(Columbia-AP) Nov. 5, 2003 - The state's revenue
forecasters expect South Carolina will collect about two
percent more in taxes in the next budget year. The Board
of Economic Advisors' forecast Wednesday afternoon
is key for Governor Mark Sanford and his staff as they
develop their first state budget.
Still, the extra $108 million is not nearly enough to
avoid expected cuts in agency spending. A House budget
writing committee met last month and said a two percent
growth in state revenues would likely force seven
percent across-the-board cuts in agency spending.
BEA Chairman John Rainey says the new estimate is a
conservative forecast of what the state should expect to
collect. The forecast is key as budget writers began
developing a spending plan for the 2005 fiscal year that
begins July 1st.
The Board of Economic Advisors also said revenues
during the current fiscal year are slightly ahead
estimates. Those estimates were lowered earlier this
year and caused the Budget and Control Board to tap a
state reserve fund and tell agencies to cut spending.
posted 4:02pm by Chris
Rees
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