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Committee approves moving $710.6 million surplus into restricted reserve
REVENUE & TAX - SENATE · September 11, 2023
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Summary
Senate Bill 1 would transfer roughly $710.6 million from general reserve funds into a restricted account requiring a two‑thirds vote of the Arkansas Legislative Council to access; sponsor said the measure is an "insurance policy" for future downturns and not a funding source for the tax changes.
Senate Bill 1, presented to the Revenue & Tax committee by Senator Jimmy Hickey, would transfer approximately $710,612,508 from the general reserve allotment fund into a restricted reserve account that can be accessed only by a two‑thirds vote of the…
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