S 659 Session 110 (1993-1994)
S 0659 General Bill, By Passailaigue
A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
12-43-292 so as to prohibit a political subdivision of the State, including a
school district in a reassessment year from increasing its budget more than
four percent over the prior year's budget, to exclude debt service from the
limitation, to require the State Treasurer to withhold twenty percent of all
State aid otherwise due a political subdivision violating the limitation, and
to provide that the Division of Research and Statistical Service shall review
budgets of political subdivisions in a county undergoing reassessment and
certify to the State Treasurer any political subdivisions failing to meet the
limit.
04/08/93 Senate Introduced and read first time SJ-3
04/08/93 Senate Referred to Committee on Finance SJ-3
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976,
BY ADDING SECTION 12-43-292 SO AS TO PROHIBIT A
POLITICAL SUBDIVISION OF THE STATE, INCLUDING A
SCHOOL DISTRICT IN A REASSESSMENT YEAR FROM
INCREASING ITS BUDGET MORE THAN FOUR PERCENT OVER
THE PRIOR YEAR'S BUDGET, TO EXCLUDE DEBT SERVICE
FROM THE LIMITATION, TO REQUIRE THE STATE TREASURER
TO WITHHOLD TWENTY PERCENT OF ALL STATE AID
OTHERWISE DUE A POLITICAL SUBDIVISION VIOLATING THE
LIMITATION, AND TO PROVIDE THAT THE DIVISION OF
RESEARCH AND STATISTICAL SERVICES SHALL REVIEW
BUDGETS OF POLITICAL SUBDIVISIONS IN A COUNTY
UNDERGOING REASSESSMENT AND CERTIFY TO THE STATE
TREASURER ANY POLITICAL SUBDIVISIONS FAILING TO
MEET THE LIMIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is
amended by adding:
"Section 12-43-292. (A) In addition to any other limitations
provided by law, the annual budget for a political subdivision of the
State, including a school district, for a fiscal year beginning in a
reassessment year may not exceed the entity's budget for the previous
year by more than four percent. This limitation does not apply to that
portion of the budget used for debt service.
(B) If a political subdivision of the State fails to meet the
reassessment year budget limit provided in subsection (A) of this
section, the State Treasurer shall withhold twenty percent of state aid
otherwise due the political subdivision in the applicable fiscal year. The
Division of Research and Statistical Services of the State Budget and
Control Board shall examine the budgets of political subdivisions in a
county in which a reassessment and equalization plan takes effect and
certify to the State Treasurer any political subdivision failing to meet the
limit imposed pursuant to subsection (A) of this section."
SECTION 2. This act takes effect January 1, 1994.
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