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CRMCA SC LEGISLATIVE UPDATE. VICTORIES $550 MILLION IN FUNDING FOR STATE ROAD AND BRIDGE CONSTRUCTION & MAINTANENCE (BONDED OVER 10 YEARS) STEADY FUNDING.

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Presentation on theme: "CRMCA SC LEGISLATIVE UPDATE. VICTORIES $550 MILLION IN FUNDING FOR STATE ROAD AND BRIDGE CONSTRUCTION & MAINTANENCE (BONDED OVER 10 YEARS) STEADY FUNDING."— Presentation transcript:

1 CRMCA SC LEGISLATIVE UPDATE

2 VICTORIES $550 MILLION IN FUNDING FOR STATE ROAD AND BRIDGE CONSTRUCTION & MAINTANENCE (BONDED OVER 10 YEARS) STEADY FUNDING SOURCE FOR LOCAL ROADS CHANGES TO LEED CERTIFICATION BILL TO KEEP FORESTRY FROM GAINING COMPETATIVE ADVANTAGE (3592 LANGAUGE SHARED WITH NC)

3 ROAD PROJECTS IN THE PIPELINE 1. I-85/385 interchange updates—$ 240 million, $100 million of SIB funding, $140 million federal dollars 2. I-20 widening in Lexington County—$154.7 million 3. I-77 widening from I-20- $38.7 million 4. I-85 in Spartanburg and Cherokee Counties- phase I and phase 2--widening--3rd phase is delayed from lack of funding --$262 million total Additional Projects: All estimates are preliminary --corridor studies could help get projects started faster and could help with federal funding 1. I-26 project in Spartanburg county--$11.1 million design estimate 2. I-20 widening from GA state line--$87.3 million 3. I-26 from SC202 to US176-- $281.8 million, design cost $14.1 million 4. I-26 widening from US17A--25th on interstate priority list--$60 million, overall $174.9 million—would get $30 million from county contribution so it would equal out to be $145 million 5. I-85/US76-- widening, $26 million in bridge replacements, $317.6 million total, design cost around $19 million 6. I-95 widening from US 178 to I-26- include interchange at 26--$100 million for construction of interchange, $137 million total

4 WORK TO DO CDL Employment Protection Act: - S 773 FULL TORT REFORM PACKAGE – INCREASE THE BUSINESS CLIMATE IN SC INCREASE RELATIONSHIPS WITH SCDOT QUARTERLY MEETINGS AND SPEAKERS LIFE CYCLE COSTING DISCUSSIONS INDUSTRY SPECIFIC AND BUSINESS LEGISLATION

5 ELECTIONS 124 HOUSE MEMBERS UP FOR RE-ELECTION NINE CONSTITUIONAL OFFICERS NINE U.S. RACES FILING DATES – MARCH (LAST TWO WEEKS) PRIMARIES (JUNE) RUNOFFS (JUNE) GENERAL (NOVEMBER)

6 Actual Expenditure by Source

7 Where is the Money Spent? FY Appropriations 7 Source: Office of State Budget

8 8

9 FY14 - General Fund Revenue July-September General Fund Revenue increased $39.3 million or 2.3%. Total Collections were $1,718.0 million and exceeded the quarterly estimate of $1,691.5 million and the 98% threshold requirement of $1,657.7 million. Retail Sales Tax increased $18.3 million or 4.4%. Adjusting for the expected transfer of $7.0 million to DOT, Sales Tax FYTD growth is 2.7%. Individual Income Tax increased $37.6 million or 3.6%. Corporate Income Tax declined $8.7 million or 10.6%. Corporate License increased $7.4 million or 57.4%. Insurance Tax declined $17.1 million or 26.9% due to biennial licensing cycle. Source: SC Board of Economic Advisors, FAR 10/30/13

10 Comparison of Gross and Net Taxable Sales FY 2000 – FY 2013 The Base is Shrinking. 10 FY 2000FY 2013 Gross Sales Amount94,435,505,424164,440,863,9344.4%/yr. Net Taxable Sales Amount45,199,250,86656,743,306,9561.8%/yr. Percentage of Net Taxable Sales47.9%34.5% FY 2012FY 2013 Gross Sales Amount156,213,293,606164,440,863,934 Net Taxable Sales Amount54,309,990,19556,743,306,956 Percentage of Net Taxable Sales34.8%34.5% Source: Department of Revenue, Annual Reports. 5.2% 4.5%

