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COMMITTEE AMENDMENT ADOPTED
February 26, 2019
S. Printed 2/26/19--S.
Read the first time January 8, 2019.
TO AMEND TITLE 11 OF THE 1976 CODE, RELATING TO PUBLIC FINANCE, BY ADDING CHAPTER 60, TO ENACT THE "SOUTH CAROLINA PAY FOR SUCCESS PERFORMANCE ACCOUNTABILITY ACT", TO ESTABLISH THE TRUST FUND FOR PERFORMANCE ACCOUNTABILITY TO FUND PAY-FOR-SUCCESS CONTRACTS, WHEREBY THE STATE CONTRACTS WITH A PRIVATE-SECTOR ORGANIZATION TO ACHIEVE SPECIFICALLY DEFINED MEASUREABLE OUTCOMES IN WHICH THE STATE PAYS ONLY TO THE EXTENT THAT THE DESIRED OUTCOMES ARE ACHIEVED.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act is known and may be cited as the "South Carolina Pay for Success Performance Accountability Act."
SECTION 2. Title 11 of the 1976 Code is amended by adding:
Section 11-60-10. For the purposes of this chapter, 'pay-for-success contract' means an agreement in which the State contracts with a private-sector organization to achieve specifically defined measureable outcomes for a given population over a certain period of time and in which the State pays only to the extent that the desired outcomes are achieved, as determined by an independent assessor.
Section 11-60-20. There is established in the State Treasury the trust fund for performance accountability for the purpose of funding pay-for-success contracts to improve outcomes and lower costs for government services. The State Treasurer is the trustee and administrator of the trust fund, which must be maintained separately from the general fund of the State and all other funds
Section 11-60-30. (A) Annually, on or before February first, every state department, board, commission, committee, agency, or authority that has entered into a pay-for-success contract shall provide a status report for its outstanding pay-for-success contracts, provided that each contract's procurement is compliant with the procurement code governing procurements made by the state department, board, commission, committee, agency, or authority.
(B) Status reports pursuant to subsection (A) must be provided to the Governor, the Chairman of the Senate Finance Committee, and the Chairman of the House of Representatives Ways and Means Committee.
(C) In status reports to the Governor and the General Assembly pursuant to subsection (A), the Board of Economic Advisors shall account for the trust fund revenue separately from general fund revenues.
(D) The State Treasurer is authorized to receive funds from other governmental entities if those funds are subject to a valid pay-for-success contract. The State Treasurer shall make payments from the trust fund in accordance with the terms and conditions of the pay-for-success contracts."
SECTION 3. This act takes effect upon approval by the Governor.
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