South Carolina § 11-9-1120 - Procedures relative to changes in revenue or expenditure forecast or projection; adjustments in appropriations or requests; meetings of board; board as official state voice on economic matters.

§ 11-9-1120. Procedures relative to changes in revenue or expenditure forecast or projection; adjustments in appropriations or requests; meetings of board; board as official state voice on economic matters.

(A) In the organizational and procedural framework governing the formulation, evaluation, and continuing review of revenues and expenditures, any appropriate governmental entity identifying or requesting a change in the official revenue and expenditure forecast or projection, for a specified period of time, shall first notify the office of the Chairman of the Board of Economic Advisors who must bring it to the attention of the Governor before any independent adjustment in the appropriations or requests of the revenue or expenditures for a particular year. The Ways and Means Committee in the House of Representatives and the Senate Finance Committee must be the first to be notified subsequent to notifying the Governor and must be informed simultaneously.

(B) The Board of Economic Advisors shall meet on a quarterly basis and at the call of the Governor, the General Assembly, the chairman of the board, or at the request of any member of the board who believes a meeting is necessary due to existing financial circumstances.

(C) The Board of Economic Advisors is the official voice of the State in economic matters and shall speak as one voice through the guidance and direction of the chairman. Individual members shall not speak or report individually on findings and status of economic activity.

HISTORY: 1982 Act No. 466, Part II, SECTION 44; 1992 Act No. 501, Part II, SECTION 13C. Formerly Code 1976 SECTION 11-9-840, redesignated and amended by 2018 Act No. 246 (H.3895), SECTIONS 1, 2, eff July 1, 2018.

Editor's Note

Prior Laws: Former SECTION 11-9-1120 was titled Board of Economic Advisors division, and had the following history: 2014 Act No. 121 (S.22), Pt VI, SECTION 8.A, eff July 1, 2014.

Effect of Amendment

2018 Act No. 246, SECTION 2, inserted the paragraph designators; in (B), substituted "chairman" for "Chairman" and "board" for "Board"; and in (C), in the second sentence, substituted "economic activity" for "economic developments".