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TO AMEND SECTION 6-27-30 OF THE 1976 CODE, RELATING TO FUNDING OF THE LOCAL GOVERNMENT FUND FROM GENERAL FUND REVENUES, TO REMOVE THE REQUIREMENT THAT NOT LESS THAN FOUR AND ONE-HALF PERCENT OF GENERAL FUND REVENUES MUST BE APPROPRIATED, AND TO PROVIDE THAT APPROPRIATIONS MUST BE MADE BETWEEN NOT LESS THAN THE ALLOCATION RATIO OF THE LATEST FISCAL YEAR OR THE AVERAGE OF THE ALLOCATION RATIO OF THE FIVE LATEST FISCAL YEARS, OR HIGHER; AND TO PROVIDE FOR THE DEFINITION OF ALLOCATION RATIO.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 27, Title 6 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 must be appropriated appropriations to the Local Government Fund must be made between one of the following levels or higher:
(1) not less than the allocation ratio of the latest completed fiscal year; or
(2) the average of the allocation ratio of the five latest completed fiscal year.
(B) For the purposes of this section, 'allocation ratio' means four and one-half percent of general fund revenues."
SECTION 2. This act takes effect upon approval by the Governor.
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