Ark. Code Ann. § 19-6-601

Federal grants, aids, and reimbursements shall consist of all funds granted to this state or any of its agencies under acts of the United States Congress or by any agency of the federal government. Such funds so received shall be considered as revenue of the fiscal year in which they are received. However, those moneys received during the month of July may be classified as revenues of the preceding fiscal year on the books of the Chief Fiscal Officer of the State upon investigation and subsequent determination by the Chief Fiscal Officer of the State that failure to do such would cause undue harm to the state or any of its agencies.