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South Carolina Rainy Day Fund Amendment, Amendment 3 (2010)

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South Carolina Constitution
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Preamble
Articles
IIIIIIIVVVIVIIVIIIVIII-AIXXXIXIIXIIIXIVXVXVIXVII
The South Carolina Rainy Day Fund Amendment, also known as Amendment 3 was on the November 2, 2010 ballot in South Carolina as a legislatively-referred constitutional amendment, where it was approved.Approveda The measure was proposed to require the state to keep more money in its rainy day fund, due to the economic downturn.[1]

Election results

See also: 2010 ballot measure election results

Official election results of the measure follow:

Amendment 3 (Rainy Day Fund)
ResultVotesPercentage
Approveda Yes 890,015 70.91%
No365,10529.09%

Official results via the South Carolina State Election Commission.

Text of amendment

Ballot title

The ballot title of the measure read as follows:[2]

Must Section 36(A), Article III of the Constitution of this State be amended so as to increase from three to five percent in increments of one-half of one percent over four fiscal years the amount of state general fund revenue in the latest completed fiscal year required to be held in the General Reserve Fund?[3]
Explanation:
A ‘Yes' vote will increase the amount of money state government must keep in the General Reserve Fund (its "rainy day" fund) from 3% of the previous year's revenue to 5% of the previous year's revenue.
Yes []
No []

Constitutional changes

The measure was proposed to amend Article III, Section 36 of the South Carolina Constitution.[3]

Support

Supporters

  • The South Carolina Republican Party supported the amendment.[4]

Opposition

There was no known campaign in opposition of the measure.

Media endorsements

See also:Endorsements of South Carolina ballot measures, 2010

Supporters

  • The Post and Courier was in favor of the measure, arguing, "Voters should approve Amendment 3 "to increase from three to five percent in increments of one-half of one percent over four fiscal years the amount of state general fund revenue in the latest completed fiscal year required to be held in the General Reserve Fund."[5]
  • The Spartanburg Herald Journal urged voters to vote 'yes' on the measure, writing in an editorial, "South Carolina lawmakers have never shown fiscal restraint; it must be imposed on them. The enhanced reserves would cushion the blow of mid-year budget cuts if state revenues fall short."[6]

Path to the ballot

Section 1 of Article XVI of the South Carolina Constitution says that a legislatively-referred amendment can go on the ballot if approved by a 2/3rds vote of each house of the South Carolina State Legislature. (If the state's voters approved the amendment, it must then go back to the legislature for a second affirmative vote.)

See also

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References