Arkansas Code Title 14, Subtitle 3, Chapter 59 - Arkansas Municipal Accounting Law

• § 14-59-101 - Title.
  This chapter shall be known and cited as the "Arkansas Municipal Accounting Law".
• § 14-59-102 - Applicability.
  This chapter shall apply to all funds under the budgetary control of the council or board of directors of the various municipalities of this...
• § 14-59-103 - Exemption for Other Systems.
  (a) In the event any municipality feels its system of bookkeeping is such that it equals or exceeds the basic system prescribed by this...
• § 14-59-104 - Bank Accounts.
  (a) All municipalities of this state receiving state aid in the form of either turnback of general revenues or highways revenues shall maintain all...
• § 14-59-105 - Prenumbered Checks -- Electronic Funds Transfers.
  (a) All disbursements of municipal funds, except those described in this section and as noted in § 14-59-106, petty cash funds, are to be...
• § 14-59-106 - Petty Cash Funds.
  (a) Municipalities are permitted to establish petty cash funds, so long as the funds are maintained as set forth in this section.(b) (1) The...
• § 14-59-107 - Fixed Asset Records.
  (a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful...
• § 14-59-108 - Reconciliation of Bank Accounts.
  (a) (1) On a monthly basis, all municipalities shall reconcile their cash receipts and disbursements journals to the amount on deposit in banks. (2)...
• § 14-59-109 - Prenumbered Receipts.
  (a) All funds received are to be formally receipted at the time of collection or the earliest opportunity by the use of prenumbered receipts...
• § 14-59-110 - Cash Receipts Journals.
  (a) (1) Municipalities shall establish a cash receipts journal or an electronic receipts listing that shall indicate: (A) The receipt number; (B) The date...
• § 14-59-111 - Cash Disbursements Journals.
  (a) (1) Municipalities shall establish a cash disbursements journal or electronic check register that shall indicate the date, payee, check number or transaction number,...
• § 14-59-112, 14-59-113 - [Repealed.]
• § 14-59-114 - Maintenance and Destruction of Accounting Records.
  (a) Accounting records can basically be divided into the following three (3) groups: (1) (A) Support Documents. Support documents consist primarily of the following...
• § 14-59-115 - Duties of Municipal Treasurer.
  (a) Each municipal treasurer of this state or the designated representative that has been approved by the governing body shall submit a monthly financial...
• § 14-59-116 - Annual Publication of Financial Statement.
  (a) (1) The governing body of each municipality shall publish annually a financial statement of the municipality, including receipts and expenditures for the period...
• § 14-59-117 - Withholding of Turnback for Noncompliance.
  (a) (1) If Arkansas Legislative Audit determines that a municipal treasurer is not substantially complying with this chapter, Arkansas Legislative Audit shall report the...
• § 14-59-118 - Penalty.
  (a) Any municipal treasurer who refuses or neglects to maintain the books and records provided in this chapter shall be deemed guilty of malfeasance.(b)...

Last modified: November 15, 2016