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S 0102 - Imposes an annual limit on the state general fund revenues available for appropriation

Tracking Level: Of Interest
Sponsor: George Campsen (R)
Last Action: 1/8/2019 - Senate - Referred to Committee on Finance
Senate Committee: Fin
Assigned To:
General GovernanceNext Bill

Staff Analysis of the Legislation

Summary of the bill as introduced: Imposes an annual limit on the state general fund revenues available for appropriation by restricting an increase to a percentage that is equal to the average annual percentage change from the previous ten completed state fiscal years.

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Session 123 - (2019-2020)Printer Friendly
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S 0102 General Bill, By Campsen and Rice
Summary: Spending limits on appropriations
    A BILL TO AMEND SECTION 11-11-410 OF THE 1976 CODE, RELATING TO APPROPRIATIONS SUBJECT TO A SPENDING LIMITATION, TO IMPOSE AN ANNUAL LIMIT ON THE STATE GENERAL FUND REVENUES AVAILABLE FOR APPROPRIATION BY RESTRICTING ANY INCREASE TO A PERCENTAGE THAT IS EQUAL TO THE AVERAGE ANNUAL PERCENTAGE CHANGE FROM THE PREVIOUS TEN COMPLETED STATE FISCAL YEARS, TO CREATE A SEPARATE BUDGET STABILIZATION FUND IN THE STATE TREASURY TO WHICH MUST BE CREDITED ALL GENERAL FUND REVENUES IN EXCESS OF THE ANNUAL LIMIT, TO PROVIDE FOR DISBURSEMENTS FROM THE BUDGET STABILIZATION FUND, TO PROVIDE FOR THE SUSPENSION OF THIS APPROPRIATION LIMIT IN EMERGENCIES, TO PROVIDE FOR THE DISBURSEMENT OF SURPLUS FUNDS, AND TO DEFINE NECESSARY TERMS.
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12/12/18Senate Prefiled
12/12/18Senate Referred to Committee on Finance
01/08/19Senate Introduced and read first time (Senate Journal-page 86)
01/08/19Senate Referred to Committee on Finance (Senate Journal-page 86)



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