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Article: South Carolina erases deficit, restores reserve.(News & Numbers)(Brief Article)
- Article from:
- Government Finance Review
- Article date:
- October 1, 2004
CopyrightCOPYRIGHT 2004 Government Finance Officers Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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.
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