Executive Budget Office

Frequently Asked Questions

What is the total amount of South Carolina's state budget?

For Fiscal Year 2017-18, the total state budget is $26.8 billion, of which $7.9 billion is from General Funds:

General Funds

 $7,950,338,831

Federal Funds

 $8,623,469,730

Other Funds

$10,271,937,577

Total

$26,845,746,138

*Amounts do not include pending Governor's vetoes or Tax Relief Trust Fund.

The Budget Act can be found here: http://www.scstatehouse.gov/budget.php

How is the money spent?

45 percent of General Funds are appropriated for K-12 and higher education. Health and social rehabilitation agencies received 26.7 percent of the General Funds appropriated; from all funding sources however, health and social rehabilitation agencies received 39 percent. (See the attached file for a detailed chart.)

What are the sources of General Fund revenue?

Over 89 percent of South Carolina's General Fund revenue comes from income and retail sales taxes. (See the attached file for a detailed chart.)

 

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 percent of the revenues of the most recently completed fiscal year. For FY 2015-16, 5 percent of revenues is $363,552,089. The General Reserve Fund is fully funded for FY 2017-18.

The Capital Reserve Fund (CRF) is a recurring appropriation that must equal 2 percent 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 FY 2017-18, $145,420,836 is set aside for the Capital Reserve Fund.

How many state employees are there?

As of July 2017. Note: Data includes authorized positions which is different than filled.

Source

Authorized

 

General Funds

34,908.87

 

Federal Funds

 8,222.44

 

Other Funds

25,151.71

 

Total

68,283.02

 

 

How much of the General Fund is spent on education?

 

For FY 2017-2018, over $3.5 billion, or 45.0 percent of the General Fund, is appropriated for educational initiatives in South Carolina.

 

The K-12 education General Fund appropriation is $2,939,335,423 for FY 2017-2018. In addition to the General Fund appropriation, one cent of South Carolina's sale tax (or $797,502,000) is earmarked for K-12 education.

 

The FY 2017-2018 General Fund appropriation for South Carolina's colleges and universities totals $635,461,607.

 
 
 

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In addition to the General Fund, appropriations from South Carolina's Education Lottery Account total $400,865,355 for FY 2017-2018. Of this amount, $3,819,516 is earmarked for K-12 education, $395,995,837 is earmarked for higher education, and $1,050,000 is earmarked for other agencies.