In the third week of the 2024 Fiscal Session, the proposed Revenue Stabilization Act for the 2025 Fiscal Year was distributed to members.
The Revenue Stabilization Act (RSA) categorizes and prioritizes state spending. It is typically one of the last items passed every session.
The proposed RSA outlines a 1.76% increase in state spending. The largest increases can be found in Educational Freedom Accounts, the Public School Fund, and Arkansas State Police.
The RSA would increase funding for the Education Freedom Accounts by $65.7 million. The public school fund would be increased by $38.2 million and the funding allocated for Arkansas State Police would increase by $3.9 million.
This week, the House adopted an amendment to HB1012 which adds 50 corporal positions for Arkansas State Police and adds 2 positions at the State Crime Lab.
On Wednesday, the Joint Budget Committee advanced SB77. This bill outlines a temporary pay plan for state employees. The plan would raise employee salaries by up to 3%. It would also set the minimum salary for state employees at $32,405 a year, raise the maximum salary range for pay grades by 10%, and offer special compensation under specific circumstances.
Two bills addressing regulations of digital asset mining are now making their way to the House. SB78 and SB79 have been assigned to the House City, County, and Local Affairs Committee. The committee will meet on Tuesday, April 30.
The House will reconvene again on Tuesday as well at 1 p.m. The next week is likely to be the final week of the Fiscal Session.
We have posted a copy of the proposed RSA at www.arkansashouse.org. There you can also find links to all live streams and recorded legislative meetings.