In 1973, the Budget and Control Board established the Board of
Economic Advisors (BEA) to prepare and review economic forecasts
and general fund revenue projections and to advise the Budget and
Control Board and the General Assembly on these matters. As
amended in 1992, membership on the BEA is as follows: one member
appointed by the Governor to serve as chairman, a member appointed
by the chairman of the Senate Finance Committee, one member
appointed by the Chairman of the House Ways and Means Committee,
and a representative of the Department of Revenue who serves
ex officio as a non-voting member. BEA members have a working
knowledge and experience in economics, revenue forecasting, and
the state budget process.
The chairman of the BEA reports directly to the Budget and Control Board
to establish policy governing economic trends. Serving as head of the BEA
staff is the Chief Economist.
BEA staff is supplemented by one designated professional from each of the offices of the Governor,
Senate Finance Committee, House Ways and Means Committee, Department
of Revenue, and State Budget Office.
As the chief economic advisor and general economic consultant to the state,
the BEA performs a number of functions. One of its primary responsibilities
is the revenue forecasting function. This involves the projection, formulation,
evaluation, and continuing review of revenues for all state programs as well
as economic research, collection, analysis, interpretation, and presentation
of data pertaining to matters relative to the economy.
Per sections 2-7-71 of the Code of Laws of South Carolina, the Board of Economic
Advisors is responsible for providing revenue impacts to the General Assembly
for proposed legislation.