Budgeting and Appropriations | Annual budget; fiscal year begins July 1. |
Bonding or Pay-as-You-Go | Combination of bonding and pay-as-you-go financing. |
State-Level Funding Provided for DOT Budgets | FY 2011 (approved): $517.3 million |
Allocation of Federal Transportation Funds to the DOT | Federal transportation funds are considered "other" revenues to the state and flow directly to SCDOT from the U.S. DOT. The General Assembly approves the SCDOT budget as "other funds" in total and at the program or category level. |
Allocation of State Transportation Funds to the DOT | State transportation funds are restricted funds classified as "other funds" in the state Appropriation Act. The General Assembly approves the SCDOT budget as "other funds" in total and at the program or category level. |
Traditional State Funding and Finance for Highways | Fuel taxes; vehicle registration/license/title fees; tolls. |
State Funding and Finance for Other Modes | Transit: Fuel taxes. |
Innovative Transportation Funding and Finance | Federal credit assistance (TIFIA); state infrastructure bank (federally capitalized); PPPs (authorized in statute, used for the Southern Connector); design-build (authorized in statute, used as a component of at least five projects); impact fees; tapered matching; advance construction. |
Dedicated/Restricted State Funds and Revenues | Fuel tax revenues go to counties, SCDOT and the State Highway Fund. State statute dedicates a portion of fuel tax revenues to mass transit (S.C. Code Ann. §12-28-2725). Some uses of the State Highway Fund are directed in statute (e.g., S.C. Code Ann. §57-5-150 and §57-5-1610). |
DOT Authorized to Retain Surplus Funds | Yes. SCDOT is allowed to retain any unspent funds remaining in the cash account. The annual SCDOT budget is developed based on projected revenues plus unspent funds carried forward into the next budget year. |
Legislative Approval Required to Move Funds Between Projects | No legislative approval is required. |
Transportation Funding Allocations through Local Aid | A portion of motor fuel tax revenue is distributed to counties for use on county or regional transportation projects, by a statutory formula based on land area, population and road mileage (S.C. Code Ann. §12-28-2740). SCDOT also allocates a portion of the federal funds received each year to MPOs and councils of government; this allocation is not required by statute. The commission determines the funding amount and established the distribution formula. |