AR SB232

Eliminates the $20 million Scholarship Shortfall Reserve Trust Account, transferring remaining funds first to cover any deficit in the Office of the Arkansas Lottery's Unrestricted Net Position account, then to the Lottery Scholarship Trust Account by December 31, 2025

Amends the definition of "net proceeds" to include adjustments for Multi-State Lottery Association reserve requirements and accounting adjustments affecting the Lottery's Unrestricted Net Position account

Removes the requirement that the Office of the Arkansas Lottery deposit funds to maintain the $20 million reserve before funding Arkansas Workforce Challenge and Arkansas Challenge Plus scholarships

Changes financial reporting requirements to cover the last 10 fiscal years instead of "since inception" and removes reporting on the eliminated Shortfall Reserve Trust Account

Declares an emergency with an effective date of July 1, 2025, to allow implementation at the beginning of the state fiscal year