The 94th General Assembly Fiscal Session 2024

Posted April 11, 2024 By Kelly Sullivan In Government

The Arkansas General Assembly is gearing up for its 2024 Fiscal Session, a legislative session held in even-numbered years to determine the state's budget for the upcoming fiscal year. The fiscal session will mark the eighth held in Arkansas since the introduction of Amendment 86 in 2008.

The 94th General Assembly gaveled in for the fiscal session on Wednesday, April 10, 2024, with a strict 30-day timeline. The session may be extended by up to 15 days with a two-thirds majority vote if necessary but must conclude no later than May 9.

Pre-fiscal session budget hearings took place from March 6 to March 8, 2024. These hearings allowed committees to review budget requests from state boards, commissions, and agencies. The state’s proposed budget for Fiscal Year 2025 totals approximately $8.2 billion in gross general revenues. Notable expenditures include $2.5 billion for the Public School Fund, $1.4 billion for Medicaid, and over $1.9 billion for the Department of Human Services, covering various essential services such as healthcare, education, and social welfare.

Also prior to the session, the period for filing bills began on March 11. To date, 141 bills have been filed. The deadline for filing appropriation and authorized non-appropriation bills is April 24. Non-appropriation bills require identical resolutions filed in each chamber by April 10, followed by a two-thirds majority vote in both chambers to authorize their filing.

A topic on the mind of many – tax cuts – is expected to be taken up on conclusion of the fiscal session. Legislative leaders anticipate discussions on income tax cuts after the fiscal year ends on June 30, 2024. Lawmakers are cautious about further reducing income taxes amid revenue fluctuations, preferring to assess the situation more thoroughly.

The 2024 Arkansas Fiscal Session presents critical opportunities for budgetary deliberations and potential tax relief measures. Be sure to follow inVeritas as the session unfolds for important updates.