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Arkansas Code Title 27. Transportation § 27-72-418. Municipal highway revenue estimates

Current as of March 28, 2024 | Updated by FindLaw Staff

(a)(1) For each fiscal year, the Chief Fiscal Officer of the State shall prepare and file quarterly statements setting forth an estimate of the total amount of highway revenues and other state revenues made available by this subchapter and all other laws providing state resources for and to municipal governments for street construction, improvements, and betterments made within the spirit of this subchapter for the express use of the several municipalities of the state.

(2) The Chief Fiscal Officer of the State shall prepare and file the statement on or before July 10, October 10, January 10, and April 10 of each fiscal year.

(b)(1) Each statement shall be designated and known as the “Official Estimate of Municipal Highway Revenues Distribution” for the then-current fiscal year.

(2) Copies shall be filed with the Chief Fiscal Officer of the State, the Auditor of State, the Treasurer of State, and the Arkansas Municipal League.

(c)(1) In preparing each official estimate of municipal highway revenues distribution, the Chief Fiscal Officer of the State shall begin with a basic amount arrived at in the manner prescribed under this subsection.

(2) The Chief Fiscal Officer of the State shall add or subtract his or her estimate of the net increase or net decrease in municipal street funds as may be affected by various factors, as determined by the Chief Fiscal Officer of the State, including without limitation:

(A) Changes in the laws pertaining to tax rates and exemptions;

(B) Administration of tax laws;

(C) Indexing; and

(D) Distribution of revenues.

(3) The basic amount of municipal street funds shall be ascertained as follows:

(A) The July estimate shall be the amount of the next-preceding fiscal year's municipal street funds, increased or decreased by that certain percentage determined by the average of percentage changes in the amount of the total municipal street funds by legislated source category of each of the three (3) preceding fiscal years in relation to its preceding fiscal year; and

(B) The October, January, and April estimates shall be the total amount of municipal street funds by legislated source category collected in the preceding months of the then-current fiscal year plus the total amount of municipal street funds by legislated source category collected in all of the other months of the preceding fiscal year, increased or decreased by that certain percentage determined by the average of percentage changes in the collections during all other months of each of the three (3) preceding fiscal years in relation to the same other months of its preceding fiscal years.

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Cite this article: FindLaw.com - Arkansas Code Title 27. Transportation § 27-72-418. Municipal highway revenue estimates - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-27-transportation/ar-code-sect-27-72-418/

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