AR HB1004

Creates a new sub-fund called the "Arkansas Reserve Fund Set-Aside" within the Restricted Reserve Fund on the books of the State Treasurer, Auditor, and Chief Fiscal Officer.

Transfers $710,612,508 from the General Revenue Allotment Reserve Fund to the Arkansas Reserve Fund Set-Aside upon the bill's effective date.

Allows the Chief Fiscal Officer to release funds from the Arkansas Reserve Fund Set-Aside to general revenue operating funds, the Miscellaneous Agencies Fund Account, and the State Central Services Fund with prior approval from either the Legislative Council or Joint Budget Committee (requiring two-thirds majority vote).

Requires the Chief Fiscal Officer to provide sufficient financial documentation of need and purpose before proposing any distribution of funds from the reserve.

Ensures that funds released from the reserve combined with general revenue funding do not exceed maximum allocations authorized in the Revenue Stabilization Law; makes the approval requirement non-severable (voids entire section if approval requirement ruled unconstitutional).