Joint Budget Committee

All right members you get to your seats we're going to start a minute. I recall the Joint Budget Committee to order. Of first item on the agenda is B.. Representative Cavenaugh has a special language reporters Cavenaugh off you're recognized thank you Mr chair your special language could subcommittee met on Thursday March the eleventh and makes the following recommendations to the Joint Budget Committee the special language in the following bill is recommended and approved to be released from special language S. B. three ninety eight the following amendments are recommended for approval and released from the subcommittee H. B. twelve all six and SB one five eight thank you. Motion to adopt make a motion to adopt we have a motion to adopt special language we have a second we have a second any discussion. All in favor say aye opposed. Next item on the agenda is B. two. Transaction. Thank you Mr chairman. Ida B. two is a report regarding fiscal agency activities for the Arkansas agriculture department forestry division this is reporting only Mr. Any questions on the report. Ported reviewed. Adam three of the Arkansas state police Mr Anderson. Yes Sir if this is regarding the activity and condition of the uniformed health insurance plan this is also reporting only is required to special language. Any questions on the report Arkansas state police. If not it is filed. Adam for the rainy day fund expenditure transaction. Mr chairman this is a new report as required by Act two eighty eight and it's just been acted. To report all expenditures transfers in agreed upon commitments from the rainy day fund. On page two are those commitments listed. Red printer. Good morning thank you Mr file with respect to the one million nine hundred fifty thousand dollars I'm not familiar with the programs will soon Mr bleed up here talk about that thank you. If you identify yourself. The Gigli DFA office of budget and with the chairs permission of like jim Hudson from the department of commerce to join me if you would identify himself. Jim Dotson deputy director ADC. So these are programs and I'll let him speak the details but these are programs that have been funded through a one time money G. I. F. or other the rainy day funds for sometime but there are on going on obligations from a budget perspective the various programs that help develop I. T. tech. The start up programs provide start up or or venture capital I guess is how I think about it is this is going to fund these operations to the remainder of the fiscal year and then they'll be funded to general revenue. rainy day still next year and in general revenue to fall in twenty three yes Sir. When but Mr Hudson community great job the details on what the different pieces of that are. Riveters record give me another question yes I I would like specifically to know what fintech deals ten X. zero I'm I'm not familiar with those sure enough and innovate Arkansas please sure you have an explanation so again fintech ten X. in fuel these are xcelerated us and the purpose of an excel represents statutory program xcelerated is I think it is an incubator it is a cohort based program that brings early stage companies together so they can be mentor by other companies are already kind of move through of the revenue maturation process and so it's really a way to grow businesses in Arkansas to help them kind of you get their feet and anything so to speak fintech is focused on financial technology FIS is a company is based in little rock is a co sponsor with that that's the successor to systematics which is a great text or you're in Arkansas also just helps businesses develop a financial technology products for the industry a ten X. is run out of Conway with the conductor stellarator the the objective with ten X. is too little to help a company grow its revenue stream ten times so go from that early stage hundred thousand dollars a year in revenue up to ten million dollars a year in revenue so mentoring is is a big part of that in fuel is run out of northwest Arkansas with start of junkie it is meant to match machine learning in a I companies with the potential fortune five hundred customers so it's run again out of northwest Arkansas again County court based incubator type program and then innovate Arkansas is a run via when rock it really it's a again another opportunity to mentor companies and help them to kind of move further along with development cycle as a business. Following the center going up do you have a list of the companies that these different of programmers and several writers assisting do you have that information I don't have it today that week we can pull it together so did you have any idea how many that we're talking about well anyway Arkansas would be many many many dozens it's it's been around for for a while in terms of fuel intent acts in in fintech I hate to speculate on that. All right I would like to see you know who what companies are being assisted by these programs I'm going. Projects for expenses is that right. Yes Sir they are the accelerators are ongoing in the on going for a few years their statutory programs and they have not had general revenue I dedicate to them we've historically used one time funds to use GIS funds for that I miss those funds depleted we begin using rainy day funds that's true for this fiscal year be true for next fiscal year as well and then you know with the legislatures permission switching over general revenue after that switching over general revenue for year twenty twenty three twenty three that's correct so plan on doing that and the fiscal session or what we plan on that's part of a proposed budget presently okay it is the second year increase yes. Okay is it something that we should consider taking through you care of I mean these are ongoing we're trying to get away from these. One time funds being used for ongoing projects but a big discussion I think legislature the you're saying these are ongoing there's a commitment that's already been made to each one of these entities are going to get the amount for representative Cavenaugh think it was yes Sir of each one of those okay thank you. Senator hill you're recognized. Wait a minute walkaround. Senator Rapert you're recognized the. Thank you Mr I was clear if if they're going to make that information available representative Cavenaugh and others or you can make not make that to the Joint Budget Committee. Information available Senate staff thank you. We'll get it to you Senate bill did you have something. There was your question okay. Any other questions. Roark ready they will be reviewed thank you. Thank you Mr chairman we are on item C. one this is an amendment by Senator Clark two Senate bill one eleven department of education this does have a new position will send that to personnel. Mr chairman that takes us to governor's letter number fourteen. Governor's letter number fourteen and your packets. This is an amendment to house bill twelve nineteen department of labor licensing for the H. FAQ licensing board for additional appropriation authority to provide them sufficient appropriation operating expenses payable and other fees and fines. Okay members this is not here to generate a new set of. fees out of the agency is twenty five thousand dollar increase and they have sufficient funds any questions. The motion a motion and a second any discussion all in favor say aye opposed. Transaction. Thank you Mr chairman that takes governor's letter number fifteen amendment to Senate bill fifty one apartment Veterans Affairs this does have a position change personnel. Governor's letter number sixteen also has position changes part of health Senate personnel. Sturman that's all we have ordered House or Senate bill ready members we still got some holds of. If you need any help contact beer Senator Dismang if agencies are talking to you will certainly help you. There is a special language meeting tomorrow morning at seven thirty in this room also our next budget meeting will be eight thirty thirsty appreciate good work we're Journal. Thank you John.