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Revenue and Fiscal Affairs: agency sees state revenue running ahead of estimate, no budget changes requested
Summary
Agency representatives told the subcommittee the economy remains strong, employment is growing and revenues are running above estimate; the agency requested no additional funding and said it will issue the next revenue estimate in mid‑February.
Mike Rainwater of the South Carolina Revenue and Fiscal Affairs office told the Constitutional Subcommittee on Jan. 15 that the agency has no budget change requests and that current indicators show revenue running higher than expected.
Rainwater said employment and migration trends are supporting revenue growth and that, through this point in the fiscal year, collections are “a couple of hundred million dollars above our estimate.” He told members the agency will produce its next official revenue estimate in mid‑February (the board meets Feb. 14–15 to consider updates).
The agency stressed caution: large portions of corporate tax receipts are realized late in the filing cycle (April), and the board will weigh whether the better-than-expected receipts are persistent before recommending changes to the estimate. Rainwater said the agency draws on staff experience in Ways and Means and the governor’s office to balance providing usable guidance while avoiding over‑promising revenue.
Committee members offered thanks for the update; the agency did not request proviso changes or additional funding during the presentation.
