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TO AMEND SECTION 11-11-310 OF THE 1976 CODE, RELATING TO THE GENERAL RESERVE FUND, TO INCREASE THE AMOUNT OF THE RESERVE FUND TO FOUR PERCENT OF THE GENERAL FUND REVENUE OF THE LATEST COMPLETED FISCAL YEAR; AND TO AMEND SECTION 11-11-320, RELATING THE CAPITAL RESERVE FUND, TO INCREASE THE AMOUNT OF THE RESERVE FUND TO THREE PERCENT OF THE GENERAL FUND REVENUE FOR THE LATEST COMPLETED FISCAL YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-11-310 of the 1976 Code is amended to read:
"Section 11-11-310. (A) The State Budget and Control Board shall provide for a General Reserve Fund. Funds accumulating in excess of the annual operating expenditures must be transferred to the General Reserve Fund and the transfer must continue to be made in succeeding fiscal years until the accumulated total in this reserve reaches an amount equal to three four percent of the general fund revenue of the latest completed fiscal year.
(B) If there is a year-end operating deficit, so much of the General Reserve Fund as is necessary must be used to cover the deficit. The amount so applied must be restored to the General Reserve Fund out of future revenues as provided in Section 36 of Article III of the Constitution of this State and out of funds accumulating in excess of annual operating expenditures as provided in this section until the three four percent maximum is again reached and actually maintained."
SECTION 2. Section 11-11-320(A) of the 1976 Code is amended to read:
"(A) The General Assembly, in the annual general appropriations act, shall appropriate, out of the estimated revenue of the general fund for the fiscal year for which the appropriations are made, into a Capital Reserve Fund, which is separate and distinct from the General Reserve Fund, an amount equal to two three percent of the general fund revenue of the latest completed fiscal year."
SECTION 3. This act takes effect upon approval by the Governor.
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