S.C. Code § 11-11-325

Current through 2024 Act No. 225.

Section 11-11-325 - [See Note] Capital Reserve Fund must be reduced prior to midyear budget reductions

At any time during the current fiscal year, if the Board of Economic Advisors' revenue forecast projects that revenues for the current fiscal year will be less than appropriated expenditures for this year, the Director of the Executive Budget Office in mandating necessary cuts during the current fiscal year to eliminate the projected deficit must first reduce to the extent necessary the appropriation to the Capital Reserve Fund, prior to mandating any cuts in operating appropriation.

Added by 2022 S.C. Acts, Act No. 238 (HB 3346),s 2, eff. upon the ratification of an amendment to Section 36(B), Article III of the Constitution of this State to allow the Capital Reserve Fund to be used first to offset midyear budget reductions and raising the Capital Reserve Fund from two percent of the general fund revenue of the latest completed fiscal year to three percent of such revenues and first applies to the state fiscal year beginning thereafter.

Repealed by 2010 S.C. Acts, Act No. 152 (HB 3395), s 2, eff. upon ratification of an amendment to Section 36, Article III of the Constitution of this State authorizing its terms submitted to the electors of this State at the 2010 general election and first applicablefor the state fiscal year beginning after that date.

2022 Act No. 238, Section 3(B), provides as follows:

"[SECTION 3.](B) The provisions of SECTION 2 of this act take effect upon the ratification of an amendment to Section 36(B), Article III of the Constitution of this State to allow the Capital Reserve Fund to be used first to offset midyear budget reductions and raising the Capital Reserve Fund from two percent of the general fund revenue of the latest completed fiscal year to three percent of such revenues and first applies to the state fiscal year beginning thereafter."

The amendment was ratified on February 28, 2023, in 2023 Act No. 5 (S.381), Section 1.B.