Island Packet Online HILTON HEAD ISLAND - BLUFFTON S.C.
Southern Beaufort County's News & Information Source 

Revenue forecasters leave state estimate unchanged

advertisement

Published Friday, September 12th, 2003

COLUMBIA, S.C. (AP) - The state's revenue forecasters left a key state budget estimate unchanged when they met Friday.

A month ago, the Board of Economic Advisors cut $108 million from its estimate of what the state should expect to collect in taxes and other revenue during the fiscal year that began July 1.

That 2 percent reduction prompted the state Budget and Control Board to tap one of the state's reserve funds and tell agencies to set aside 1 percent of their budgets, or about $43 million.

The BEA said Friday the state's revenues are growing at slightly less than 1 percent, a half-percentage point less than expected. That's about $21 million off target in a $5 billion budget.

Chairman John Rainey said lowering the forecast last month narrowed the gap.

Copyright © 2003 The Island Packet | Privacy Policy | User Agreement