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South Carolina erases deficit, restores reserve.(News & Numbers)(Brief Article)
In August, South Carolina Comptroller Richard Eckstrom released surprisingly positive news on the state's financial health as of the end of fiscal year 2004. South Carolina completely eliminated the unconstitutional $177 million deficit that had accumulated from two years of overspending.
The state's general reserve fund, otherwise known as the "rainy day fund," which had been exhausted completely at the end of fiscal 2003, has been restored to a balance of $75.2 million. The state constitution requires that this fund have a balance of approximately $150 million. The capital reserve fund, which also had been drained, now has a robust balance of $99.4 million.
After taking office in 2002, Gov. Mark Sanford pledged to work aggressively to eliminate the deficit, to restore the state's depleted reserve accounts, and to develop more effective safeguards to protect the state against future illegal deficits. The governor worked with legislative leaders to pass the Fiscal ...
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Source: HighBeam Research, South Carolina erases deficit, restores reserve.(News &...