AR SB552

Creates the "Rainy Day Fund" as a miscellaneous fund managed by the State Treasurer, Auditor, and Chief Fiscal Officer to receive transfers from the General Improvement Fund, Attorney General settlements, interagency transfers, and other revenues authorized by law.

Chief Fiscal Officer may transfer funds from the Rainy Day Fund to finance General Improvement Fund appropriations or other authorized funds/accounts upon prior approval by the Legislative Council or Joint Budget Committee when the General Assembly is in session.

Establishes initial funding of $160.5 million for Priority/Debt Obligations (supporting Department of Correction, Human Services Medicaid, and Education facility projects) and $52 million for Executive/Legislative Shared Projects (economic development and highway improvements), with a $20 million general Rainy Day Fund reserve.

Transfers unobligated balances from the General Improvement Fund as of June 30, 2017, unallocated General Revenue funds, estate tax revenues, and Attorney General settlement funds to populate the Rainy Day Fund.

Becomes effective July 1, 2017, with an emergency clause citing the need for changes to take effect at the beginning of the fiscal year.