BCB may tap "rainy day fund"

The South Carolina Budget and Control Board will be meeting in Columbia Monday morning. With the anticipated shortfall in tax revenue the board has some important decisions to make.Each year in the state budget there is two percent set aside in case tax revenues are lower than expected. At the last Budget and Control Board meeting, board members determined that tax revenues will be lower next year than expected when the budget was written, and that triggers the decision for the budget and control board whether to actually take that first rainy day fund to deal with the shortfall. $127 million is currently in the fund.The current proposal would be to take $120 million of that fund and place in the general fund to help make up for the shortfall in tax revenue.
the board is also expected to formally approve a $9.2 million dollar intergovernmental loan to the Patriots Point Naval and Maritime Museum in the Charleston Harbor for repairs to the ship the USS Laffey. The funding does come with one caveat. Patriots Point must repay the loan within 18 months. The attraction’s officials hope that $20 million in federal funding requested by U.S. Representative Henry Brown will come through next year. They promise to use that money toward the debt.

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