South Carolina is grappling with a financial mystery as auditors investigate an unaccounted $1.8 billion amassed in a state bank account over the past decade. The discovery adds to the state’s history of fiscal discrepancies, highlighted by a recent $3.5 billion accounting error linked to higher education funding and outdated computer systems.
The focus is on the SC Sate Treasurer Curtis Loftis, under scrutiny for the fund’s management, which has accrued nearly $200 million in interest. Questions arise about the fund’s transparency and its lack of disclosure to the General Assembly.
This situation has sparked discussions about potentially altering the treasurer’s appointment process to enhance financial oversight.
There is an account in South Carolina that collected more than $1.8 billion over nearly a decade. Accountants still aren’t sure where it came from or where it should go as the state deals with another accounting problem: https://t.co/Y0WT93u9EL
— Jeffrey Collins (@JSCollinsAP) March 26, 2024
The state’s troubled financial history dates back to its early days, with ongoing challenges in maintaining clear and accurate accounting records. As South Carolina’s leaders deliberate over a budget with $3 billion in unmet requests, the fate of the $1.8 billion fund remains a pivotal concern, pending a detailed investigative report.
