South Carolina found a state bank account with $1.8B, but they have no idea what it’s for

Lawmakers in South Carolina are attempting to untangle a state bank account that inexplicably holds $1.8 billion, with officers saying they have no idea the place it got here from or what it was supposed to fund.

Republican Gov. Henry McMaster assured the general public on Tuesday that “no money was lost.” The bank account appears to be the results of ongoing accounting troubles for the state arising from a laptop system transition within the late 2010s.

The South Carolina Senate has established a panel to research the funds. Leading the hassle is Republican state Sen. Larry Grooms, who likened the scenario to “going into your bank and the bank president tells you we have a lot of money in our vault, but we just don’t know who it belongs to.”

Investigative accountants are nonetheless attempting to untangle the mess, but it seems that each time the state’s books had been out of whack, cash was shifted from someplace into an account that helped stability it out, in keeping with lawmakers.

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South Carolina Treasurer Curtis Loftis smiles throughout a assembly of the State Fiscal Accountability Authority on Tuesday, March 26, 2024 in Columbia, South Carolina. (Associated Press)

Republican Treasurer Curtis Loftis has failed to offer solutions relating to the money, saying solely that he succeeded in accruing some $200 million in curiosity for the state. He argues the lack of understanding relating to the place the cash is meant to go is the fault of the comptroller common, Brian Gaines.

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Loftis argued earlier this month that Gaines “is attempting to shift responsibility to clean up its mess to the Treasurer.”

South Carolina Gov. Henry McMaster says the state will maintain off on any plans to spend the $1.8 billion till it could possibly confirm whether or not it was supposed to be spent elsewhere.

Both Loftis and Gaines have been summoned to look earlier than Grooms’ panel. Grooms famous Gaines has responded to each query posed by lawmakers to date within the investigation, whereas Loftis has not.

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Gov. McMaster says the state will maintain off on any plans to spend the $1.8 billion till it could possibly confirm whether or not it was supposed to be spent elsewhere.

“That’s a lot of money and there is no need to hurry up and try to spend it,” McMaster mentioned.

The Associated Press contributed to this report.