South Carolina Statutes
§ 11-11-345 — Suspension of appropriations; negative GAAP Fund balance defined.
(A)Beginning July 1, 2006, if the Comptroller General determines upon the closing of the state's financial books for a fiscal year that the State has a negative Generally Accepted Accounting Principles Fund balance (GAAP Fund Deficit), any appropriations contained in a general or supplemental appropriations act which expends surplus general fund revenues or in a Capital Reserve Fund appropriations act to be effective during the next fiscal year are suspended and must be used to the extent necessary to offset the GAAP Fund Deficit in the manner the General Assembly shall provide.
(B)A negative GAAP Fund balance is defined as the amount remaining after subtracting all state liabilities and reserve funds from state assets on an accrual basis.
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South Carolina § 11-11-345 (Suspension of appropriations; negative GAAP Fund balance defined.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2005 Act No. 156, SECTION 3.
Nearby Sections
15
§ 11-11-10
Duties of Executive Budget Office and Revenue and Fiscal Affairs Office, and Department of Revenue.§ 11-11-100
General Assembly may amend budget bill.§ 11-11-155
Homestead Exemption Fund established.§ 11-11-157
Reallocation of local option sales tax.§ 11-11-160
Transfers of appropriations; reduction of authorized spending when receipts less than estimated.§ 11-11-180
Declaration of operating deficit; meeting to address deficit; borrowing of surpluses authorized.§ 11-11-190
Transfer of funds to offset deficits.§ 11-11-20
Information to be secured by Governor.§ 11-11-220
Contingency Reserve Fund established.