AR HB1865

Transfers specified funds to Arkansas's Rainy Day Fund from the General Improvement Fund, Development and Enhancement Fund, General Revenue Allotment Reserve Fund, and Attorney General settlements, effective July 1, 2019.

Sets aside $54,669,598 in the Rainy Day Fund for debt obligations including $10.5 million for prison facility lease payments, $30 million for economic development incentives, $1.87 million for University of Arkansas agriculture, $1.8 million for education scholarships, $500,000 for military youth program, and $10 million for cancer research.

Establishes a $30 million cap on total Rainy Day Fund balance, with remaining funds transferred only through revenue stabilization allocations or carryover balances from June 30, 2019.

Requires Chief Fiscal Officer approval before transferring Rainy Day funds and mandates that all recipients undergo audit by the Legislative Joint Auditing Committee to ensure compliance with appropriation purposes.

Declares an emergency effective date of July 1, 2019 to align fiscal law changes with the beginning of the state's fiscal year.