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Fiscal year closes with extra $87 million in surplus - Live5News.com | Charleston, SC | News, Weather, Sports

Fiscal year closes with extra $87 million in surplus

Photo Source: AP Photo Source: AP
COLUMBIA, SC (AP) -

South Carolina's fiscal year ended with nearly $87 million more in surplus than legislators counted on, handing them more to spend next year.
    
That windfall is on top of the supplemental spending package put together in early June.
    
It's the third consecutive year that revenue collections exceeded advisers' May estimates.
    
The fiscal-year closing report from the state's chief accountant shows state revenue grew by 7.3 percent in the fiscal year that ended June 30. That compares to 2.5 percent the previous year and 9.1 percent in 2012-13.
    
State Comptroller General Richard Eckstrom says most of the growth came from individual income taxes and state sales taxes.
    
The report allows for every item on legislators' priority list for surplus revenue to be funded. That includes money for parks, museums and colleges.

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