SC budget gets glimmer of good news: $229M surplus

By: Associated Press
By: Associated Press

Thursday, November 11, 2010

COLUMBIA, S.C. (AP) -- South Carolina's economy is growing again and economic forecasts have the state running $229 million ahead of projected revenue collections since July.

That relatively good news came Wednesday from the Board of Economic Advisors.

But the extra $229 million isn't nearly enough to cover growing hole in the current fiscal year's nearly $5 billion budget. The state's Medicaid, food stamp and welfare agencies have deficits of more than $270 million. And a popular property tax break is leaving a $93 million hole.

Also at Wednesday's meeting, board chairman John Rainey announced his resignation after eight years in the post.

Gov. Mark Sanford can name a replacement or leave the spot vacant for Gov.-elect Nikki Haley to choose a replacement.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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