for state departments, agencies, and institutions. This bill outlines the specific amounts that can be allocated to various set-asides, which include resources for educational facilities, Medicaid sustainability, and economic development. The legislation is presented as an essential measure for the efficient operation of government functions and the provision of essential services.
Contention
Notably, the proposed framework has generated discussions regarding the implications of centralizing budget authority, as it could lead to increased scrutiny over funding decisions. Some lawmakers may view this as an opportunity for better regulatory control over state finances, while others could express concerns about potential overreach into the autonomy of state departments. The balance between necessary financial oversight and operational independence will likely be a point of contention as the bill progresses through legislative review.
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 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.
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.
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 Reduce The Income Tax Levied On Individuals, Trusts, Estates, And Corporations; To Transfer Surplus Funds To The Arkansas Reserve Fund Set-aside; And To Declare An Emergency.
To Reduce The Income Tax Levied On Individuals, Trusts, Estates, And Corporations; To Transfer Surplus Funds To The Arkansas Reserve Fund Set-aside; And To Declare An Emergency.
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.
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.