(Doc Name H:\LEGWORK\HOUSE\AMEND\H-WM\007\EMPLOYEE BONUS.DOCX):
EXPLANATION: Direct $38.4M of FY 2018-19 excess debt service funds remaining after funding the $50m loan to the State Ports Authority for the Charleston Harbor Deepening Project be used to provide a one-time bonus for state employees making $50K or less.
Amend the bill, as and if amended, Part IB, Section 112, DEBT
SERVICE, page 455, paragraph 112.1, line 20-23, by striking the
proviso in its entirety and inserting:
/ 112.1. (DS: Excess
Debt Service) Excess Of the
excess debt service funds from
available in Fiscal Year 2016-17
2018-19 remaining after funding the State Ports Authority
loan related to the Charleston Harbor Deepening Project,
$38,400,000 must be carried forward and expended
in Fiscal Year 2017-18 transferred
to the F300 Employee Benefits and the Executive Budget Office is
directed to utilize these funds to provide an $1,800 one-time
bonus to state employees making $50,000 or less. Any remaining
excess debt service funds may be expended to pay down
general obligation bond debt for which the State (1) is paying
the highest rate of interest, (2) will achieve relief in
constrained debt capacity, or (3) reduce the amount of debt
issued. /
Renumber sections to conform.
Amend totals and titles to conform.