Proposed Budget - Fiscal Year 2024
On January 6, South Carolina Governor Henry McMaster proposed a fiscal 2024 budget that recommends $36.4 billion in all funds, an increase of $1.7 billion or 4.9 percent over fiscal 2023. The general funds portion of the budget totals $11.4 billion for fiscal 2024, an increase of $1.02 billion, or 9.9 percent, over fiscal 2023. Net general fund revenues are projected at $11.4 billion, an increase of 8.3 percent over the prior year. The governor’s proposed budget includes a surplus of $3.8 billion, comprised of $1.02 billion in recurring revenues and $2.8 billion in non-recurring revenues. A constitutional amendment approved by voters in November 2022 raises the General Reserve Fund contribution by one half percent annually until it reaches 7 percent, up from the previous 5 percent. The fiscal 2024 budget fully funds the required 5.5 percent contribution of $715.2 million and also sets aside $500 million into a Rainy Day Fund. The budget voluntarily increases the minimum balance of the Rainy Day Fund from 7 percent to 10 percent, resulting in a balance of more than $1.2 billion. The budget proposes a $2,000 nonrefundable state income tax credit for every active-duty law enforcement officer and first responder employed by a public entity, providing $38.4 million in tax relief.