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TO AMEND SECTION 6-27-30 OF THE 1976 CODE, RELATING TO THE FUNDING OF THE LOCAL GOVERNMENT FUND FROM GENERAL FUND REVENUES, TO DELETE THE REQUIREMENT THAT NOT LESS THAN FOUR AND ONE-HALF PERCENT OF GENERAL FUND REVENUES MUST BE APPROPRIATED, AND TO PROVIDE THAT APPROPRIATIONS MUST BE NO LESS THAN THE GREATER OF THE ALLOCATION RATIO OF THE LATEST FISCAL YEAR OR THE AVERAGE OF THE ALLOCATION RATIO OF THE LAST FIVE FISCAL YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-27-30 of the 1976 Code is amended to read:
"Section 6-27-30. (A) Each year in In the annual general appropriations act, an amount equal to not less than four and one-half percent of general fund revenues of the latest completed fiscal year must be appropriated the General Assembly must appropriate to the Local Government Fund no less than the greater of:
(1) the allocation ratio of the latest completed fiscal year; and
(2) the average of the allocation ratio of the last five completed fiscal years.
(B) For purposes of this section, 'allocation ratio' means four and one-half percent of general fund revenues."
SECTION 2. This act takes effect upon approval by the Governor and first applies to the annual general appropriations act for Fiscal Year 2020-2021.
This web page was last updated on December 12, 2018 at 3:04 PM