South Carolina’s Board of Economic Advisors (BEA) recently met to assess the state’s revenue collections and released its initial forecast for the 2026-27 fiscal year. The BEA reported that state revenues are $244 million higher than projected in May, mainly due to stronger individual income tax and sales tax receipts.
Based on these results, the BEA projects General Fund revenues will reach just over $15 billion for FY2026-27. This projection provides lawmakers with an estimated $733.9 million in recurring revenue and $1.71 billion in non-recurring revenue to allocate during this year’s budget process.
Governor Henry McMaster is expected to use this forecast as a basis for his Executive Budget for FY2026-27, which is scheduled for release in early January. State agencies have already submitted their budget requests for consideration.
