AR HB1117

Establishes a new "EBD or Contingency 3/5 Vote Set Aside" sub-fund within the Restricted Reserve Fund and transfers all balances from the Executive/Legislative 3/5 Vote Set Aside into it, with unobligated funds transferring to the General Revenue Allotment Reserve Fund on July 1, 2024.

Creates a "Majority Vote Various Improvements and Projects Set-Aside" sub-fund and transfers $150,000,000 from the General Revenue Allotment Reserve Fund into it, requiring only majority affirmative vote (rather than 3/5 vote) for disbursements, with remaining funds transferring to the General Revenue Allotment Reserve Fund on July 1, 2023.

Repeals a provision from Acts 2021, No. 1058 that would have transferred certain surplus funds from fiscal year 2022 to the Catastrophic Reserve Fund and Rainy Day Fund.

Amends Arkansas Code sections 19-5-401 and 19-5-402 to establish maximum revenue allocations totaling $5,685,743,285 (Allocation A) and $338,586,190 (Allocation B) to various state funds and agencies for fiscal year 2022-2023 and thereafter, including education, human services, and higher education institutions.

Becomes effective July 1, 2022, with emergency provisions making sections 4 and 7 effective immediately upon approval to prevent conflicting fund transfers.