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State of Arkansas 1
95th General Assembly A Bill 2
Fiscal Session, 2026 HOUSE BILL 1034 3
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By: Joint Budget Committee 5
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For An Act To Be Entitled 8
AN ACT TO MAKE AN APPROPRIATION FOR PERSONAL 9
SERVICES, OPERATING EXPENSES AND DATA PROCESSING 10
SYSTEM/SERVICES FOR THE OFFICE OF THE TREASURER OF 11
STATE FOR THE FISCAL YEAR ENDING JUNE 30, 2027; AND 12
FOR OTHER PURPOSES. 13
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Subtitle 16
AN ACT FOR THE OFFICE OF THE TREASURER OF 17
STATE APPROPRIATION FOR THE 2026-2027 18
FISCAL YEAR. 19
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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 22
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SECTION 1. REGULAR SALARIES - OPERATIONS. There is hereby established 24
for the Office of the Treasurer of State for the 2026-2027 fiscal year, the 25
following maximum number of regular employees. 26
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Maximum Annual 28
Maximum Salary Rate 29
Item Class No. of Fiscal Year 30
No. Code Title Employees 2026-2027 31
(1) Q244U TREAS CHIEF DEPUTY TREASURER 1 GRADE EXE01 32
(2) Q348U TREAS CHIEF OF STAFF 1 GRADE EXE01 33
(3) Q098U TREAS CHIEF COMPLIANCE OFFICER 1 GRADE SPC09 34
(4) Q154U TREAS CHIEF FINANCIAL OFFICER 1 GRADE SPC09 35
(5) Q243U TREAS SENIOR INVESTMENT MANAGER 2 GRADE SPC09 36
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(6) Q361U TREAS ATTORNEY 1 GRADE SPC08 1
(7) Q366U TREAS DIRECTOR OF INVESTMENT ACCT 1 GRADE SPC07 2
(8) Q349U TREAS DIR OF 529 & FINANCIAL ED 1 GRADE SPC06 3
(9) Q236U TREAS DIVISION DIRECTOR 3 GRADE SPC06 4
(10) Q425U DIR OF GOV AFFAIRS AND SPECIAL PROJ 1 GRADE SPC05 5
(11) Q350U TREAS INVESTMENT MANAGER I 1 GRADE SPC04 6
(12) Q360U TREAS INVESTMENT MANAGER II 1 GRADE SPC04 7
(13) Q245U TREAS MANAGER IV 1 GRADE SPC03 8
(14) Q351U TREAS MANAGER V 2 GRADE SPC03 9
(15) Q362U TREAS ASSIST FOR 529 & FINANCIAL ED 1 GRADE SPC01 10
(16) Q237U TREAS MANAGER III 1 GRADE SPC01 11
(17) Q445U EXECUTIVE ASST TO THE TREASURER 1 GRADE SGS07 12
(18) Q170U TREAS ASSISTANT IV 1 GRADE SGS06 13
(19) Q367U TREAS EXECUTIVE ASSISTANT 1 GRADE SGS05 14
(20) Q085U TREAS ASSISTANT II 4 GRADE SGS04 15
(21) Q094U TREAS ASSISTANT III 3 GRADE SGS04 16
(22) Q238U TREAS MANAGER II 2 GRADE SGS04 17
(23) Q352U TREAS CHIEF TECHNOLOGY OFFICER 1 GRADE IST11 18
MAX. NO. OF EMPLOYEES 33 19
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SECTION 2. EXTRA HELP - OPERATIONS. There is hereby authorized, for 21
the Office of the Treasurer of State for the 2026-2027 fiscal year, the 22
following maximum number of part-time or temporary employees, to be known as 23
"Extra Help", payable from funds appropriated herein for such purposes: five 24
(5) temporary or part-time employees, when needed, at rates of pay not to 25
exceed those provided in the Uniform Classification and Compensation Act, or 26
its successor, or this act for the appropriate classification. 27
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SECTION 3. APPROPRIATION - OPERATIONS. There is hereby appropriated, 29
to the Office of the Treasurer of State, to be payable from the State Central 30
Services Fund, for personal services, operating expenses, data processing 31
system/services, debt collection and Financial/Educational Programs including 32
the Arkansas 529 College Savings Program, Arkansas ABLE Program and financial 33
education of the Office of the Treasurer of State for the fiscal year ending 34
June 30, 2027, the following: 35
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ITEM FISCAL YEAR 1
NO. 2026-2027 2
(01) REGULAR SALARIES $3,219,376 3
(02) EXTRA HELP 40,000 4
(03) PERSONAL SERVICES MATCHING 1,065,903 5
(04) MAINT. & GEN. OPERATION 6
(A) OPER. EXPENSE 1,404,455 7
(B) CONF. & TRAVEL 35,000 8
(C) PROF. FEES 35,000 9
(D) CAP. OUTLAY 25,000 10
(E) DATA PROC. 0 11
(05) DATA PROCESSING SYST/SERVICES 1,800,000 12
(06) FINANCIAL/EDUCATIONAL PROGRAMS 75,000 13
(07) PREPAREDNESS, SECURITY & SAFETY 275,000 14
TOTAL AMOUNT APPROPRIATED $7,974,734 15
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SECTION 4. SPECIAL LANGUAGE. NOT TO BE INCORPORATED INTO THE ARKANSAS 17
CODE NOR PUBLISHED SEPARATELY AS SPECIAL, LOCAL AND TEMPORARY LAW. 18
TRANSFER PROVISION. After receiving approval from the Chief Fiscal Officer 19
of the State, and prior review by the Arkansas Legislative Council or Joint 20
Budget Committee, the Treasurer of State is authorized to transfer 21
appropriation from any line item authorized in Operations Appropriation of 22
the Treasurer's Office in this Act to any other line item authorized in 23
Operations Appropriation. 24
The provisions of this section shall be in effect only from July 1, 2025 25
2026 through June 30, 2026 2027. 26
