Download This Version in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
AMENDED
May 31, 2005
H. 3847
S. Printed 5/31/05--S.
Read the first time April 18, 2005.
TO AMEND SECTION 11-11-310, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE GENERAL RESERVE FUND, SO AS TO PROVIDE THAT THE GENERAL RESERVE FUND SHALL CONSIST NOT ONLY OF THREE PERCENT OF THE GENERAL FUND REVENUE OF THE LATEST COMPLETED FISCAL YEAR BUT ALSO THE FIRST TEN PERCENT OF ANY SURPLUS GENERAL FUND REVENUES ACCRUING FOR ANY FISCAL YEAR; TO AMEND SECTION 11-11-320, RELATING TO THE CAPITAL RESERVE FUND, SO AS TO REVISE WHEN APPROPRIATIONS FROM THE CAPITAL RESERVE FUND TAKE EFFECT; BY ADDING SECTION 11-11-335 SO AS TO PROVIDE THAT BEGINNING JULY 1, 2005, SURPLUS GENERAL FUND REVENUES FOR ANY FISCAL YEAR NOT OTHERWISE OBLIGATED AND APPROPRIATIONS TO THE CAPITAL RESERVE FUND ARE DEEMED TO HAVE OCCURRED AND ARE AVAILABLE FOR EXPENDITURE AFTER SEPTEMBER FIRST OF THE NEXT FISCAL YEAR AND AFTER THE STATE'S FINANCIAL BOOKS FOR THE PREVIOUS FISCAL YEAR HAVE BEEN CLOSED; BY ADDING SECTION 11-11-345 SO AS TO PROVIDE THAT BEGINNING JULY 1, 2006, IF THE COMPTROLLER GENERAL DETERMINES UPON THE CLOSING OF THE STATE'S FINANCIAL BOOKS FOR A FISCAL YEAR THAT THE STATE HAS A NEGATIVE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FUND BALANCE (GAAP FUND DEFICIT), ANY APPROPRIATIONS CONTAINED IN A GENERAL OR SUPPLEMENTAL APPROPRIATIONS ACT WHICH EXPENDS SURPLUS GENERAL FUND REVENUES OR IN A CAPITAL RESERVE FUND APPROPRIATIONS ACT TO BE EFFECTIVE DURING THE NEXT FISCAL YEAR ARE SUSPENDED AND MUST BE USED TO THE EXTENT NECESSARY TO OFFSET THE GAAP FUND DEFICIT IN THE MANNER THE GENERAL ASSEMBLY SHALL PROVIDE; AND BY ADDING SECTION 11-11-350 SO AS TO PROVIDE THAT EACH STATE AGENCY, DEPARTMENT, INSTITUTION, OR ENTITY RECEIVING IN THE AGGREGATE THREE PERCENT OR MORE OF THE STATE'S GENERAL FUND APPROPRIATIONS FOR ANY FISCAL YEAR SHALL PROVIDE TO THE OFFICE OF STATE BUDGET AN ESTIMATE OF ITS PLANNED GENERAL FUND EXPENDITURES FOR THE NEXT THREE FISCAL YEARS, AND TO PROVIDE THAT THIS DATA, IN CONJUNCTION WITH THE BOARD OF ECONOMIC ADVISORS' LONG-TERM REVENUE ESTIMATE, SHALL BE COMPILED BY THE OFFICE OF STATE BUDGET INTO A THREE-YEAR FINANCIAL PLAN THAT WILL ASSIST THE STATE IN DETERMINING AND PLANNING FOR ITS LONG-TERM FINANCIAL COMMITMENTS.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-11-320(D)(1) of the 1976 Code, as last amended by Act 385 of 1988, is further amended to read:
"(D)(1) Any appropriation of monies from the Capital Reserve Fund as provided in subsection (C) of this section must be ranked in priority of expenditure and is effective thirty days after completion of the fiscal year on September first of the following fiscal year. If it is determined that the fiscal year has ended with an operating deficit, then the monies appropriated from the Capital Reserve Fund must be reduced by the State Budget and Control Board based on the rank of priority, beginning with the lowest priority, to the extent necessary and applied by the board to the year-end operating deficit before withdrawing monies from the General Reserve Fund."
SECTION 2. Chapter 11, Title 11 of the 1976 Code is amended by adding:
"Section 11-11-335. Beginning July 1, 2005, surplus General Fund Revenues for any fiscal year not otherwise obligated and appropriations to the Capital Reserve Fund are deemed to have occurred and are available for expenditure after September first of the next fiscal year and after the state's financial books for the previous fiscal year have been closed."
SECTION 3. Chapter 11, Title 11 of the 1976 Code is amended by adding:
"Section 11-11-345. (A) Beginning July 1, 2006, if the Comptroller General determines upon the closing of the state's financial books for a fiscal year that the State has a negative Generally Accepted Accounting Principles Fund balance (GAAP Fund Deficit), any appropriations contained in a general or supplemental appropriations act which expends surplus general fund revenues or in a Capital Reserve Fund appropriations act to be effective during the next fiscal year are suspended and must be used to the extent necessary to offset the GAAP Fund Deficit in the manner the General Assembly shall provide.
(B) A negative GAAP Fund balance is defined as the amount remaining after subtracting all state liabilities and reserve funds from state assets on an accrual basis."
SECTION 4. Chapter 11, Title 11 of the 1976 Code is amended by adding:
"Section 11-11-350. Each state agency, department, institution, or entity receiving in the aggregate one percent or more of the state's general fund appropriations for any fiscal year shall provide to the Office of State Budget an estimate of its planned general fund expenditures for the next three fiscal years. This data, in conjunction with the Board of Economic Advisors' long-term revenue estimate, must be compiled by the Office of State Budget into a three-year financial plan that will assist the State in determining and planning for its long-term financial commitments. The plan must be updated annually and prepared for submission to the State Budget and Control Board, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate during the second quarter of each fiscal year."
SECTION 5. A. Section 12-36-3120(61) of the 1976 Code is amended to read:
"(61) copies of or access to legislation or other informational documents provided to the general public or any other person by a legislative agency when a charge for these copies is made reflecting the agency's cost of the copies. Funds received as revenue from the sale of materials or as reimbursements for the cost of providing certain supplies or services or refunds must be remitted to the State Treasurer as collected, but in no event later than twelve (12) working days from the date of the receipt of any such funds."
B. This section takes effect upon approval of the Governor and applies to all funds collected on or after July 1, 2003.
SECTION 6. This act takes effect upon approval by the Governor.
This web page was last updated on Tuesday, June 23, 2009 at 2:29 P.M.