Current Status Introducing Body:Senate Bill Number:985 Primary Sponsor:Mullinax Committee Number:06 Type of Legislation:GB Subject:Political subdivisions, general fund balances Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5717.HC Introduced Date:May 14, 1991 Last History Body:Senate Last History Date:May 14, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Mullinax Type of Legislation:General Bill
Bill Body Date Action Description CMN
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985 Senate May 14, 1991 Introduced, read first time, 06
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-296, SO AS TO PERMIT POLITICAL SUBDIVISIONS OF THIS STATE, INCLUDING SCHOOL DISTRICTS, TO MAINTAIN AND CARRY FORWARD REASONABLE POSITIVE GENERAL FUND BALANCES FROM FISCAL YEAR TO FISCAL YEAR INCLUDING, BUT NOT LIMITED TO, THOSE YEARS IN WHICH PROPERTY WITHIN THE POLITICAL SUBDIVISION OR SCHOOL DISTRICT IS SUBJECT TO REASSESSMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-43-296. In accordance with Article X, Section 7(b) of the Constitution of this State, political subdivisions, including school districts, of this State shall prepare and maintain annual budgets which provide for sufficient income to meet estimated expenses for each fiscal year. Notwithstanding any other provision of law, political subdivisions, including school districts, of this State may maintain and carry forward reasonable positive general fund balances from fiscal year to fiscal year including, but not limited to, those years in which property within a political subdivision or school district is subject to reassessment."
SECTION 2. This act takes effect upon approval by the Governor.