SC Legislative Updates

By Ben Homeyer

The State Board of Economic Advisors met yesterday to give what is expected to be their final outlook for the year.  They are putting growth at 2.5% for the coming year.  This is down significantly from the earlier reports.  This equates to about $90 million in recurring revenue for the next budget cycle.  On Friday the Comptroller of the state closed the books on the previous year and showed a roughly $775 million surplus.  While SC is way down from what was originally forecast, the State (especially when compared to our surrounding states) is doing pretty well.  The State has the option to spend the over $800 million in the current years budget or continue on with the CR as is currently in place and keep the money for the next budget year.  These dollars are in addition to the $670 million in covid dollars left to spend and the $600 million which will come from the federal government as the result of the plutonium lawsuit settlement which was announced today.

As you can see, we are in a pretty good position.  The Senate Finance Committee is planning to meet starting tomorrow to discuss what they may do with a budget.  The Governor has already asked the General Assembly to continue on with the CR and the Speaker in comments made last week and echoed today by both Ways and Means Chairman Murrell Smith and Majority leader Gary Simrill said they are favoring keeping the CR in place.