Columbia, SC: South Carolina senators didn’t gain much information Tuesday about how $1.8 billion passed through a state bank account over the past decade without anyone knowing where the money came from or went.
A Senate subcommittee heard from the comptroller general and treasurer, two elected officials in charge of state accounting and bank accounts.
The agenda noted they requested budgets. After the state switched accounting systems in the mid-2010s, the missing $1.8 billion and other accounting problems dominated virtually the whole four-hour meeting.
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State Senate leaders said that whenever the state’s books were out of sync, money was moved into an account that balanced them. Accountants are still trying to figure out the mess. Another issue was the state double-counting roughly $4 billion in higher education funds.
After the elected Republican director resigned last year due to financial issues, Comptroller General Brian Gaines spoke for 10 minutes. He offered to help senators solve the problem and stated the treasurer’s office created the $1.8 billion account.
Following Gaines, Republican Treasurer Curtis Loftis repeatedly informed senators that he doesn’t balance the books and can’t acquire information from the comptroller general for hours.
Loftis requested more time to find answers and screamed at senators for saying he lied. He disputed the chair’s claim that there were identical reports with the same figures and urged the subcommittee Democrats for help.
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Loftis said the Comptroller General reconciles the finances and he is the state’s banker and investment head. Loftis said the comptroller general withheld crucial information, which the other agency denies.
Republican Sen. Stephen Goldfinch suggested the money may belong to the state Department of Transportation, the federal government, or an environmental trust fund. If the money is found, the state may have to pay back the $1.8 billion in interest.
Loftis said the investments are pulled from numerous accounts, so the money doesn’t stay in one.
The meeting was halted without resolution. A constitutional amendment to nominate the comptroller general was filed last week by many senators. They believed a similar treasurer proposal for November voters may be forthcoming.