HB1515

House Bill 1515 amends Arkansas law regarding the financial management and regulatory requirements for retail water providers. It establishes a staggered schedule for water providers to conduct mandatory rate studies based on their customer size, ranging from 2024 to 2026. The bill clarifies the factors that water rates must cover, including operations, debt service, reserves, and capital expenses, and provides procedures for implementing rate increases, including options for phased-in increases for significant adjustments. Additionally, the bill modifies requirements for depositing revenue into refurbishment and replacement accounts and repeals a previous mandate requiring providers to obtain a new rate study before starting major development projects. It also extends the deadline for certain water provider board members to complete required training to December 31, 2023. Finally, the bill updates the list of water systems that are exempt from these specific state regulations.