EDITORIAL
No Spending Spree
For S.C., Please Let recession
thinking stay with legislators in the better times
ahead
Only a few months ago, it looked as though the state of South
Carolina would have to suffer real pain to take care of the
unconstitutional deficits hanging over from fiscal 2002 and fiscal
2003 - $155 million and $22 million, respectively. This year, it
took incessant prodding from Gov. Mark Sanford to get legislators to
bite the bullet on the 2002 deficit by agreeing to pay it off in
installments.
Then, at the end of June, the Board of Economic Advisers, whose
members forecast state revenues quarterly, noted that tax and fee
collections for the year were running more than $250 million
ahead of spending - the best budgetary news state government
had had in years. Last week came word that the final tally for
fiscal 2004, which ended June 30, was $243 million in the black -
enough to take care of those illegal deficits with plenty left
over.
This wonderful news is attributable more to an improving S.C.
economy than any other factor, including prudent fiscal management
by the politicians. The need now, as Sanford seems to understand, is
to avoid a return to the free-spending habits that have gotten the
state into trouble before. If legislators can sustain the lean and
mean mode budgeting recession forced upon them into the better times
ahead, perhaps state government can endure the next recession with
less pain and disruption than this one has caused.
S.C. Comptroller Richard Eckstrom is right: Now that the state
doesn't need to sell off valuable assets to cover budget deficits,
it should go slow on getting rid of surplus property. True, as Gov.
Mark Sanford says, the state should shed land and buildings it no
longer needs, but thanks to the unexpected end-of-the-year state
surplus, the pressure to raise quick cash has diminished.
The Budget and Control Board, on which both Sanford and Eckstrom
sit, should let loose of no piece of land around the state until its
recreational potential has been evaluated and unless it gets at
least market value on each sale. Buildings beyond renovation for use
to the state can go, but only at fair-market prices. Now that the
fiscal pressure is off, let prudence and wisdom be the watchwords
for this
process. |