South Carolina’s budget cut by millions unexpected surplus

COLUMBIA, S.C. (AP) – A less-than-expected surplus is cutting $12 million more from South Carolina’s nearly $8 billion budget.

This week’s annual accounting report by Comptroller General Richard Eckstrom shows last fiscal year closed June 30 with a $60.4 million surplus.

But legislators included nearly $94 million worth of surplus spending in their current state budget.

By law, Eckstrom must chop from the bottom of that priority list. But the Legislature’s decision to wait until January to take up Gov. Henry McMaster’s vetoes makes it unclear what will make the cut.

He struck nearly $22 million from that list. Items guaranteed funding include $24 million to Commerce for economic development deals and $5 million to replenish sand on beaches. Which other items are eventually funded will be determined by which vetoes the Legislature overrides.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s