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10-4-410. Audit costs.
Arkansas Code — all titles (historical 2020) · legal_authorities
10-4-410. Audit costs.
(a)(1) The Legislative Auditor shall cause to be maintained a sufficient accounting of the audit costs incurred by Arkansas Legislative Audit in auditing entities of the state and political subdivisions of the state.
(2) The audit costs shall provide a basis for determining a reasonable reimbursement from entities of the state and political subdivisions of the state for the cost of auditing federal funds received by these entities.
(b)(1) The administrative cost of auditing political subdivisions of the state shall be paid from the Ad Valorem Tax Fund as prescribed by § 19-5-906.
(2) If these taxes or any part thereof are no longer collected or deposited into the State Treasury or if there is a diminution in these taxes, then the operating cost of auditing the political subdivisions of the state incurred by Arkansas Legislative Audit shall be paid from other moneys deposited into the General Revenue Fund Account of the State Apportionment Fund.
(3) As soon as practical after the close of each fiscal year, the Legislative Auditor shall certify to the Chief Fiscal Officer of the State the amount of funds expended during the fiscal year just ending which is to be allocated to the state audit function and to the local audit function of Arkansas Legislative Audit.
(4) The Chief Fiscal Officer of the State shall utilize this certification in determining those expenses which are eligible to be reimbursed from the Ad Valorem Tax Fund.
(c) If it is determined by the Legislative Joint Auditing Committee that the reimbursement for the auditing of entities of the state is appropriate, the Legislative Auditor and the Secretary of the Department of Finance and Administration shall develop guidelines for effecting proper budgetary and accounting pr
Source: Arkansas Code — historical release 78 (November 6, 2020) · 10-4-410
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:10-4-410
Source file: gov.ar.code.title.10.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0b7dc9e894d0ebd046a6c44892d1d1a374ae29ac8260a4332f61b4a9bbe40074
Source location: content.xml paragraph 3842
Stored source content
10-4-410. Audit costs.
(a)(1) The Legislative Auditor shall cause to be maintained a sufficient accounting of the audit costs incurred by Arkansas Legislative Audit in auditing entities of the state and political subdivisions of the state.
(2) The audit costs shall provide a basis for determining a reasonable reimbursement from entities of the state and political subdivisions of the state for the cost of auditing federal funds received by these entities.
(b)(1) The administrative cost of auditing political subdivisions of the state shall be paid from the Ad Valorem Tax Fund as prescribed by § 19-5-906.
(2) If these taxes or any part thereof are no longer collected or deposited into the State Treasury or if there is a diminution in these taxes, then the operating cost of auditing the political subdivisions of the state incurred by Arkansas Legislative Audit shall be paid from other moneys deposited into the General Revenue Fund Account of the State Apportionment Fund.
(3) As soon as practical after the close of each fiscal year, the Legislative Auditor shall certify to the Chief Fiscal Officer of the State the amount of funds expended during the fiscal year just ending which is to be allocated to the state audit function and to the local audit function of Arkansas Legislative Audit.
(4) The Chief Fiscal Officer of the State shall utilize this certification in determining those expenses which are eligible to be reimbursed from the Ad Valorem Tax Fund.
(c) If it is determined by the Legislative Joint Auditing Committee that the reimbursement for the auditing of entities of the state is appropriate, the Legislative Auditor and the Secretary of the Department of Finance and Administration shall develop guidelines for effecting proper budgetary and accounting procedures for the reimbursements.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-906. Ad Valorem Tax Fund.
(a)(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Ad Valorem Tax Fund”.
(2) The Ad Valorem Tax Fund shall consist of those trust revenues derived from the ad valorem taxes as authorized by §§ 26-26-1614 — 26-26-1616 and § 26-26-1701 et seq.
(3) The Ad Valorem Tax Fund shall be used to reimburse the State Central Services Fund on account of expenditures made for local audits by Arkansas Legislative Audit and to the appropriate fund or fund account from which the Tax Division of the Arkansas Public Service Commission and the Assessment Coordination Department derive their support, there to be used to reimburse such fund or fund account for expenditures made by Arkansas Legislative Audit, the Tax Division of the Arkansas Public Service Commission, and the Assessment Coordination Department each fiscal year.
(b) All ad valorem tax moneys transferred to the appropriate fund or fund account from which the department derives its support, as required by subsection (a) of this section, remaining at the end of a fiscal year shall remain in the fund or fund account and shall be carried forward and made available to the department in the following fiscal year.
(c) In the event there are insufficient moneys available in the Ad Valorem Tax Fund to fully reimburse the appropriate funds or fund accounts, the Chief Fiscal Officer of the State shall transfer to each fund an amount based upon the following:
(1) Eighty percent (80%) to the State Central Services Fund for local audits by Arkansas Legislative Audit;
(2) Five percent (5%) to the appropriate fund or fund account from which the Tax Division of the Arkansas Public Service
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-906
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 19-5-906. This identifies an authority to review, not proof of applicability.