What is the total amount of South Carolina's state budget?
For Fiscal Year 2021–2022, the total state budget is $31 billion, of which $9.2 billion is from General Funds:
General Funds $9,270,619,766
Federal Funds $9,499,378,927
Other Funds $12,294,873,070
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 is fully funded for FY 2021–2022 at $458,961,225.
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 2021–2022, $183,584,490 is set aside for the Capital Reserve Fund.
How many state employees are there?
How much of the General Fund is spent on education?