South Carolina Code 11-11-80. Statements, balance sheet, and general survey to accompany budget
(1) A statement of the revenues and expenditures for each of the two appropriation years next preceding, classified and itemized in accordance with the official budget classification adopted by the board;
Terms Used In South Carolina Code 11-11-80
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) A statement of the current assets, liabilities, revenues and surplus or deficit of the State;
(3) A statement of the debts and funds of the State;
(4) A statement showing the board’s itemized estimates of the condition of the State Treasury as of the beginning and end of each year;
(5) An itemized and complete financial balance sheet for the State at the close of the last preceding fiscal year ending June thirtieth; and
(6) A general survey of the State’s financial and natural resources, with a review of the general economic, industrial and commercial condition of the State.