Budget Update

Current as of January 14, 2010

Dear Colleagues:

The S.C. Board of Economic Advisers (BEA) had been scheduled to meet today, but that meeting was cancelled when their state office building was put into lockdown this afternoon because the nearby Attorney General’s office found a “suspicious white powder” in an opened letter.

Meanwhile, having spent a number of days in Columbia both last week and this week, I can tell you most officials there are not optimistic regarding any near-term restoration of state revenues. The best case would be a leveling trend.  It is uncertain whether the BEA will re-schedule today’s meeting, or wait until its next meeting date in February to review revenue receipts and make any recommendations deemed necessary to the Budget and Control Board and General Assembly.

Please know that we are continuing to monitor the economic situation on all these fronts, and will keep you advised of any key developments.

Sincerely,

Tony DiGiorgio