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State Ended Year with $250M Deficit
posted 5:30 pm Thu August 14, 2008 - Columbia, S.C.
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(AP) -- South Carolina's chief accountant says the state ended the last fiscal year with a $250.4 million budget hole, which means grants for hydrogen research, parks and tourism will not get money.
Other projects unfunded because of the budget gap include university access to a national fiber optic grid that can carry high volumes of data at high speed.
State Comptroller Richard Eckstrom says he filled the shortfall by using $34 million from agencies' surplus funds and $124 million from the state's reserve account.
Eckstrom says the state now has about $100 million in savings for the fiscal year that started July 1.
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