SC Economic Advisers Adjust Revenues Up by $108M

5:48 PM, Feb 13, 2014   |    comments
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COLUMBIA, S.C. (AP) - An adjustment in South Carolina's revenue projections means legislators have an additional $108 million to designate in their upcoming budget proposal.
 
The Board of Economic Advisors voted Thursday to recognize $28 million coming into state coffers from a lawsuit settlement, as well as $80 million in lottery profits above earlier estimates.
 
South Carolina was part of an eight-state settlement last year with British drug maker GlaxoSmithKline. Attorney General Alan Wilson sued in 2011, alleging improper marketing of the diabetes drug Avandia.
 
Lawmakers expected higher lottery profit projections. Gov. Nikki Haley's office has called the lottery agency's earlier forecast unreasonably low. Her budget proposal for 2014-15 suggested how to spend any extra.
 
That includes putting $8 million of it toward new school buses, bringing her total for buses to $20 million.

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