No change in SC budget so far
COLUMBIA, S.C. (AP) — South Carolina’s budget experts say there’s no reason to change spending now.
The State newspaper reported (http://bit.ly/Q9wPU0) the Board of Economic Advisors reported Tuesday that state revenues increased nearly 3 percent in August.
The board says the state has collected $18 million more than expected in the first two months of the fiscal year. Officials say part of the surplus was created by an unusual accounting issue.
The Budget and Control board is required to adjust state spending if revenues are more than 2 percent less than expected.
Board of Economic Advisors Chairman Chad Walldorf says he’s optimistic no change will be required at least through the first quarter of the year.
There are concerns. Personal income has increased 3 percent so far. Officials had expected a 4 percent increase.
Information from: The State, http://www.thestate.com