SB578

Senate Bill 578 directs the transfer of specific state funds into the Restricted Reserve Fund to provide financing for a wide range of state departments, agencies, and institutions. The bill outlines procedures for moving unobligated monies from various existing funds, such as the Development and Enhancement Fund and the General Revenue Allotment Reserve Fund, into the Restricted Reserve Fund. Once these funds are consolidated, the bill authorizes the establishment of specific 'Set-Asides' for designated projects and initiatives. These allocations include funding for educational facilities, correctional facilities, the State Crime Laboratory, cancer research at UAMS, school safety grants, and infrastructure matching grants, among others. The bill also specifies that many of these transfers are subject to oversight by the Legislative Council or the Joint Budget Committee. It further mandates immediate transfers for certain initiatives, such as the Arkansas Major Historic Rehabilitation Trust Fund and the Infrastructure Investment and Jobs Act grants. The legislation aims to provide the General Assembly with structured control over discretionary and non-discretionary state budget allocations.