A gutsy move

Give state Comptroller General Richard Eckstrom a big pat on the back. An unbudgeted revenue surplus has given the certified public accountant a chance to put the state’s budgetary records back in balance. Convinced that he had a fiduciary duty to correct previous mistakes by putting some $105 million in a special account out of legislative reach, he has been willing to brave the political fallout. It was a gutsy move, and he acted in the state’s best interest.

Eckstrom isn’t one to mince words when it comes to trying to keep the state in fiscal order. He certainly hasn’t kept quiet on his concern about what he describes as the artificial inflation of the state’s budgetary records that date back to three previous fiscal years — 1991, 1993 and 2001. ...

While the comptroller attributes the ‘‘illadvised’’ past decisions to the goal of keeping the state’s AAA credit, he produced documents that show the rating agencies recognized that the state was carrying a negative balance despite the so-called ‘‘accounting adjustment.’’ ... Even with Eckstrom’s decision to move $105 million into a special account, lawmakers still will have an additional $13 million to distribute when they return to Columbia. Eckstrom also pointed out that the $105 million will be drawing interest which the state can spend. ...

The comptroller general recognizes that the Legislature might well find a way to appropriate the $105 million he’s set aside when it returns to Columbia. But if that happens, he will have done his duty and the Legislature would have to answer for repeating a past and very serious mistake.

The (Charleston) Post and Courier

Good news for the Upstate

Billions in incentives could boost the region’s employment and help its bid to be a leader in hydrogen research. ...

It’s too early to say how much of the $3.5 billion would find its way into the Upstate, or how many jobs it could create. But one thing is clear: With new federal incentives and continued leadership in Congress, South Carolina is in position to be on the leading edge of hydrogen research.

Second, the energy bill provides incentives for companies to build nuclear power plants. Nuclear power is regaining favor as a clean energy source, and new plants get help in this energy legislation.

That’s good news for the Upstate. SRS is among six sites being considered for a nuclear plant by a consortium of power companies called NuStart Energy Development. ...

The president’s massive bill has received much criticism for what it doesn’t do. But its commitment to finding alternatives to fossil fuels is real, and it could provide an economic boost to South Carolina and help establish the Upstate as a leader in nuclear power generation and hydrogen fuel research.

The Greenville News

They’re kidding themselves

Too many local folks and state leaders think Interstate 73 will be built between Myrtle Beach and the N.C. line in Marlboro County now that President Bush has signed the new transportation reauthorization bill. They think that because the federal government in the past has picked up 80 percent to 90 percent of the cost of interstate highway construction, South Carolina needs to come up with only 10 percent or 20 percent of the projected $2 billion cost of its portion of I-73.

They’re kidding themselves. The days when the feds picked up the lion’s share of interstate construction costs are gone. ...

Because Congress designated I-73 a ‘‘project of national and regional significance,’’ the project could attract funding in addition to the $81 million the bill allocates to the highway’s S.C. portion. Even if that happens, though, the S.C. Department of Transportation still will have to come up with a majority of funding ...

The 16 cents-per-gallon S.C. gasoline tax raises too little money to cover the cost of state-highway maintenance as it is. Indeed, the S.C. DOT has made a good case for raising the state tax enough to improve maintenance caliber statewide; covering the cost of new roads is not part of that vision.

... Because it will enhance economic development in every community along its route, the pain of paying for it will be rewarded many times over. Better to acknowledge that we must endure this pain than continue to pretend the feds have this problem handled.

The (Myrtle Beach) Sun News