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Headlines : South Carolina
SC senators give key approval to budget
Amendments defeated so far include attempts to remove money for additional judges and block implementation of nationwide education standards for math and reading.
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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Budget timeline: Annual
Fiscal Year starts: July 1
Gov. Nikki Haley
Office of Governor Nikki Haley
P.O. Box 12267
Columbia, SC 29211
Phone: (803) 734-2100
Fax: (803) 734-5167
Les Boles, Director
Office of State Budget
1122 Lady Street, 12th Floor
Columbia, South Carolina 29201
Phone (803) 734-2280
Fax (803) 734-0645
http://www.budget.sc.gov/OSB-index.phtm
LBoles@budget.sc.gov
2012 Legislative Calendar: Regular Session convenes January 11 and adjourns mid June.
Legislative Budget Leaders:
Rep. Brian W. White (R), Chair, House Ways and Means Committee, 803-734-3113
Rep. Harry "Chip" B. Limehouse (R), 1st Vice-Chair, House Ways and Means Committee, 803-252-0845
Rep. Michael A. Pitts (R), 2nd Vice-Chair, House Ways and Means Committee, 803-734-2830
Sen. Hugh K. Leatherman Sr. (R), Chair, Senate Finance Committee, 803-212-6640
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report compiled by the state government, and click here for information on the state's pension liabilities.
South Carolina is required to pass a "balanced budget." Article 10, Section 7(a) of the 1895 Constitution requires a "budget process to insure that annual expenditures of state government may not exceed annual state revenue." In addition, Section 11-11-345 of the State law requires that if the year-end GAAP audit shows a deficit, any appropriation of surplus funds is suspended, and is used to offset the deficit. Regardless of these requirements, the State reported budget deficits (negative net transactions) on its Budgetary Comparison Schedule for the three years reviewed. South Carolina law forbids the carrying over of a deficit from one year to the next.
Governmental funds include the General Fund, several (nine plus a tenth aggregated fund) Special Revenue funds, a Capital Projects Fund, and two Permanent funds. State law does not precisely define the State's basis of budgeting. In practice, however, it is the cash basis with some exceptions that are explained in Note 4 to the Required Supplementary Information-Budgetary. As seen in the State's data sheet, budgeted and actual revenues are reasonably in sync. The same cannot be said about expenditures. The State budgets the General Fund and Other Budgeted Funds. The State's CAFR does not reveal what funds are included in "Other Budgeted Funds." [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Medicaid :
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HEADLINES: South Carolina
SC Senate wrapping up work on $6 billion budget
Legislators expect to finish the $6 billion South Carolina state budget that reduces Medicaid and welfar benefits but saves more teaching jobs than originally anticipated.
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HEADLINES: South Carolina
SC budget plan with Medicaid, welfare cuts gets OK
South Carolina's budget writers approved Thursday without much of a whimper a $5.2 billion spending plan that cuts welfare, Medicaid and college spending and stands to affect broad swaths of the state's poor, professionals and students.
- View All South Carolina articles
Higher Education :
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HEADLINES: South Carolina
SC Senators advance budget with higher pay raises
South Carolina's Senate Finance Committee unanimously advanced a budget that provides higher raises to state workers, pays for long-deferred maintenance at all public colleges, and spends more money on special needs students.
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HEADLINES: South Carolina
SC Gov. Sanford releases final state budget
State workers would take more unpaid time off, colleges would lose at least $68 million and South Carolina would end funding for its museum and arts programs under the $5 billion budget proposal outgoing Gov. Mark Sanford released.
Courts & Corrections :
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HEADLINES: South Carolina
SC senators give key approval to budget
Amendments defeated so far include attempts to remove money for additional judges and block implementation of nationwide education standards for math and reading.
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HEADLINES: South Carolina
SC Senator: State might have to close 2 prisons
South Carolina lawmakers may be forced to consider releasing inmates early and shutting two prisons to save money if budget officials won't let them run a deficit, but closing any prisons would require reshuffling prisoners and any savings would take months to realize.
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Solutions: South Carolina
The South Carolina state budget is a mystery. What can be done about it?
The South Carolina state budget should be more transparent. There should be one document showing the exact amount lawmakers appropriated in a given year and the budget should reveal where all money is coming from. The budget should list every program each agency is running, how much that program is receiving, and a description of the program.
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Solutions: South Carolina
Ditching No Child Left Behind – all of it
South Carolina should refuse federal No Child Left Behind Funds and the accompanying mandates and find a way to fund poor school districts adequately.
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Solutions: South Carolina
Online Learning: A Solution for South Carolina
Online learning can help at-risk students and is also cost-effective. Per pupil costs at the state’s virtual charter schools are an estimated 25 percent to 65 percent lower than at traditional public schools.
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Solutions: South Carolina
10 Reforms for the S.C. Retirement System
Paper proposing 10 reforms that would facilitate funding the South Carolina Retirement System at 100 percent, keeping it solvent beyond 2024. The first nine ideas would streamline the existing system and provide for greater transparency. Adopting these reforms would not require a major overhaul of the existing plan. Reform # 10 looks to long-term changes that must be made to sustain the state’s retirement system.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
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BLOG
The Love Affair Between Government & Business
On February 14th, we celebrate love, family, and our partners. When it comes to celebrating partners, state governments have a number of Valentines. Because state governments continue to award the sweetest deals to their sweethearts, big business, they are never alone in love on Valentine's Day.