11 Fiscal Year General Fund Appropriations 11 Transportation Funding Sales Tax on Cars Transfer to DOT $41 Million (Recurring) SIB – Bridges / Interstates $50 Million (Recurring) Excess Revenue to DOT $50 Million Subtotal$141 Million State Department of Education Education Finance Act$77 Million Instructional Materials$24 Million 4K Expansion$26 Million Subtotal$127 Million Health and Human Services (Medicaid)$110 Million Employee Health Insurance $54 Million Small Business Tax Relief $40 Million Local Government Fund $30 Million Department of Commerce Closing Fund $16 Million Homestead Exemption Shortfall $12 Million General Reserve Fund $11 Million ReadySC (Worker Training) $8 Million

12 Funding “Good” SCDOT Total Annual Funding Needs 12 SCDOT needs an additional $1.467 B per year for 20 years (total of $29.3 B) to bring our roads to a level of “Good” Source: The State of SCDOT, January 16, 2013.

13 Number of Driver Licenses & Registered Vehicles in South Carolina 13 Source: SC Department of Motor Vehicles website.

14 Fuel Economy standard for passenger vehicles from MY : Congress sets car standard ( ) 2. DOT sets truck standard to max feasible ( ) 3. DOT decreased car standard ( ) 4. DOT sets car standard to 27.5 mpg ( ) 5. Congress freezes truck standards at 20.7 mpg ( ) 6. Bush Admin issues new truck targets ( ) 7. EISA changes CAFE to footprint standard (2008-present) 8. Obama Admin issues new car & truck standards ( ) 9. Obama Admin issues new car & truck standards ( ) Source: NHTSA Summary of Fuel Economy Performance, NHTSA MY Factsheet

15 Motor Fuel User Fee Revenue Projection Indexing the Motor Fuel User Fee or Keeping Fee at 16 cents per gallon 15 Source: SC Board of Economic Advisors and SFC Staff Calculations

16 FY14-15 BEA Oct. 30 th Estimate – A Placeholder (until Nov. 18 th )? 16 BEA “Official” FY14-15 estimate (10/30/13): Increase FY % Increase FY % Net Increase Non-Recurring -$0 Net Increase Recurring -$102 Million* An “Unofficial” look ahead at BEA revised estimate (11/18/13): Increase FY % %** Increase FY % %** Net Increase Non-Recurring -$125 Million - $159 Million*** Net Increase Recurring -$348 Million - $436 Million*** * SFC staff estimate based on official BEA gross general fund revenue estimate of $7.057 Billion. ** Ranges of “personal income growth” to be considered by BEA at their 11/18/13, prior to “elasticity” adjustment. For presentation purposes, SFC staff assumes an elasticity of “1”. *** SFC staff calculations based on BEA comments at their 10/30/13 meeting, and other assumptions. These estimates are not BEA estimates, and are therefore unofficial.

17 A Crystal Ball?...Or Anybody’s Guess? An Early Look at FY14-15… Possible Revenue (“New Money”): General Fund (Recurring):$101 Million (BEA 10/30/13) General Fund (Non-Recurring):$68 Million Possible Expenditures: K-12 EFA MOE at $2,101:$34.9 Million K-12 EFA New Money FY15?: ??? Million ($537 Million to fully fund) Local Government Fund Statutory: $74.9 Million Annualize FY14: $30.0 Million Medicaid New Money FY15?: ??? (Tobacco MSA available) Employee Health FY14 Annualize: $23.3 Million Employee Pay Raise?: ??? ($15 1%) General Reserve Fund at 5%: $26.6 Million Act 388 Shortfall: ??? Capital Reserve Fund: $10.6 Million Employee Health 2015 (Half Yr.): ??? Transportation/Roads?: ??? One Time Tax Rebates?: ??? Additional Tax Expenditures (Recur)?: ??? ($20 Million Small Biz/Total $60 Million) Higher Education?: ??? 17


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