South Carolina General Assembly
116th Session, 2005-2006

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Bill 1026

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

February 1, 2006

S. 1026

Introduced by Senators Leatherman, Leventis, Setzler, Rankin, McGill, Short, Martin, Sheheen, Alexander, Anderson, Bryant, Campsen, Cleary, Courson, Cromer, Drummond, Elliott, Fair, Ford, Gregory, Grooms, Hawkins, Hayes, Hutto, Jackson, Knotts, Land, Lourie, Malloy, Matthews, McConnell, Mescher, Moore, O'Dell, Patterson, Peeler, Pinckney, Reese, Richardson, Ritchie, Ryberg, Scott, J. Verne Smith, Thomas, Verdin and Williams

S. Printed 2/1/06--H.

Read the first time January 19, 2006.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Joint Resolution (S. 1026) to appropriate from the General Fund of the State to the state's General Deposit Account fiscal year 2004-2005 surplus revenues in the amount of $104,934,400, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass with amendment:

Amend the joint resolution, as and if amended, by striking SECTION 1 and inserting:

/ SECTION    1.    (A)    There is appropriated from fiscal year 2004-2005 state general fund surplus revenues to the state's General Deposit Account an amount equal to $104,934,400 for the purpose of preventing an accumulated Generally Accepted Accounting Principles (GAAP) deficit in the general fund of the State in the amount of the funds appropriated. The Comptroller General shall adjust the state's accounts as appropriate to reflect this appropriation.

(B)    There is appropriated from fiscal year 2004-2005 state general fund surplus revenues to the State Department of Education an amount equal to $13,094,604 for school bus operations, to include the purchase of bus parts and fuel for the school bus fleet. Funds appropriated pursuant to this subsection not expended before July 1, 2006, must be carried forward into the succeeding fiscal year and used for the same purposes. /

Renumber sections to conform.

Amend title to conform.

DANIEL T. COOPER for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

See Below

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

Enactment of this bill would have no impact on state general fund expenditures, or on federal and/or other funds. Surplus FY 2004-05 funds would be transferred from the General Fund of the State into the General Deposit Account upon enactment

SPECIAL NOTES:

The Board of Economic Advisors is the appropriate entity to address any revenue impact associated with this bill.

Approved By:

Don Addy

Office of State Budget

A JOINT RESOLUTION

TO APPROPRIATE FROM THE GENERAL FUND OF THE STATE TO THE STATE'S GENERAL DEPOSIT ACCOUNT FISCAL YEAR 2004-2005 SURPLUS REVENUES IN THE AMOUNT OF $104,934,400 FOR THE PURPOSE OF PREVENTING AN ACCUMULATED GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) GENERAL FUND DEFICIT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    (A)    There is appropriated from fiscal year 2004-2005 state general fund surplus revenues to the state's General Deposit Account an amount equal to $104,934,400.

(B)    The appropriation made pursuant to subsection (A) of this section is for the purpose of preventing an accumulated Generally Accepted Accounting Principles (GAAP) deficit in the general fund of the State in the amount of the funds appropriated. The Comptroller General shall adjust the state's accounts as appropriate to reflect this appropriation.

SECTION    2.    This joint resolution takes effect upon approval by the Governor.

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