South Carolina Board Expected to Report Tax Shortfall
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Associated Press
Published: July 21, 2008
COLUMBIA, S.C. (AP) - State officials are expecting to get a clearer picture of how short the state is falling on tax collections.
The Board of Economic Advisors meets Monday to review tax collections from June - the final month of the last fiscal year.
The state has been running about $80 million behind estimates as sales taxes and other revenue sources fall short.
A final word on an expected shortfall is to come next month when the comptroller general closes the books on the nearly $7 billion budget. That will help the state determine how much money needs to be taken out of reserve accounts to patch budget holes.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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