State Treasurer Curtis Loftis releases statement on $1.8 billion bank account funds

Treasurer Loftis HeadshotCOLUMBIA, S.C. (WOLO)– State Treasurer Curtis Loftis has released a statement on the state’s $1.8 billion funds that were collected into a bank account over the past decade.

Photo: South Carolina Treasurer’s Office

The money in question arises from a statewide computer conversion that has always been accounted for by ‘the bank’.

Treasurer Loftis says the funds have been managed and invested in accordance with state law and the legislature has spent the investment earnings of around $250 million.

Last week, an independent report commissioned by the General Assembly confirmed that the State Treasurer’s Office (STO) is in compliance with all state laws and the Treasurer’s Office has never received audit findings or recommendations from the State Auditor or external audit firms related to this fund, say officials.

Loftis also went on to say he is asking the Comptroller Brian Gaines to respond to his many requests for coordination to make the state’s finance system stronger.

“It is time to put the rocky past of the Comptroller General’s Office behind us and work together to serve the interests of the people of South Carolina. We should be working to maintain the State’s excellent credit rating and avoid putting it at risk,” says State Treasurer Curtis Loftis.

South Carolina has precise laws that govern its money. They are, in short:

• The Comptroller General is the State’s accountant. His office sets the accounting rules, opens the funds (accounts), determines the ownership of funds, tracks expenditures and revenues, and reports the financial condition of the State to the public and the General Assembly, including what moneys can be spent and/or are available for appropriation.
• The State Treasurer is the State’s banker.  My office manages and invests the State’s money. We do not determine the ownership of funds as that is done before the funds come to us at “the bank”.

The press release ends with a final statement from the Treasurer’s Office, “The State Treasurer’s Office will continue to work on this matter that reaches far beyond its scope and responsibilities”.

The Treasurer’s Office says as it is the state’s bank and taxpayer’s money is safe.