BEA Downward Estimate “Serious”… “Must Be Dealt With”

Filed Under Caucus, Top News, Leatherman

Senate Finance Chairman Determined to Present Balanced Budget to Full Senate

Columbia, SC - Senate Finance Chairman Senator Hugh Leatherman today issued the following statement concerning the Board of Economic Advisors $90 million downward estimate of state revenue for the upcoming budget year.

“Today’s BEA announcement of an estimated $90 million reduction in state revenue next budget year is serious. I have called an emergency Finance Committee meeting for 10:00 A.M. tomorrow morning (Tuesday, April to deal with this expected shortfall. It is something that we must deal with and we will deal with it. I am determined to present a balanced budget to the full Senate that does not include deficit spending. I am thankful that the BEA had the foresight to take the unprecedented move of meeting before the Senate passed the final budget. Now that we know the numbers, we will address the issue before the budget process moves forward. What was already a lean budget will need further reductions to bring us into line with expected revenue projections.”

The Senate Finance Committee on Thursday, April 3, passed a budget that anticipated a revenue shortfall by removing $50 million from the appropriations bill passed by the House. The Senate also removed $30 million in special projects. The Senate version of the budget already included a 3.6% across the board agency cut in funding.

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