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SECTION 5. SPECIAL LANGUAGE. NOT TO BE INCORPORATED INTO THE ARKANSAS 28
CODE NOR PUBLISHED SEPARATELY AS SPECIAL, LOCAL AND TEMPORARY LAW. SALARIES. 29
Employees of the Office of the Treasurer of State shall be eligible for cost-30
of-living increases on July 1, in an amount equal to that granted to all 31
other state agency, board, commission, or institution of higher education 32
employees on those dates. Any additional adjustments in annual salary rates 33
for employees, labor market adjustments, merit pay adjustments or employee 34
retention, or recruitment requirements shall be made at the discretion of the 35
Treasurer. In addition, the Treasurer may implement a merit program to 36
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reward employees for exceptional service. In order that exceptionally well-1
qualified personnel may be recruited and retained, the Office of the 2
Treasurer of State may exceed the maximum salary levels by no more than 3
twenty percent (20%) for no more than one-fourth (1/4) of the positions 4
authorized in the appropriation act after receiving approval from the 5
Arkansas Legislative Council or Joint Budget Committee. Salary payments in 6
accordance with this section shall not be restricted to maximum amounts 7
authorized by law. 8
Determining the maximum number of employees and the maximum amount of 9
appropriation and general revenue funding for a state agency each fiscal year 10
is the prerogative of the General Assembly. This is usually accomplished by 11
delineating such maximums in the appropriation act(s) for a state agency and 12
the general revenue allocations authorized for each fund and fund account by 13
amendment to the Revenue Stabilization law. Further, the General Assembly has 14
determined that the Office of the Treasurer of State may operate more 15
efficiently if some flexibility is provided to the Office of the Treasurer of 16
State authorizing broad powers under this section. Therefore, it is both 17
necessary and appropriate that the General Assembly maintain oversight by 18
requiring prior approval of the Legislative Council or Joint Budget Committee 19
as provided by this section. The requirement of approval by the Legislative 20
Council or Joint Budget Committee is not a severable part of this section. If 21
the requirement of approval by the Legislative Council or Joint Budget 22
Committee is ruled unconstitutional by a court of competent jurisdiction, 23
this entire section is void. 24
The provisions of this section shall be in effect only from July 1, 2025 25
2026 through June 30, 2026 2027. 26
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SECTION 6. COMPLIANCE WITH OTHER LAWS. Disbursement of funds 28
authorized by this act shall be limited to the appropriation for such agency 29
and funds made available by law for the support of such appropriations; and 30
the restrictions of the State Procurement Law, the General Accounting and 31
Budgetary Procedures Law, the Revenue Stabilization Law, the Regular Salary 32
Procedures and Restrictions Act, or their successors, and other fiscal 33
control laws of this State, where applicable, and regulations promulgated by 34
the Department of Finance and Administration, as authorized by law, shall be 35
strictly complied with in disbursement of said funds. 36
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SECTION 7. LEGISLATIVE INTENT. It is the intent of the General 2
Assembly that any funds disbursed under the authority of the appropriations 3
contained in this act shall be in compliance with the stated reasons for 4
which this act was adopted, as evidenced by the Agency Requests, Executive 5
Recommendations and Legislative Recommendations contained in the budget 6
manuals prepared by the Department of Finance and Administration, letters, or 7
summarized oral testimony in the official minutes of the Arkansas Legislative 8
Council or Joint Budget Committee which relate to its passage and adoption. 9
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SECTION 8. EMERGENCY CLAUSE. It is found and determined by the General 11
Assembly, that the Constitution of the State of Arkansas prohibits the 12
appropriation of funds for more than a one (1) year period; that the 13
effectiveness of this Act on July 1, 2026 is essential to the operation of 14
the agency for which the appropriations in this Act are provided, and that in 15
the event of an extension of the legislative session, the delay in the 16
effective date of this Act beyond July 1, 2026 could work irreparable harm 17
upon the proper administration and provision of essential governmental 18
programs. Therefore, an emergency is hereby declared to exist and this Act 19
being necessary for the immediate preservation of the public peace, health 20
and safety shall be in full force and effect from and after July 1, 2026. 21
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