The bill amends the Arkansas Scholarship Lottery Act by redefining key terms such as "lottery proceeds" and "net proceeds," and it modifies the financial reporting requirements for the Office of the Arkansas Lottery. Notably, it eliminates the Scholarship Shortfall Reserve Trust Account, which previously required the office to maintain a balance of $20 million. Instead, the costs of administering scholarship awards will now be considered expenses of the Division of Higher Education, which will continue to be reimbursed by the Office of the Arkansas Lottery using net proceeds. The bill also mandates that the financial report include a statement of revenue, expenses, and changes in net assets for the last ten fiscal years, rather than since inception.

Additionally, the bill includes provisions for the transfer of the current $20 million in the Scholarship Shortfall Reserve Trust Account to the Office of the Arkansas Lottery's Unrestricted Net Position account to eliminate any deficit, with any remaining funds subsequently transferred to the Lottery Scholarship Trust Account. The act declares an emergency, stating that these changes are necessary for the efficient operation of the lottery and will take effect on July 1, 2025.

Statutes affected:
Old version SB232 V2 - 2-25-2025 10:24 AM: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 02-25-2025, 23-115-302(b), 23-115-801(b), 23-115-801(d)
Old version SB232 V3 - 3-11-2025 10:48 AM: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 23-115-302(b), 23-115-801(b), 23-115-801(d)
Old version SB232 V4 - 3-18-2025 02:04 PM: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 03-18-2025, 23-115-302(b), 23-115-801(b), 23-115-801(d)
Old version SB232 Original - 2-13-2025 03:01 PM: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 23-115-302(b), 23-115-801(b), 23-115-801(d)
SB 232: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 23-115-302(b), 23-115-801(b), 23-115-801(d)
Act 429: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 03-18-2025, 23-115-302(b), 23-115-801(b), 23-115-801(d)