Bill > SB636

This bill establishes a comprehensive plan for transferring and allocating funds through the Restricted Reserve Fund, with several key provisions. The bill authorizes the State Treasurer to transfer various unobligated funds from different sources into the Restricted Reserve Fund, including monies from set-asides, the Development and Enhancement Fund, and the General Revenue Allotment Reserve Fund. It then creates multiple specific set-asides totaling approximately $436.8 million, which include funding for programs such as Medicaid Sustainability ($100 million), Children's Educational Freedom Accounts ($90 million), Educational Facilities ($45 million), and various other state initiatives like economic stimulus programs, state agency upgrades, and scholarship programs. The bill requires Legislative Council or Joint Budget Committee approval for most transfers, mandates that fund recipients be subject to audit, and includes an emergency clause stating that the act is crucial for the operation of state departments and agencies. The legislation also modifies existing law regarding the Securities Reserve Fund, establishing a process for transferring fund balances to the Water and Sewer Treatment Facilities Grant Program and the General Revenue Allotment Reserve Fund over several fiscal years. Ultimately, the bill provides flexibility for state financial management by creating mechanisms to reallocate unobligated funds to priority areas.

Budget and Finance

https://arkleg.state.ar.us/Bills/Detail?id=sb636&ddBienniumSession=2025%2F2025R