(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.
HISTORY: 2005 Act No. 156, Section 3.
Structure South Carolina Code of Laws
Chapter 11 - State Budget System
Section 11-11-15. Budget functions devolved on Governor; Budget Office to assist.
Section 11-11-20. Information to be secured by Governor.
Section 11-11-30. Annual estimates.
Section 11-11-40. Annual statements from Comptroller General.
Section 11-11-50. Comptroller General shall furnish annual estimate of needs of State.
Section 11-11-70. Budgets submitted to General Assembly.
Section 11-11-80. Statements, balance sheet, and general survey to accompany budget.
Section 11-11-100. General Assembly may amend budget bill.
Section 11-11-110. Expenses of certain committee chairmen of the General Assembly.
Section 11-11-155. Homestead Exemption Fund established.
Section 11-11-156. Reimbursement of school districts from Homestead Exemption Fund.
Section 11-11-157. Reallocation of local option sales tax.
Section 11-11-170. Use of revenues payable pursuant to Master Settlement Agreement.
Section 11-11-190. Transfer of funds to offset deficits.
Section 11-11-220. Contingency Reserve Fund established.
Section 11-11-240. Safety Maintenance Account.
Section 11-11-310. General Reserve Fund; deficit.
Section 11-11-310. General Reserve Fund; deficit.
Section 11-11-320. Capital Reserve Fund.
Section 11-11-320. Capital Reserve Fund.
Section 11-11-325. Repealed by 2010 Act No. 152, Section 2.B., eff May 8, 2012.
Section 11-11-325. Capital Reserve Fund must be reduced prior to midyear budget reductions.
Section 11-11-330. Trust Fund for Tax Relief; use of funds.
Section 11-11-335. Availability of funds and revenues.
Section 11-11-345. Suspension of appropriations; negative GAAP Fund balance defined.
Section 11-11-350. Estimates of planned general fund expenditures.
Section 11-11-420. Limitation on permanent state positions; emergency suspension.
Section 11-11-430. State bonds.
Section 11-11-440. Limitation on tax increases and new taxes.