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S.C. gets $253 million surprise
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| Contributor | Joshua L. |
| Last Edited | Joshua L. May 14, 2004 09:45am |
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| Category | News |
| Media | Newspaper - The State |
| News Date | Friday, May 14, 2004 06:00:00 AM UTC0:0 |
| Description | The state’s economic advisers — unapologetically conservative in forecasting tax collections — said Thursday they felt good enough about the improving economy to raise their bet.
The Board of Economic Advisors raised its estimate of how much in taxes the state would take in this fiscal year by $130 million and upped its estimate by $123 million for the fiscal year starting July 1.
That gives House and Senate negotiators $253 million more to spend in next year’s budget than they originally had expected.
The joy among advisers and legislators was uncontained, after three years of budget cuts and no raises for state employees.
The news means pay raises for employees are assured and education spending will be significantly higher than this year — though still less than recommended by state formula. |
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