Bill > SB232

This bill amends various provisions of the Arkansas Scholarship Lottery Act to modify financial and administrative procedures. The bill eliminates the Scholarship Shortfall Reserve Trust Account, changes definitions of "lottery proceeds" and "net proceeds" to include additional financial elements like interest and accounting adjustments, and modifies reporting requirements for the Office of the Arkansas Lottery. The bill ensures that the Division of Higher Education will continue to be reimbursed for scholarship administration costs, which will now be paid from the Lottery Scholarship Trust Account. Specifically, the legislation updates how lottery funds are calculated and transferred, removes references to the previous reserve trust account, and adjusts financial reporting to cover the last ten fiscal years instead of the lottery's entire history. The bill includes a provision to transfer the existing $20 million from the eliminated trust account to first reduce the lottery office's deficit and then transfer any remaining funds to the Lottery Scholarship Trust Account. With an emergency clause, the bill is set to become effective on July 1, 2025, to improve the lottery's operational efficiency and financial management.

Education

https://arkleg.state.ar.us/Bills/Detail?id=sb232&ddBienniumSession=2025%2F2025R