HB1548 Summary

• Amends Arkansas Revenue Stabilization Law to change language in Constitutional Officers Fund from "appropriations funded" to "anticipated obligations" for determining excess fund balances above 7%.

• Modifies Department of Correction Inmate Care and Custody Fund Account and Department of Community Correction Fund Account to explicitly include federal reimbursements for eligible expenditures as revenue sources.

• Repeals Arkansas Water Resources Cost Share Revolving Fund (§ 19-5-1069) and modifies Individual Development Account Trust Fund to reference correct statutory citation.

• Renames Arkansas Transitional Employment Fund to "Temporary Assistance for Needy Families Oversight Board Fund" for clarity.

• Establishes detailed revenue allocation formulas for fiscal year 2015-2016 and beyond, distributing $5,069,274,507 across multiple state funds and educational institutions with specific maximum allocations; becomes effective July 1, 2015.