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HB 1106

AN ACT FOR THE OFFICE OF THE TREASURER OF STATE APPROPRIATION FOR THE 2025-2026 FISCAL YEAR.

2025 Regular Session

Act 872 allocates $7.97 million for the Treasurer's office in 2025-2026, ensuring staffing and resources to manage state funds and financial education effectively.

Notification that HB1106 is now Act 872
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Bill Summary · HB 1106

Summary of House Bill 1106 (Act 872)

Overview

Bill Number: HB 1106
Title: An Act for the Office of the Treasurer of State Appropriation for the 2025-2026 Fiscal Year
Status: Now Act 872
Introduced: January 13, 2025
Classification: Appropriation Bill

House Bill 1106, now enacted as Act 872, is an appropriation bill that allocates funds for the Office of the Treasurer of State for the fiscal year ending June 30, 2026. The bill aims to support personal services, operating expenses, and data processing services necessary for the effective functioning of the Treasurer's office.

Key Provisions

1. Employee Salaries and Positions

  • The bill establishes a maximum number of regular employees for the Office of the Treasurer, detailing specific positions and their corresponding salary grades. Key positions include:
    • Senior Investment Manager
    • Chief Deputy Treasurer
    • Chief of Staff
    • Chief Compliance Officer
    • Chief Technology Officer
    • Chief Financial Officer
    • Various managerial and assistant roles

2. Funding Allocation

  • The total amount appropriated for the fiscal year 2025-2026 is $7,974,348, which is distributed across various categories:
    • Regular Salaries: $3,219,376
    • Extra Help (temporary employees): $40,000
    • Personal Services Matching: $1,065,517
    • Maintenance & General Operations: $1,404,455
    • Data Processing Systems/Services: $1,800,000
    • Financial/Educational Programs: $75,000
    • Preparedness, Security & Safety: $275,000

3. Temporary Employees

  • The bill allows for the hiring of up to five temporary or part-time employees as needed, with pay rates not exceeding those established by the Uniform Classification and Compensation Act.

4. Salary Adjustments

  • Employees are eligible for cost-of-living increases effective July 1, in alignment with increases granted to other state employees. The Treasurer has the discretion to implement merit pay adjustments and may exceed maximum salary levels by up to 20% for a limited number of positions to attract and retain qualified personnel.

5. Transfer Provisions

  • The Treasurer is authorized to transfer appropriations between line items within the operations budget, subject to prior approval from the Arkansas Legislative Council or Joint Budget Committee.

Impact

The enactment of HB 1106 ensures that the Office of the Treasurer of State has the necessary funding and staffing to fulfill its responsibilities effectively. This includes managing state funds, overseeing financial education programs, and ensuring compliance with state financial regulations. The bill is particularly significant for maintaining the operational integrity of the Treasurer's office during the fiscal year 2025-2026.

Legislative Timeline

  • April 17, 2025: Notification that HB 1106 is now Act 872.
  • April 15, 2025: Bill transmitted to the Governor's Office.
  • April 14, 2025: Bill passed in both the House and Senate with an emergency clause adopted.
  • April 10, 2025: Bill considered and recommended for passage in the Committee of the Whole.
  • January 13, 2025: Bill filed and referred to the Joint Budget Committee.

This summary provides a clear understanding of the purpose, provisions, and implications of House Bill 1106, now Act 872, for stakeholders and the general public.

Compiled from official sources — confirm details with the bill’s official record.

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