At the end of last week, Governor Henry McMaster released his Executive Budget for Fiscal Year 2021-2022, which outlines his ideas for the allocation of state finances. The budget includes a total of $ 30.1 billion in recommendations. Yet, although it gives a good view of the economic situation of our state, this it probably won’t be the final version of the state budget.
O general meeting (which is composed of the state Chamber and Senate) returned to the session this week + will review McMaster Budget and create your own recommendations. First, the House will deliberate and approve the budget, then it will go to the Senate to be debated and approved.
Unlike the traditional calendar year, the new fiscal year starts July 1 in south carolina (and 45 other states), which means that we are in the middle of the 2020-2021 fiscal year.
So, how is the proposed budget? Let’s break it up a bit.
💰 $ 30.1 billion – the total recommendations
$ $ 500 million reserve fund – an “rainy day” fund to assist the state in any future economic uncertainties
💰 $ 123 million in small business grants – these will be managed in the same way as funds under the federal CARES Act
💰 $ 80 million in scholarships based on needs – divided into US $ 60 million in scholarships at public universities and US $ 20 million in scholarships at private universities and HBCU
💰 $ 13 million in retention and recruitment funds law enforcement, public safety + first responders – includes salary increases for some positions
💰 $ 48 million in 4K expansion – which would provide a free full-time kindergarten for all low-income families with a
💰 $ 35 million to finance classrooms – what would allow the resumption of teachers’ staggered salary readjustments
💰 $ 5.6 million to hire school nurses – this would allow the hiring of a full-time nurse in each public school in the state
💰 $ 25 million for public charter schools – which had a 25% increase in enrollments last year
💰 $ 30 million for broadband expansion – to assist in the effort to expand broadband access across the state
💰 $ 60 million for training + workforce development – which would support programs, such as ReadySC, to provide professional skills training for high-demand jobs
💰 More, $ 19 million for our conference center in downtown Greenville – read more about it on here
Do you want to dig deeper into the numbers? Check out the Complete Executive Budget on here.