SC Economic Advisors Cut Budget Estimates

COLUMBIA, S.C. South Carolina’s revenue forecasting board is wrapping up the current fiscal year with another round of bad news as it cut $92 million from its estimates.
    Thursday’s move by the Board of Economic Advisors comes with three weeks left in the budget year and leaves little time to wring that cash out of state spending. That means the state likely will exhaust nearly all of its rainy day accounts.
    Meanwhile, the board said it would cut $120 million from a revenue estimate for the fiscal year that begins July 1. That could result in across-the-board budget cuts later or the Legislature could make agency-by-agency program cuts as they did last fall.
    The board tied the reductions to unemployment and falling income tax collections.