BEA cuts budget projections by $90 million

The state's board of economic advisors today predicted South Carolina will take in $90 million less than expected for next year's budget.

The S.C. Senate last week passed a budget that contained a $50 million cut from the $7 billion House budget passed last month for the next fiscal year.

Gov. Mark Sanford issued a statement that the projections confirm his concerns about softening revenues back in February. 

"We've said for months that this year's projections for budget growth were far too optimistic, and unfortunately today those concerns were shown to be founded," Sanford said.

Comments

[Randy]

Mark Sanford’s cabinet agencies have 250 million dollars hidden in them…in carry forward accounts, in money “mixed” with federal dollars, and disguised in a hundred different ways.

The Senate knows this…but a deal has been struck. So when your favorite program gets cut remember it was all one big deal…Sanford and the Senate fighting in public and loving in private. And the people paying the bills and losing the services.

[blueforce]

Senator Leatherman is really showing his lack of a fundamental understanding of budgetary priorities and flawed logic when he proposes a pay raise for state employees at the expense of education and health. The turnover rate for state employees is very low compared to the private sector. And, their benefits are very generous. The insanity of compounding future taxpayer liabilities for state employees has got to stop. One cost saving measure is the elimination of access for retirees to the state health plan after age 65(medicare)--just this one would change would save tens of millions annually.

[Jon]

"One cost saving measure is the elimination of access for retirees to the state health plan after age 65(medicare)--just this one would change would save tens of millions annually."

And renege on a promise made to those employees while they worked long years for a payroll less competitive than the commercial sector at the time. Detroit does that to its retirees. In South Carolina, we can do better.