COLUMBIA, S.C. (AP) – South Carolina economists say the state likely will have an additional nearly $2 billion to spend next budget year.
The state Board of Economic Advisers says the growing population, expanding economy, more vigorous collection of online sales taxes and underestimating other taxes this year has led to the extra money.
The amount of money South Carolina lawmakers control spending for will jump past $10 billion in the budget year that starts in July 2020 for the first time.
Lawmakers say they want to use the extra money to increase salaries for teachers and state workers, improve prisons and do deferred maintenance on state buildings and tackle tax reform.
About $800 million in extra revenue is from increased tax collections, which lawmakers prefer to spend on recurring items like salary increases.