SC economic advisers increase revenue by $86M

COLUMBIA, S.C. (AP) — South Carolina’s economic advisers have increased their revenue projections by nearly $86 million.

The Board of Economic Advisers voted unanimously Wednesday to recognize that state coffers are collecting more money than it projected earlier. The approved adjustments include an additional $45.6 million in taxes and $10.6 million in lottery profits being collected this fiscal year. That can be used for one-time expenses.

For the fiscal year starting July 1, the board increased projections by $21.6 million in taxes and $8 million in lottery profits.

The adjustments come before the House and Senate begin hashing out differences in their $7 billion spending plans for 2014-15.

They could smooth debate over the major differences, which include whether to expand full-day 4-year-old kindergarten and how much aid to give local governments.