2017 Arkansas Code
Title 25 - State Government
Chapter 1 - General Provisions
Subchapter 4 - Arkansas Financial Transparency Act
§ 25-1-404. Duties of Department of Finance and Administration

Universal Citation: AR Code § 25-1-404 (2017)
  • (a) The Department of Finance and Administration shall:
    • (1) Establish standards and criteria for each state agency to report financial expenditures;
    • (2) Develop and maintain a database of financial information as set forth in this subchapter; and
    • (3) Develop a website presenting expenditure data for each state agency that shall:
      • (A) Report expenditure data in a common format;
      • (B) Include expenditures of state government, whether held in the State Treasury or commercial bank accounts;
      • (C) Allow searches of financial data in common format; and
      • (D)
        • (i) Be updated on a regular basis to present expenditure data for the current fiscal year and prior year's annual expenditures, starting with the 2013 fiscal year.
        • (ii) The website shall retain expenditure data for each state fiscal year, starting with the 2013 fiscal year, until ten (10) such years are available, after which the website shall retain at least ten (10) years of expenditure data.
  • (b) Revenue shall be reported at the state agency level by:
    • (1) The source of funding, including without limitation donations and gifts;
    • (2) General ledger codes as defined by rule of the department; and
    • (3) Year to date.
  • (c) A state agency shall report information on expenditures by:
    • (1) Budget classification;
    • (2) General ledger code as defined by rule of the department;
    • (3) Year to date; and
    • (4) Vendor.
  • (d) A state agency shall report information on compensation of state employees by:
    • (1) Agency;
    • (2) Employee name;
    • (3) Title;
    • (4) Position number; and
    • (5) Annual salary.
  • (e) A state agency shall report information on bonded indebtedness by the:
    • (1) Original obligation amount or principal;
    • (2) Original interest rate;
    • (3) Statutory authority for the debt;
    • (4) Issuance date and description, including without limitation whether the current issuance is an original issue or a reissue of indebtedness;
    • (5) Term of the obligation;
    • (6) Source of funding for repayment; and
    • (7) Remaining principal.
  • (f) Information regarding payments to city and county governments shall be provided in a manner prescribed by rule of the department.
  • (g) A state agency shall report information on contracts by the:
    • (1) Date of contract;
    • (2) Vendor;
    • (3) Estimated total contract value; and
    • (4) Type of contract, whether professional services, commodities, capital outlay, or other type of contract.
  • (h) The department may promulgate rules to implement this section, including without limitation rules concerning the reporting of additional information under this section.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.