S.C. Continues To See Strong Revenue Growth

A few weeks ago, the state’s Board of Economic Advisors (BEA) met to review the state’s revenue collections and to issue the first revenue forecast for FY2026-27. Thanks to stronger-than-expected individual income tax and sales tax collections, state revenues are $244 million ahead of May projections.

As a result, the BEA estimated that General Fund revenues will total just over $15 billion for FY2026-27, giving lawmakers an additional $733.9 million in recurring revenue and $1.71 billion in non-recurring revenue to appropriate in this year’s budget process.

Governor Henry McMaster will utilize this estimate for his FY2026-27 Executive Budget, which will be released in early January. All state agencies recently submitted their FY2026-27 budget requests for consideration, which can be found here.