HB1004

House Bill 1004 establishes a new sub-fund titled the 'Arkansas Reserve Fund Set-Aside' within the state's Restricted Reserve Fund. The bill mandates an immediate transfer of $710,612,508 from the General Revenue Allotment Reserve Fund into this new sub-fund. These funds are designated to be made available for state departments, agencies, and institutions as necessary. To access these funds, the Chief Fiscal Officer must provide documentation of need to the Legislative Council or the Joint Budget Committee. A two-thirds majority vote from either the Legislative Council or the Joint Budget Committee is required to authorize the release of any funds. The bill explicitly stipulates that the legislative oversight requirement is non-severable; if a court finds this approval process unconstitutional, the entire act becomes void.