The bank was scheduled to receive about $10 million next year from a portion of documentary stamps required for land sales. Instead, it will likely receive $2.5 million.

The Department of Health and Human Services will get $2.5 million originally earmarked for the fund, and the renourishment of Hunting Island, a state park in Beaufort County, will get $5 million. In the event that additional federal money can be obtained for the Hunting Island project, money will be restored to the Conservation Bank. Given the Bush administration's decision to tighten federal purse strings on beach renourishment projects, that seems unlikely. Certainly, the Senate shouldn't count on it.

The Conservation Bank was created by the Legislature two years ago, but the trust fund wasn't scheduled to begin collecting its dedicated source of revenue until the next fiscal year, beginning July 1. The House vote would raid the trust fund before it even receives the first dollar.

Ann Timberlake, director of Conservation Voters of South Carolina, expressed disappointment that the House "would raid it before it was established," and described the decision as a "bad precedent." Conservation Voters is a public interest group that rates legislators based on their votes on environmental issues.

Unfortunately, the Legislature has routinely emptied trust funds to meet budget demands of recent years. One of Gov. Mark Sanford's budget goals this year was to stop the practice, and begin the restoration of those funds that have been depleted.

Funding for the Conservation Bank was endorsed by both environmental and business groups, recognizing the importance of beginning a meaningful preservation effort for rural land in South Carolina. Many thousands of acres of timberland may be available for purchase this year, and an opportunity will be lost without sufficient resources to buy tracts of particular value for conservation purposes.

The Legislature dedicated a source of funding for the bank in 2002, and shouldn't eviscerate the bank's resources at the outset. Ten million dollars is a relatively modest sum in a $5.3 billion budget, and the gains from this program would be amplified with money from other sources, for which the state fund would serve as match.

The Senate should keep the faith on this important conservation initiative, which relies solely on voluntary sales. Full funding is needed to do the job.