(a) Upon receiving funding for knowledge-based and high-technology job advancement, the Division of Science and Technology of the Arkansas Economic Development Commission shall ensure that the Arkansas Research Alliance meets at least annually to recommend the allocation and priorities of funding, funding ratios, and the maximum amounts to be made available among the particular programs to be supported under this chapter and that will accelerate the development of knowledge-based and high-technology jobs in Arkansas.
(b) The alliance may base its recommendations for investment and reinvestment on an analysis of the growth in the state's knowledge-based and high-technology jobs and associated wages and estimated individual state income tax revenue.
(c) The alliance's recommendations may be used to guide the preparation of budget requests by the division or budget requests by state agencies for the programs stated in § 15-3-503(b).
(d) (1) The Executive Director of the Arkansas Economic Development Commission, with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, may act on the alliance's recommendations.
(2) The governing body of each agency listed under § 15-3-503(b) may act on the alliance's recommendations for the programs listed in its area.
(3) The executive director shall report his or her actions to the Governor by June 30 of each year and shall forward copies of the report to the agencies included in the report's recommendations.
Section: Previous 15-3-502 15-3-503 15-3-505Last modified: November 15, 2016