Revenue projections from the S.C. Board of Economic Advisors
Good news from the S.C. Board of Economic Advisors (BEA), which projects South Carolina’s economy will continue to grow, generating additional revenues for the state.
At the session of the General Assembly that starts next month, legislators will have more money in building the budget for the 2024-2025 fiscal year, which begins July 1.
According to the BEA there will be an additional $673.1 million in recurring revenue, meaning once an agency gets that funding, it will continue in future years. The non-recurring, or “one shot”, pot of money will also grow by $896.1 million.
The BEA also projects that revenue from the South Carolina Education Lottery will remain stable, projecting $534 million for FY 2024-2025. This is good news for state merit scholarships (Palmetto Fellows, LIFE, HOPE, and Lottery Tuition Assistance) and a portion of the Tuition Grants Program budget which is funded through the lottery.