Arkansas Senate Bill SR10

Arkansas 2022 Regular Session

• Introduced: 2/11/22
• Failed: 3/15/22

Caption

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Revenue Stabilization Law, Create Funds, And Make Transfers To And From Funds And Fund Accounts.

Impact

The amendment to the Revenue Stabilization Law, as outlined in SR10, will enable the Arkansas General Assembly to exert more control over fund allocation and transfers between various accounts and funds. This arrangement is proposed to streamline the budgetary process and reinforce legislative oversight on fund disbursement. As new funds are created and existing balances are reallocated, this could impact the financial operations of government agencies and institutions significantly, potentially enhancing transparency and accountability.

Summary

SR10, introduced by Senator J. Dismang, is a Senate Resolution that authorizes the introduction of a non-appropriation bill aimed at amending the Revenue Stabilization Law. The bill seeks to establish new funds, particularly a sub-fund within the Restricted Reserve Fund specifically designated for 'EBD or Contingency 3/5 Vote Set Aside'. This alteration is intended to facilitate more structured management of state funds, ensuring that specific balances can be transferred and managed appropriately according to legislative intent.

Contention

While there was no recorded opposition to SR10 during its voting, the implications of its provisions may generate discourse in future sessions. The added requirement for approval from the Legislative Council or the Joint Budget Committee for fund transfers is significant, as it reflects an effort to enhance oversight. The temporary provisions regarding fund management may also lead to debates on fiscal responsibility and priorities as state resources are allocated through these new mechanisms.