Current as of May 12, 2009
The S.C. Board of Economic Advisers today met to review revenue collections for the year, and made no further adjustments to its estimates for the remainder of this fiscal year, which concludes June 30. Therefore, no recommendation for any additional appropriation reduction for the current fiscal year will be made to the General Assembly by the BEA.
Advisers indicated that they expect the portion of stimulus funds that Governor Sanford has allowed the state to receive will have a positive impact on the economy for the remainder of this calendar year.
Meanwhile, the House of Representatives is debating the budget for next year. It is expected to follow the Senate in adopting language directing the governor to apply for federal stimulus funds for K-12 and higher education, and it appropriates those funds (in so far as they will go) toward mitigating the 26 percent reductions we have absorbed since this time last year.
I will keep you posted on further developments as warranted, and appreciate the good spirit with which everyone concluded our academic year during Saturday’s ceremonies.