Revenue Stabilization Act shared with lawmakers
by April 1, 2023 10:10 am 2,246 views
In another pending sign that the Arkansas legislature is winding to a close, Arkansas lawmakers on Friday (March 31) revealed the Revenue Stabilization Act, the balanced budget proposal that outlines spending priorities for the fiscal year.
The schedule provides funding in Schedules A, B and C, which will dictate which state agencies and programs are funded first by general and special revenues.
Roughly $2.522 billion will be dedicated to the public school and general education funds. This includes state spending for elementary and secondary education, technical education, the schools for the deaf and blind, the state library and Arkansas PBS.
The human services fund will receive $1.832 billion under RSA. Those spending priorities will include children and family services, youth services, developmentally disabled, behavioral health, and grants that the Department of Human Services provides to thousands of Medicaid providers across the state.
Institutions of higher education – including four-year and two-year schools – are set to receive $781.291 million under the Revenue Stabilization Act.
All other state agencies will receive approximately $1.066 billion. Some of those agencies include:
- Division of Correction – $378.956 million
- Division of Community Correction – $97.653 million
- Department of Agriculture – $18.293 million
- Economic Development Commission – $21.035 million
- Parks & Tourism – $20.630 million
- Department of Health – $80.91 million
- County Jail reimbursement – $25.765 million
- Arkansas State Police – $78.118 million
Total allocations in the RSA are $6.202 billion. There are no allocations yet for Rainy Day Funds, Medicaid Trust Fund, or the Restricted Reserve Fund.
The RSA outlines a forecast for fiscal year 2023-24, which would start July 1, 2023 and end June 30, 2024. That forecast predicts revenue collections of $6.593 billion budget with a $391 million surplus.
You can access the RSA here.