South Carolina ended the fiscal year with a higher-than-expected surplus, handing legislators an additional $68 million to distribute next year.
The fiscal year closing report issued by the state’s chief accountant shows South Carolina collected more than enough taxes to fund every item on the Legislature’s priority list for surplus revenue. Comptroller General Richard Eckstrom said Friday that the numbers show the state’s economic conditions are strong.
Eckstrom notes the $6.2 billion spent last fiscal year included $282 million set aside in a “rainy day” fund. That’s more than state law requires for the reserve account.
The state’s economic advisers expected a surplus of nearly $160 million in 2012-13. Legislators designated that one time money as part of the 2013-14 budget.