What is the total amount of South Carolina's state budget?
For Fiscal Year 2022–2023, the total state budget is $34.7 billion, of which $10.3 billion is from General Funds:
General Funds $10,341,341,675
Federal Funds $11,434,958,560
Other Funds $12,920,550,365
Does South Carolina have a rainy-day fund?
Yes. The Constitution of the State of South Carolina requires two "rainy day" funds:
- General Reserve Fund (S.C. Constitution, Article III, Section 36(A))
- Capital Reserve Fund (S.C. Constitution, Article III, Section 36(B)).
The General Reserve Fund (GRF) is required to be 5 percent of the General Fund revenues of the most recently completed fiscal year. The GRF may be used to cover a year-end shortfall in General Fund revenue collections. The GRF formula is fully funded for FY 2022–2023 at $522,986,077, and the Legislature appropriated an additional $52,298,607, which sets the GRF balance at $732,180,508.
The Capital Reserve Fund (CRF) is a recurring appropriation that must equal 2 percent of the most recently completed fiscal year’s General Fund revenue. If the GRF is used to cover a year-end General Fund revenue shortfall, then the CRF must be used to replenish the GRF. If no year-end deficit occurs, then CRF may be appropriated by the General Assembly for capital improvements or other nonrecurring (one-time) items in the succeeding fiscal year. For FY 2022–2023, $209,194,431 is set aside for the Capital Reserve Fund.
How many state employees are there?
How much of the General Fund is spent on education?