Keeping the Conservation Bank Alive
The South Carolina Conservation Bank is the most important source of
funding for land conservation in South Carolina. It is also the most
threatened because of a “death clause” that eliminates the Bank’s
entire funding if at least half of the state’s agencies receive less
funding than the previous year or if the Budget & Control Board
makes across-the-board cuts.
Last year, the economic downturn almost halved the bank’s income
stream, which comes from a small portion of every real estate
transaction. Furthermore, the “death clause” was triggered because of
agency cuts, so all funding for the Bank was diverted. Finally as the
session was about to end, the legislature allocated $2.2 million for
the Conservation Bank, which is about 25% of what it would have
received from real estate fees. This was the largest reduction of
funding for any agency in the state.
Since 2004 the Conservation Bank has leveraged public and private
dollars and voluntary conservation easements to protect over 150,000
acres of South Carolina’s working farms and forests and park lands at
the bargain price of $534 per acre. The Bank now has a proven track
record. Protecting such places as Stumphouse Mountain Tunnel and the
Morris Island lighthouse is not a luxury; it is an investment in our
children’s future.
Conserving working farms, forests and wildlife habitat at discount
prices provides real value to both our economy and our quality of life.
The General Assembly needs to demonstrate that conservation is a
top-tier priority by removing the Bank’s “death penalty” and keeping
future budget cuts in line with other state agencies.