Current Status Bill Number:561 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950222 Primary Sponsor:Finance Committee SF 06 All Sponsors:Finance Committee Drafted Document Number:JIC\5450HTC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Highway Fund
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19950301 Introduced, read first time, 30 HWM
referred to Committee
Senate 19950228 Read third time, sent to House
Senate 19950223 Read second time, notice of
general amendments
Senate 19950222 Introduced, read first time,
placed on Calendar without reference
View additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
INTRODUCED
February 22, 1995
S. 561
S. Printed 2/22/95--S.
Read the first time February 22, 1995.
1. Estimated Cost to State-First Year$-N/A-
2. Estimated Cost to State-Annually Thereafter$-N/A-
Senate Bill 58 would amend Section 57-11-20 (A), as amended, of the South Carolina Code of Laws, 1976, relating to the State Highway Fund so as to require interest earned from the fund be deposited in the fund.
The State Treasurer's office estimates that the total funds on deposit at any one time for credit to the Department of Transportation earn approximately $11 million in interest that is now deposited into the General Fund of the State.
The total funds on deposit are composed of the following funds and balances:
State Highway Fund $ 66.9 million
"C" Fund $115.8 million
Economic Development Fund $ 24.0 million
If this bill is enacted which only designates the State Highway Fund, it is estimated there would be an annual loss of $3.7 million of revenue to the general fund.
It should be noted there is potential loss of additional revenue to the State because there is no statutory requirement for the funds collected and apportioned to the counties, "C" funds, to remain on deposit with the State Treasurer. At this time six counties withdraw their funds collected and apportioned to them. Should the remaining counties elect to withdraw their funds, the State could lose an additional $6.4 million annually in interest.
Prepared By: Approved By:
Allan Kincaid George N. Dorn, Jr.
Chief Budget Analyst Director, Office of State Budget
TO AMEND SECTION 57-11-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE HIGHWAY FUND, SO AS TO REQUIRE INTEREST EARNED FROM THE FUND TO BE DEPOSITED IN THE FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 57-11-20(A) of the 1976 Code, as amended by Act 501 of 1992, is further amended to read:
"(A) All state revenues and state monies dedicated by statute to the operation of the department must be deposited into one fund to be known as the `state highway fund' and all federal revenues and federal monies must be deposited into the `federal aid highway fund'. These funds must be held and managed by the State Treasurer separate and distinct from the general fund, except as to monies utilized by the State Treasurer for the payment of principal or interest on state highway bonds as provided by law. Interest income from the state highway fund must be deposited to the credit of the state highway fund."
SECTION 2. This act takes effect July 1, 1995.