The South Carolina Board of Economic Advisors (BEA) met today to review the revenue estimates for this fiscal year, FY 2022-23 (FY 23), and next fiscal year, FY 2023-24 (FY 24). General Fund revenues have continued to exceed expectations despite growing concerns about a possible recession.

The South Carolina Board of Economic Advisors (BEA) issued updated revenue forecasts for FY 2022-23 and FY 2023-24 at its meeting Wednesday, February 15, 2023.

In adopting the forecast, the BEA acknowledged the strong growth of General Fund revenues through the first seven months of the fiscal year but struck a note of caution as the full effects of the Federal Reserve’s interest rate hikes, tax filing season, and the income tax reduction adopted by the General Assembly have yet to be realized.