Download This Bill in Microsoft Word format
A156, R205, H3847
STATUS INFORMATION
General Bill
Sponsors: Rep. Harrell
Document Path: l:\council\bills\gjk\20325sd05.doc
Introduced in the House on April 5, 2005
Introduced in the Senate on April 18, 2005
Last Amended on June 2, 2005
Passed by the General Assembly on June 2, 2005
Governor's Action: June 10, 2005, Signed
Summary: General Reserve Fund
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
-------------------------------------------------------------------------------
4/5/2005 House Introduced and read first time HJ-9
4/5/2005 House Referred to Committee on Ways and Means HJ-10
4/13/2005 House Committee report: Favorable Ways and Means HJ-4
4/14/2005 House Read second time HJ-19
4/14/2005 House Unanimous consent for third reading on next legislative
day HJ-20
4/15/2005 House Read third time and sent to Senate HJ-2
4/18/2005 Senate Introduced and read first time SJ-22
4/18/2005 Senate Referred to Committee on Finance SJ-22
5/25/2005 Senate Committee report: Favorable with amendment Finance SJ-32
5/26/2005 Senate Amended SJ-338
5/31/2005 Senate Amended SJ-45
6/1/2005 Senate Read second time SJ-28
6/2/2005 Senate Amended SJ-113
6/2/2005 Senate Read third time and returned to House with amendments
SJ-113
6/2/2005 House Concurred in Senate amendment and enrolled HJ-163
6/6/2005 Ratified R 205
6/10/2005 Signed By Governor
6/15/2005 Copies available
6/15/2005 Effective date See Act for Effective Date
6/16/2005 Act No. 156
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
4/5/2005
4/13/2005
5/25/2005
5/26/2005
5/31/2005
6/2/2005
(A156, R205, H3847)
AN ACT TO AMEND SECTION 11-11-320, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, 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; BY ADDING SECTION 11-11-350 SO AS TO PROVIDE THAT 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, 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; TO AMEND SECTION 12-36-2120, RELATING TO EXEMPTIONS FROM THE SALES TAX, SO AS TO REQUIRE THE FUNDS RECEIVED AS REVENUE FROM THE SALE OF CERTAIN MATERIALS OR REIMBURSEMENTS FOR THE COST OF PROVIDING CERTAIN SUPPLIES MUST BE REMITTED TO THE STATE TREASURER AS COLLECTED, AND TO PROVIDE FOR A RETROACTIVE EFFECT OF THIS PROVISION TO JULY 1, 2003, AND TO PROVIDE THAT BEGINNING JULY 1, 2006, THE FIRST TEN PERCENT OF ANY SURPLUS GENERAL FUND REVENUES MUST BE APPLIED TO FULLY RESTORE ALL FUNDS PREVIOUSLY TRANSFERRED AND APPROPRIATED FROM ANY EARMARKED OR RESTRICTED ACCOUNTS IN THE STATEWIDE ACCOUNTING AND REPORTING SYSTEM (STARS), AND TO FURTHER IDENTIFY SUCH ACCOUNTS AND PROVIDE PROCEDURES FOR THIS RESTORATION.
Be it enacted by the General Assembly of the State of South Carolina:
When appropriations effective
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 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."
Availability of funds and revenues
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."
Suspension of appropriations
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."
Estimates and planning
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."
Remittance required
SECTION 5. A. Section 12-36-2120(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 working days from the date of the receipt of any such funds."
B. This section takes effect upon approval by the Governor and applies to all funds collected on or after July 1, 2003.
When appropriations effective
SECTION 6. 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 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."
Application of surplus general fund revenues
SECTION 7. A. The first ten percent of any surplus General Fund Revenues must be applied to fully restore all funds previously transferred and appropriated from any earmarked or restricted accounts in the Statewide Accounting and Reporting System (STARS). The trust accounts and subfunds that are the subject of this section are included among those identified in (a) Part 1B, Section 72.109 of the 2001-02 Appropriations Act; (b) Part 1B, Sections 72.97 and 72.98, and the Hazardous Waste Fund as provided in Section 9.46 of Part IB, all in the 2002-03 Appropriations Act; (c) Part 1B, Section 73.2 of the 2003-04 Appropriations Act; and (d) Part 1B, Section 73.8 of the 2004-05 Appropriations Act. From among the accounts and subfunds identified within these Appropriations Act sections, the Waste Tire Grant Trust Fund, the Solid Waste Management Trust Fund, and the Recreation Land Trust Fund must be designated for fund restoration in the same manner as those designated as trust accounts pursuant to STARS. The Office of State Budget shall certify each fiscal year the accounts and subfunds that must be replenished and the amount that must be restored to each of the designated accounts and subfunds. All of the funds previously transferred out of these trust accounts beginning in fiscal year 2001-02 shall be restored to each trust account on a pro rata basis.
B. This section takes effect July 1, 2006, and applies to any surplus general fund revenues reported by the Comptroller General beginning in fiscal year 2006-2007 and thereafter.
Time effective
SECTION 8. This act takes effect upon approval by the Governor.
Ratified the 6th day of June, 2005.
Approved the 10th day of June, 2005.
This web page was last updated on Friday, December 4, 2009 at 3:44 P.M.