The 2024 Fiscal Session of the General Assembly will commence on April 10, 2024, at noon. Following the House’s initial convening, there will be a brief recess before a Joint Session with the Senate to hear the Governor’s address.
Amendment 86 stipulates that the General Assembly will focus solely on the budget, with any discussion on legislation beyond the budget requiring a 2/3 majority agreement in both
chambers.
The most recent revenue report showed March Net Available revenue at $34.4 million or 8.2 percent greater than last year and $67.2 million or 17.5 percent above forecast. Net Available revenue results last month were above forecast in Individual Income Tax, Corporate Income Tax, and Sales Tax. Year-to-date net available revenue is below last year’s levels but exceeds the forecast by 1.6%.
The Department of Finance and Administration presented the Governor’s balanced budget proposal during Pre-Fiscal Session hearings.
The proposed budget calls for a 1.76% spending increase. The budget prioritizes education, with increases proposed for the public school fund, career and technical education, and Educational
Freedom Accounts. Additional funding is allocated for the University of Arkansas-Pine Bluff and Arkansas State Police trooper school.
More than 70 appropriation bills have already been filed in preparation for the session.
Fiscal Sessions cannot extend beyond 30 days without a ¾ vote from both chambers, with a maximum extension of 15 days.
We will continue to update you as the session continues. Legislative proceedings, including the Governor’s address, can be viewed at arkansashouse.org.