Over the last ten years, South Carolina has accumulated around $1.8 billion in a bank account. State and private accountants are attempting to determine the source and intended use of the money.
Leading a Senate subcommittee looking into the issue is Republican Sen. Larry Grooms, who stated, "It is like going into your bank and the bank president tells you we have a lot of money in our vault but we just do not know who it belongs to." According to the AP, it is the most recent issue with the state's books and the two organizations in charge of ensuring that government finances remain balanced—usually under the direction of elected people.
The chief accountant for the state, the elected Republican comptroller general, resigned last year when his department began duplicate posting funds in higher education accounts, resulting in an on-paper $3.5 billion miscalculation. The state's 2010 computer system transition was the initial cause of the issue. Newly elected Republican Treasurer Curtis Loftis, whose responsibility it is to draw state checks, looks to be at the center of the newest controversy involving real money. Senate leaders have said that although investigative accountants are working to sort through the chaos, it seems that funds were moved from one place to another to assist balance the state's finances whenever they were unbalanced.
"In actuality, politics should not be involved. People would rather have their accountants be stewards of the law, Grooms said on Tuesday after the Senate's approval of presenting a constitutional amendment to voters that would designate the comptroller general as an appointed official. According to the AP, the plan now moves to the House. Grooms proposed that, in the absence of suitable responses, an amendment appointing the treasurer as well may come next. The root reason of the bank problems remains unaddressed, and any documentation indicating the source of the $1.8 billion has not been provided to state authorities. "Governor Henry McMaster, a Republican, stated that it does not inspire confidence."
Leading a Senate subcommittee looking into the issue is Republican Sen. Larry Grooms, who stated, "It is like going into your bank and the bank president tells you we have a lot of money in our vault but we just do not know who it belongs to." According to the AP, it is the most recent issue with the state's books and the two organizations in charge of ensuring that government finances remain balanced—usually under the direction of elected people.
The chief accountant for the state, the elected Republican comptroller general, resigned last year when his department began duplicate posting funds in higher education accounts, resulting in an on-paper $3.5 billion miscalculation. The state's 2010 computer system transition was the initial cause of the issue. Newly elected Republican Treasurer Curtis Loftis, whose responsibility it is to draw state checks, looks to be at the center of the newest controversy involving real money. Senate leaders have said that although investigative accountants are working to sort through the chaos, it seems that funds were moved from one place to another to assist balance the state's finances whenever they were unbalanced.
"In actuality, politics should not be involved. People would rather have their accountants be stewards of the law, Grooms said on Tuesday after the Senate's approval of presenting a constitutional amendment to voters that would designate the comptroller general as an appointed official. According to the AP, the plan now moves to the House. Grooms proposed that, in the absence of suitable responses, an amendment appointing the treasurer as well may come next. The root reason of the bank problems remains unaddressed, and any documentation indicating the source of the $1.8 billion has not been provided to state authorities. "Governor Henry McMaster, a Republican, stated that it does not inspire confidence."
