FY 19-20 Budget Priorities Summary
6-3
ACCOUNTABILITY
OF FUNDS
1.1. Review financial capacity - Need to adjust estimates annually in order to
accomplish the Agency's goal to maximize funding for major projects.
RECIPIENTS OF
FUNDS
What specific strategy, as outlined in the FY 2018-19 Strategic Planning and
Performance Measurement template of agency's accountability report, does this funding
request support? How would this request advance that strategy? How would the use of
these funds be evaluated?
N/A
JUSTIFICATION OF
REQUEST
What individuals or entities would receive these funds (contractors, vendors, grantees,
individual beneficiaries, etc.)? How would these funds be allocated - using an existing
formula, through a competitive process, based upon predetermined eligibility criteria?
Act 40 of 2017 repealed Act 98 of 2013 which transferred $50 million in revenue from
SCDOT to SCTIB. The last transfer was FY2018. The SCDOT decided to take over the
remaining payments on all projects established under Act 98. The remaining funds held
by the Bank will be expended in FY19. The program will no longer be needed in budget
year FY20, thus all projected expenditures have been removed.
New applications approved during FY19 will likely not incur any major expenses during
FY20, as major construction projects take several years to complete. Once new
applications are approved they are added to the financial plan of the Bank based on the
project payout schedules provided. Budget authority is requested each year based on the
forecasted financial needs of the Bank. In those years where revenue bonds are needed
the budget authority requested will be adjusted accordingly.
Please thoroughly explain the request to include the justification for funds, potential
offsets, matching funds, and method of calculation. Please include any explanation of
impact if funds are not received. If new positions have been requested, explain why
existing vacancies are not sufficient.View entire presentation