SC Economic Board to Talk About More Budget Cuts
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AP
Published: November 7, 2008
COLUMBIA, S.C. (AP) - The bad economic times mean South Carolina is bringing in a lot less money, and that could mean another round of budget cuts. The Board of Economic Advisors plans to meet Friday afternoon to discuss what the plunging revenue means for this year’s budget and next year’s spending plan.
State officials announced Thursday that sales tax revenues were $195 million in October, down 31 percent from the more than $282 million collected in October 2007. Since July, the state has collected 21 percent less money from sales taxes than the same period last year.
The money collected from sales tax makes up nearly 40 percent of the state’s general revenue. Lawmakers cut $488 million from this year’s budget in a special session last month.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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