Current as of October 15, 2009
The S.C. Board of Economic Advisers met earlier today, and decided to leave the state’s revenue estimates unchanged. This is the second time in as many months that the revenue estimates have not been reduced by the advisers, which is a welcome occurrence. As noted previously, however, it is not a sign of optimism that full economic recovery is around the corner.
State unemployment figures will be released later this week, and will provide another piece to the current challenge of determining how our economy is doing and what that means for Winthrop. As previously reported to you, these earlier dips in revenue collection led the state to reduce Winthrop’s appropriation by another 4.04 percent, or $721,000. While this reduction had been anticipated in our spending plan for this fiscal year, it means that only 13.1 percent of Winthrop’s annual revenue now comes from the State of South Carolina, and that situation is not likely to improve in the near term.
Meanwhile, Winthrop will be continuing on our current budget path, which emphasizes protecting the quality of the student experience, investing in safety and security as necessary, and continuing work to attract and recruit our student body of the future. That approach has served us well throughout this period, and will continue to do so. Continuing thanks for all you do for Winthrop during these challenging times.