Fiscal Impact Statement
______________________________________________________________________________
DATE: 9/11/23
BILL: SB5
SPONSOR: B. Davis
SUBTITLE:
TO AMEND THE PHILANTHROPIC INVESTMENT IN ARKANSAS KIDS PROGRAM ACT AND THE
ARKANSAS CHILDREN'S EDUCATIONAL FREEDOM ACCOUNT PROGRAM; AND TO DECLARE AN
EMERGENCY.
_____________________________________________________________________________
TOPIC
Educational Freedom Account Program
AFFECTED FUNDS
REVENUE IMPACT
588,354
ASSUMPTIONS - BASED ON:
ADE identified 794 Succeed Scholarship recipients who could potentially receive Education
Freedom Accounts at 100% of the prior year foundation funding rather than 90%. The division
determined these students would receive $741 in additional funding, and $588,354 was built into
the budget as the estimated additional cost for these students.
As of September 2023, 615 Succeed Scholarship recipients have been awarded EFA funding.
The total additional cost for these EFAs is $455,715. This is under the amount estimated thus
there is adequate funding in the current appropriation to cover this change.
ADDITIONAL COMMENTS
Prepared by the Arkansas Department of Education


Statutes affected:
SB 5: 6-18-2302(3), 6-18-2306(4), 6-18-2505(a), 6-41-901, 6-41-905, 6-20-2305, 6-18-2506(a)
Act 9: 6-18-2302(3), 6-18-2306(4), 6-18-2505(a), 6-41-901, 6-41-905, 6-20-2305, 6-18-2506(a)