AR SB595

Establishes that the General Assembly maintains oversight of Rainy Day Fund transfers through approval by the Legislative Council or Joint Budget Committee, with nonseverability clause voiding the entire statute if approval requirement is ruled unconstitutional.

Transfers specified unobligated funds to the Rainy Day Fund effective immediately, including remaining balances from the General Improvement Fund, Development and Enhancement Fund, and General Revenue Allotment Reserve Fund as of June 30, 2019.

Sets aside $54,669,598 from transferred funds for debt obligations and priority uses: $10,500,000 for prison facility debt service, $30,000,000 for Economic Development Incentive Quick Action Closing Fund, $1,869,598 for University of Arkansas Agriculture, $1,800,000 for Succeed Scholarship Program, $500,000 for State Military Department Youth Challenge Program, and $10,000,000 for University of Arkansas Medical Sciences Cancer Institute.

Limits additional Rainy Day Fund transfers to $30,000,000 maximum, after which no further transfers are permitted except those authorized by Revenue Stabilization Allocations or remaining balances as of June 30, 2019.

Requires Chief Fiscal Officer certification that appropriation criteria are met and Method of Finance filing before fund transfers, with all recipients subject to audit by Legislative Joint Auditing Committee.