Frequently Asked Questions
What is the total amount of South Carolina's state budget?
For Fiscal Year 2016-17, the total state budget is $26.3 billion, of which $7.5 billion is from General Funds:
How is the money spent?
45.8% of General Funds are appropriated for K-12 and higher education. Health and social rehabilitation agencies received 26.5% of the General Funds appropriated; from all funding sources however, health and social rehabilitation agencies received 38.4%. (See the attached file for a detailed chart.)
What are the sources of General Fund revenue?
Does South Carolina have a rainy day fund?
Yes, South Carolina has two "rainy day" funds:
The General Reserve Fund is required to be 5% of the revenues of the most recently completed FY. for FY2014-15, 5% of revenues is $348,019,473. The General Reserve Fund is fully funded for FY2016-17.
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. For FY2016-17, $139,207,789 is set aside for the Capital Reserve Fund.
How many state employees are there?
As of July 2016. Note: Data includes authorized positions which is different than filled.
How much of the General Fund is spent on education?
|For FY 2016-2017, over $3.4 billion, or 45.8% of the General Fund, is appropriated for educational initiatives in South Carolina.|
|The K-12 education General Fund appropriation is $2,873,002,961 for FY 2016-2017. In addition to the General Fund appropriation, one cent of South Carolina's sale tax (or $751,585,000) is earmarked for K-12 education.|
|The FY 2016-2017 General Fund appropriation for South Carolina's colleges and universities totals $601,398,971.|
|In addition to the General Fund, appropriations from South Carolina's Education Lottery Account total $377,371,234 for FY 2016-2017. Of this amount, $27,322,432 is earmarked for K-12 education, $348,098,811 is earmarked for higher education, and $1,950,000 is earmarked for other agencies.|