Arkansas § 19-5-1277 Arkansas Children's Educational Freedom Account Fund

Arkansas Statutes

§ 19-5-1277 — Arkansas Children's Educational Freedom Account Fund

(a)There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the "Arkansas Children's Educational Freedom Account Fund".

(b)(1) Notwithstanding any other provisions of law, for fiscal year 2024 and each fiscal year thereafter, in addition to all other amounts required under the Arkansas Children's Educational Freedom Account Program, the Department of Education shall include in its annual budget request submitted under § 19-4-301 et seq., and the Governor shall include in each recommendation submitted to the General Assembly under § 19-4-201 , an appropriation to the Department of Education, Division of Elementary and Secondary Education, for the greater of an amount not less than two perce

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(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the "Arkansas Children's Educational Freedom Account Fund". (b) (1) Notwithstanding any other provisions of law, for fiscal year 2024 and each fiscal year thereafter, in addition to all other amounts required under the Arkansas Children's Educational Freedom Account Program, the Department of Education shall include in its annual budget request submitted under § 19-4-301 et seq., and the Governor shall include in each recommendation submitted to the General Assembly under § 19-4-201 , an appropriation to the Department of Education, Division of Elementary and Secondary Education, for the greater of an amount not less than two percent (2%) of: (A) Net public school enrollment adjusted for state foundation funding aid purposes; or (B) The total number of eligible program applications received by the division, if available, multiplied by the prior year's statewide net foundation funding aid allotted per student. (2) The amount appropriated under subdivision (b)(1) of this section shall be transferred by the division to the fund to be used solely to meet the obligations required under the program, except as otherwise provided in this section. (3) The Governor shall include a recommendation, as required under § 19-4-201 , that the total amount of funds appropriated to the division that was not transferred to the fund during the previous fiscal year due to an accumulated balance from previous fiscal years as provided under subsection (c) of this section be reappropriated for the subsequent fiscal year. (c) Each fiscal year, the amount required to be requested and recommended for appropriation under subsection (b) of this section shall be reduced by the sum of: (1) Any unused, accumulated amounts transferred to the fund due to the requirements under this subsection from previous years; and (2) Any unused appropriations made to the department due to the requirements under this subsection that were not transferred to the fund due to an accumulated balance from previous years.

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