TO AUTHORIZE THE INTRODUCTION OF A NONAPPROPRIATION BILL TO AMEND THE REVENUE STABILIZATION LAW, TO CREATE FUNDS, AND TO MAKE TRANSFERS TO AND FROM FUNDS AND FUND ACCOUNTS.
Impact
The proposed changes to the Revenue Stabilization Law are designed to streamline the management of state finances, which is crucial for the upcoming fiscal year. By creating and amending various financial accounts, the resolution aims to optimize the distribution and utilization of state resources. The emergency clause embedded in the resolution is a significant aspect, as it allows for an immediate implementation of these changes, emphasizing the urgency of maintaining uninterrupted essential services provided by the state government.
Summary
Senate Resolution 5 (SR5) aims to amend the Revenue Stabilization Law in the state of Arkansas by creating new funds and facilitating transfers to and from existing funds and fund accounts. The resolution is a preparatory step that authorizes the introduction of a non-appropriation bill intended to address the intricacies of managing state funds more effectively as the fiscal year approaches. This ensures that the state can maintain essential services without interruption.
Contention
While SR5 primarily serves technical functions related to fiscal management, potential points of contention may arise from how it affects budgeting priorities and fund allocation in the long term. Critics might raise concerns about transparency and accountability regarding the management of newly created funds or the overall efficacy of the proposed amendments in enhancing fiscal responsibility. Furthermore, the emphasis on an emergency status could provoke discussions regarding legislative procedures and the need for speeding up financial legislation without thorough examination.
To Provide Funding For The Correctional Facilities Set-aside; To Provide For The Transfer Of Funds From The Securities Reserve Fund; And To Declare An Emergency.
To Amend The Law To Allow For The Distribution Of Funds In The Municipal Aid Fund, Turnback Funds, And County Sales And Use Tax Revenues To Newly Incorporated Municipalities; And To Declare An Emergency.
To Amend The Law Concerning Unclaimed Property Funds; To Amend The Law Concerning The Deposit And Investment Of Unclaimed Property Funds; To Create The Unclaimed Property Interest Trust Fund; And To Declare An Emergency.
To Transfer General Revenue To The Aging And Adult Services Fund Account To Be Used For Food Services Benefiting The Elderly; And To Declare An Emergency.
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.
To Transfer General Revenue To The Aging And Adult Services Fund Account To Be Used For Food Services Benefiting The Elderly; And To Declare An Emergency.
To Amend Arkansas Law Concerning The Allocation Of Funds Resulting From Litigation Involving The Use Of Funds From The General Improvement Fund Or Its Successor Fund Or Fund Accounts.
To Amend The Used Tire Recycling And Accountability Act; To Create The Tire Management And Recycling Act; To Repeal The Used Tire Recycling Fund; And To Create The Waste Tire Abatement Fund.