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| What is the total amount of South Carolina's state budget? |
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For Fiscal Year 2008-2009, the total state budget is $20.9 billion, of which $6.7 billion is from General Funds:
General Funds 6,735,714,190
Federal Funds 7,094,258,829
Other Funds 7,028,242,724
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Total $ 20,858,215,743
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49.5% of General Funds are appropriated for K-12 and higher education. Health and social rehabilitation agencies received 24.6% of the General Funds appropriated; from all funding sources however, health and social rehabilitation agencies received 41.4%.
(See the attached files for more details.) |
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 PDF File - Chart - General Funds
PDF File - Chart - All Funding Sources
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| What are the sources of General Fund revenue? |
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Over 88% of South Carolina's General Fund revenue comes from income and retail sales taxes.
(See the attached file for a detailed chart.) |
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PDF File - Chart - General Fund Revenue Sources
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| Does South Carolina have a rainy day fund? |
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Yes, South Carolina has two "rainy day" funds:
The General Reserve Fund balance must equal 3% of General Fund revenue and may be withdrawn only for the purpose of covering operating deficits. If amounts are withdrawn from the Reserve Fund, the South Carolina Constitution provides a schedule for restoring the Reserve within three years. For Fiscal Year 2007-2008, the General Reserve had a balance of $186.8 million; however, this balance was reduced by $91.7 million to cover the year-end deficit. The balance remaining in the General Reserve Fund as of June 30, 2008 was $95.1 million. The FY 2008-09 contribution to the General Reserve Fund was $13.0 million, for a current balance of $108,096,907.
The Capital Reserve Fund (CRF) is a recurring appropriation that must equal 2% of General Fund revenue. If a year-end deficit is forecast, the CRF is reduced to the extent necessary before mandating operating reductions. If no year-end deficit is projected, the CRF may be appropriated in separate legislation for capital improvements or nonrecurring projects. The FY 2007-08 Capital Reserve Fund appropriation is $124,520,532, but this balance was eliminated to help offset a year-end deficit. For FY 2008-2009, $133,170,058 was set-aside for the Capital Reserve Fund. However, on August 12, 2008, the Budget and Control Board eliminated this balance in response to the Board of Economic Advisors' $140 million downward revision to estimated revenue collections for the current year. |
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| How many state employees are there? |
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As of July 2008, authorized positions from all sources of funding totaled 71,546 of which 62,910 were filled:
Source Authorized Filled
General Funds 37,367 34,692
Federal Funds 8,294 7,139
Other Funds 25,885 22,322
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Total 71,546 64,153
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| How much of the General Fund is spent on education? |
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For FY 2008-2009, over $3.3 billion, or 49.5% of the General Fund, is appropriated for educational initiatives in South Carolina.
The K-12 education General Fund appropriation is $2,441,044,733 for FY 2008-2009. In addition to the General Fund appropriation, one cent of South Carolina's sale tax (or $644,714,375) is earmarked for K-12 education.
The FY 2008-2009 General Fund appropriation for South Carolina's colleges and universities totals $891,429,884.
Other educational agencies in South Carolina are appropriated $75,648,395 from the General Fund.
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In addition to the General Fund, appropriations from South Carolina's Education Lottery Account total $260,722,729 for FY 2008-2009. Of this amount, $49,614,527 is earmarked for K-12 education, $202,508,202 is earmarked for higher education. |
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