S.C. ended budget year with $177M surplus, comptroller general says
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COLUMBIA (AP) - State officials said South Carolina ended the latest budget year with a surplus of $177 million.
South Carolina Comptroller General Richard Eckstrom said in a news release Tuesday that the state took in $542 million more last year than the previous year.
Eckstrom provided the calculations based on the fiscal year that ended June 30.
He called the 7 percent increase in revenue good news, but warned lawmakers about rushing to spend the extra money.
Eckstrom said the state spent more than $1 billion in extra revenue in 2007 and 2008, only to see the Great Recession lead to massive cuts for state agencies.
He said a good place to spend the money would be on the underfunded state retirement system and the retiree health plan.