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AR HB1652
Bill
Status
Passed
3/21/2017
Primary Sponsor
Nelda Speaks
Click for details
AI Summary
- County fiscal year in Arkansas begins on January 1 and ends on December 31 of the same year
- Counties must use modified accrual accounting basis for audit purposes, recognizing revenues when available and measurable and expenditures when liabilities are incurred
- Obligations incurred by counties before fiscal year-end but not claimed until the following year are posted to the prior year when paid within the first two months of the new fiscal year
- Revenues collected and owed to county treasuries before fiscal year-end but not remitted until the following year are accrued to the prior year when receipted within the first two months of the new fiscal year
- County finance officers must maintain records to account for accrual-basis receivables and payables for audit purposes
Legislative Description
To Amend The Law Concerning The County Fiscal Year And County Accounting Procedures.
Last Action
Notification that HB1652 is now Act 527
3/21/2017
Committee Referrals
City, County & Local Affairs3/2/2017
City, County and Local Affairs2/22/2017
Full Bill Text
No bill text available