The bill proposes the repeal of the requirement for the Arkansas Development Finance Authority to submit an annual financial report concerning the Capital Access Fund. Specifically, it seeks to eliminate Arkansas Code 15-5-1110, which mandates that the Authority prepare a report detailing the financial condition of the Capital Access Fund, as well as the results and economic impact of related programs for small businesses.

By removing this reporting requirement, the bill aims to reduce administrative burdens on the Arkansas Development Finance Authority. The deletion of the specified sections means that the Authority will no longer be obligated to provide these reports to the Governor and the Legislative Council, streamlining their operations and potentially allowing for a reallocation of resources.