COLUMBIA, S.C. – Governor Henry McMaster, Senate President Harvey Peeler, and House Speaker Jay Lucas have received a report from Frank Rainwater, Executive Director of the South Carolina Revenue and Fiscal Affairs Office, on South Carolina’s outdated education funding formula. The three state leaders requested the report in a January 17 letter.

Governor McMaster, President Peeler, and Speaker Lucas released the following joint statement in response to the report:

“This represents the most comprehensive study of South Carolina’s education funding formula in recent memory, and we would like to express our sincere gratitude to Director Rainwater and his staff for their work.

“This report proves much of what we believed to be true – the current funding formula is broken. It lacks transparency in how taxpayer dollars flow into our classrooms and demands little accountability for the result. A successful South Carolina future requires a new path forward, with each of us working together with parents, teachers, businesses, and local leaders."