Two Amendments Will Be Presented to SC Voters on Election Day 2022
(COLUMBIA, S.C.) – House Speaker Murrell Smith (District 67- Sumter) issued the following statement in support of the Constitutional Amendments that will be presented to South Carolina voters on November 8, 2022:
“A “yes” vote on the two upcoming constitutional amendments is a vote for fiscal prudence, ensuring that South Carolina can successfully meet the challenges it may face in the future. By boosting the rate requirements of our revenues to the General Reserve Fund and its Capital Reserve Fund, we will be better prepared for economic downturn, natural disaster, or budget shortfall. As Ways and Means Chairman, I was proud to bring the efforts behind these amendments to the finish line, and I am hopeful our citizens will recognize the importance of voting for them. I believe we can all agree that our government saving more and spending less is beneficial to us all – for today, tomorrow and the road ahead.”
South Carolina voters will be faced with two Constitutional Amendments on General Election Day, November 8, 2022. These amendments would change the current requirement of placing 5% of revenues in the General Reserve Fund and 2% of revenues in the Capital Reserve Fund to a total of 10% of revenues. These contingency funds could be tapped in the case of economic downturn, natural disaster, or other scenarios to prevent budget shortfalls and reduce fiscal pressure on the state.