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 The fiscal sustainability project was undertaken in 1997 to offer a basis for assessing the budgetary impact of recent and proposed legislative policy actions that might affect either state revenue or state expenditures in South Carolina. Since that time, additional reports were added to the series in 1999 and most recently, in 2001.
The 2001 report looks at South Carolina's general fund revenues and expenditures -- past, present, and future. It examines historical trends in the major components of state general fund revenues and expenditures and how the trends have contributed to the current budget crisis facing state government. It also adds a discussion of South Carolina's revenues and expenditures relative to those in other states.
The 2001 report makes projections of future state general fund revenues and expenditures through fiscal year 2010-11. The revenue projections contain several what if scenarios to address the effects of proposed policy shifts on state revenue streams. Local government fiscal trends were not addressed.
The second series of fiscal sustainability working papers was produced in late 1998 and early 1999. This group of four reports updates the 1997 work, incorporating new financial data and generating new revenue and expenditure projections through fiscal year 2009-10. The current reports incorporate information about policy changes likely to affect the state's general fund revenues and expenditures, including: tuition tax credits, the Trust Fund for Tax Relief, and changes to the state's business incentive programs.
In the first series of five working papers, researchers attempted to develop plausible estimates of future revenue and expenditures in the state's general fund as well as the projected revenue stream for local government through fiscal year 2009-10. Newly enacted business tax incentives and the property tax relief for homeowners initiated in 1994 were singled out for closer review. Proposed actions considered were various changes in the sales tax, further income tax relief for the elderly, and elimination of the property tax on personal vehicles. Because it may have a delayed impact on the budget, the fiscal health of the state retirement system was also examined.
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