SB329
An Act For The Department Of Education - Division Of Higher Education - Historically Black Colleges And Universities Grants And Expenses Appropriation For The 2023-2024 Fiscal Year.
Last Action (May 1, 2023): Sine Die adjournment
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AI-Generated Summary
Senate Bill 329 is an appropriation act that allocates $4,000,000 for the fiscal year ending June 30, 2024, to support Historically Black Colleges and Universities (HBCUs) in Arkansas. These funds are designated for student scholarships and for operating expenses associated with outreach programs intended to increase awareness of these scholarship opportunities. The bill authorizes the Chief Fiscal Officer of the State to transfer the necessary funds from the General Revenue Allotment Reserve Fund to the Higher Education Grants Fund Account. It mandates that the disbursement of these funds must comply with existing state procurement and fiscal control laws. Additionally, the act includes an emergency clause to ensure the funds are available by the start of the fiscal year on July 1, 2023.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are the Historically Black Colleges and Universities (HBCUs) located in Arkansas, which will receive funding for student scholarships and outreach programs. Additionally, students who attend or plan to attend these institutions stand to benefit from the expanded scholarship opportunities provided by this appropriation.
Who Might Suffer?
There is no group directly and negatively impacted in a punitive sense; however, the state government and taxpayers experience a reduction in the General Revenue Allotment Reserve Fund by $4,000,000. Consequently, those funds are no longer available for other potential state budgetary priorities or programs that might have competed for the same resources.
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