Treasurer Curtis Loftis testifies on $1 billion accounting error in front of Senate panel

RICHLAND COUNTY, S.C. (WOLO)– In a fiery exchange Thursday, Feb. 27, State Treasurer Curtis Loftis testified to members of South Carolina’s “Finance Constitutional” Subcommittee regarding a 1.8 billion accounting error.

For more than 3 hours, Loftis answered Senators’ questions after an independent audit report showed that the $1.8 billion never actually existed, but was the result of “incorrect journal entries”.

According to loftis, when the accounting entries were reversed, the error was corrected, and no cash was lost, saying it’s a problem with the comptroller general’s books — not with the bank.

During Thursday’s hearing Senator Margie Matthews and Loftis had an exchange.

According to Senators, the state spent approximately $3 million for the firm called “Alix Partners” to look into the error and issue its findings.

The sub committee’s final findings will be issued during a future date.