S.C. Ends Budget Year with $177 Million Surplus

COLUMBIA, S.C. (AP) - State officials say South Carolina ended the latest budget year with a surplus of $177 million.

South Carolina Comptroller General Richard Eckstrom said in a news release Tuesday that the state took in $542 million more last year than the previous year.

Eckstrom provided the calculations based on the fiscal year that ended June 30.

He called the 7 percent increase in revenue good news, but warned lawmakers about rushing to spend the extra money.

Eckstrom said the state spent more than $1 billion in extra revenue in 2007 and 2008, only to see the Great Recession lead to massive cuts for state agencies.

He says a good place to spend the money would be on the underfunded state retirement system and the retiree health plan.