How SB 101 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill amends the Revenue Stabilization Law to create new funds and establish temporary provisions for financial transfers within state funds.

• Acts 2021, No. 1058, § 2(c)

  Uncodified Acts 2021, No. 1058, § 2(c), is amended to read as follows: → (c)(1) Any unobligated or unallocated funds remaining on July 2, 2021, in the "General Revenue Allotment Reserve Fund" from monies accruing thereto which are not required to finance enactments of the 93rd General Assembly that do not expire on June 30, 2021, including all General Revenue Funds recovered from remaining fund balances; (2) All General Revenue Funds recovered from remaining fund balances in the "General Revenue Allotment Reserve Fund" from monies accruing thereto during the 2021-2022 fiscal year which are not required to finance enactments of the 93rd General Assembly that do not expire on June 30, 2022, including all General Revenue Funds recovered from remaining fund balances;

  This change clarifies the handling of unobligated or unallocated funds in the General Revenue Allotment Reserve Fund.

• § 19-5-401

  Arkansas Code 19-5-401 is amended to read as follows: → 19-5-401. Allocations for fiscal year 2022-2023 and thereafter. Commencing with the fiscal year beginning July 1, 2022, and each fiscal year thereafter, the Treasurer of State shall transfer all remaining general revenues available for distribution on the last day of business in July 2022, and on the last day of business in each calendar month thereafter during the fiscal year to the various funds and fund accounts participating in general revenues in the proportions of the maximum allocation as the individual allocation to the fund or fund account bears to the total of the maximum allocation as provided in § 19-5-402 (a) and (b).

  This change establishes the schedule for transferring general revenues to participating funds and accounts.

• § 19-5-402

  Arkansas Code 19-5-402 is amended to read as follows: → 19-5-402. Maximum allocations of revenues for fiscal year 2022-2023 and thereafter. (a) ALLOCATION A. The Treasurer of State shall first make monthly allocations in the proportions set out in this subsection to the funds and fund accounts listed below until there has been transferred a total of five billion six hundred eighty five million seven hundred forty three thousand two hundred and eighty five dollars ($5,685,743,285) or so much thereof as may become available; provided, that the Treasurer of State shall make such monthly allocations in accordance with each fund or fund account's proportionate part of the total of all such allocations set forth in this subsection:

  This amendment specifies the maximum total allocations of revenues and the process for monthly distributions among funds.

• § 19-5-1263(c)

  Notwithstanding other provisions of law as set out in 19-5-1263(c) the Majority Vote Various Improvements and Projects Set-Aside in the Restricted Reserve Fund shall only require a majority affirmative vote as set out in the rules of the Legislative Council or the Joint Budget Committee during a legislative session for prior approval of the requested disbursement as authorized in 19-5-1263(d).

  This establishes a simpler process requiring only a majority vote for disbursement approvals from the Majority Vote Various Improvements and Projects Set-Aside.