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TO AMEND SECTION 6-27-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE AID TO SUBDIVISIONS ACT, SO AS TO PROVIDE THAT BEGINNING WITH FISCAL YEAR 2014-2015, THE AMOUNT REQUIRED TO BE APPROPRIATED TO THE LOCAL GOVERNMENT FUND IS THE AMOUNT APPROPRIATED FOR FISCAL YEAR 2013-2014, INCREASED ANNUALLY AND CUMULATIVELY BY THE INCREASE IN THE CONSUMER PRICE INDEX AND TO PROVIDE THAT THE DIFFERENCE BETWEEN THE AMOUNT REQUIRED TO BE APPROPRIATED ANNUALLY TO THE LOCAL GOVERNMENT FUND AND FOUR AND ONE-HALF PERCENT OF STATE GENERAL FUND REVENUES IN THE LATEST STATE FISCAL YEAR MUST BE CREDITED TO THE STATE HIGHWAY FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-27-30 of the 1976 Code is amended to read:
"Section 6-27-30. (A) In the annual general appropriations act, an amount equal to not less than four and one-half percent of general fund revenues of the latest completed fiscal year the amount appropriated to that fund for fiscal year 2013-2014, must be appropriated to the Local Government Fund, increased annually and cumulatively by an inflation factor equal to the percentage increase in the consumer price index, southeast region, in the most recently completed state fiscal year, based on consumer price data published by the United States Department of Labor, Bureau of Labor Statistics.
(B) The difference in the amount required to be appropriated to the Local Government Fund as provided pursuant to subsection (A) and four and one-half percent of state general fund revenues in the latest completed fiscal year must be credited to the State Highway Fund as provided pursuant to Section 57-11-20. Amounts credited to the State Highway Fund pursuant to this subsection must not be included in the general fund of the State for any purpose of estimating state general fund revenues or funding formulas in which general fund revenues are a factor."
SECTION 2. This act takes effect July 1, 2013, and first applies for amounts appropriated to the Local Government Fund for state fiscal years beginning after June 30, 2014.
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