The Joint Budget Committee on Thursday advanced identical bills that would distribute $5.84 billion in state general revenues to state supported programs in the coming fiscal year, an increase over the current funded budget of $5.68 billion.
Most of the increased general revenue in fiscal 2022 would be distributed to the state's human services programs, public schools, colleges and universities under Senate Bill 702 and House Bill 1949. The budget panel endorsed the two bills without any discussion or debate.
Thursday is the 102nd day of this year's regular session and legislative leaders are aiming to wrap up business on Tuesday.
The Joint Budget Committee also endorsed Senate Bill 375, which would implement the state plans for using surplus state revenues.
State officials estimate Arkansas’ long-term reserve fund, which currently has a balance of $209.9 million, could increase to $711.1 million, largely with the help of a leftover general revenue surplus projected to be $448.3 million in fiscal 2021 and $92 million of the surplus accumulated prior to fiscal 2021.
They plan on restricted reserve set-asides totaling $171.4 million, carrying over $30 million for the Quick Action Closing Fund and a rainy-day fund of $18.5 million.