HB1548 - Revenue Stabilization Law Amendments

• Repeals 13 obsolete or inactive special funds including the Higher Education Salary Distribution Fund Account, Two-year College Model Formula Fund, Income Tax Protest Fund, Social Security Contribution Fund, and others.

• Amends the Miscellaneous Agencies Fund Account to prioritize funding for national and regional association dues and Arkansas State Highway and Transportation Department road and bridge repair before other appropriations.

• Establishes new fiscal year 2017-2018 revenue allocation formulas directing $5.345 billion to various state funds and fund accounts in specified proportions, including education, human services, corrections, and higher education institutions.

• Allocates additional $15.877 million to supplement the Rainy Day Fund and $2.954 million initially (increasing to $5.909 million in subsequent years) to the Arkansas Medicaid Program Trust Fund.

• Declares an emergency effective July 1, 2017, to ensure changes to state fiscal laws take effect at the beginning of the fiscal year.