The Legislature's Joint Budget Committee on Monday recommended House and Senate approval of identical bills that would increase the state's general revenue budget by $175.1 million to $6.02 billion in the coming fiscal year, with most of the increased general revenue going to the public schools and human service programs.
The bills are Senate Bill 101 and House Bill 1117. The Senate is scheduled to consider SB101 and the House is scheduled to consider HB1117, after convening today at noon.
The measures are the state's proposed Revenue Stabilization Act for fiscal 2023, which begins July 1. The Revenue Stabilization Act prioritizes the distribution of state general revenue to state supported programs such as the public schools, human services, prisons, and colleges and universities.
SB101 and HB1117 would increase the state's general revenue budget by 2.9% -- a slight decrease from the 3.3% increase proposed by Gov. Asa Hutchinson on Jan. 11.
Hutchinson initially proposed a $194.6 million increase to $6.04 billion in fiscal year 2023.
The measures would increase the state's general revenue budget for the state's Medicaid program by $23.5 million in fiscal 2023 instead of the $43.5 million originally proposed by Hutchinson.