International Courant
Be a part of Fox Information for entry to this content material
Plus particular entry to pick out articles and different premium content material together with your account – freed from cost.
Please enter a sound electronic mail tackle.
By coming into your electronic mail and pushing proceed, you might be agreeing to Fox Information’ Phrases of Use and Privateness Coverage, which incorporates our Discover of Monetary Incentive. To entry the content material, verify your electronic mail and comply with the directions offered.
Having hassle? Click on right here.
Lawmakers in South Carolina try to untangle a state checking account that inexplicably holds $1.8 billion, with officers saying they have no idea the place it got here from or what it was meant to fund.
Republican Gov. Henry McMaster assured the general public on Tuesday that “no cash was misplaced.” The checking account appears to be the results of ongoing accounting troubles for the state arising from a pc system transition within the late 2010s.
The South Carolina Senate has established a panel to analyze the funds. Main the trouble is Republican state Sen. Larry Grooms, who likened the state of affairs to “going into your financial institution and the financial institution president tells you we’ve got some huge cash in our vault, however we simply don’t know who it belongs to.”
Investigative accountants are nonetheless attempting to untangle the mess, however it seems that each time the state’s books have been out of whack, cash was shifted from someplace into an account that helped steadiness it out, in accordance with lawmakers.
EDUCATION VOUCHER EXPANSION PASSES SOUTH CAROLINA HOUSE, BUT CHANCES IN SENATE ARE UNCERTAIN
South Carolina Treasurer Curtis Loftis smiles throughout a gathering of the State Fiscal Accountability Authority on Tuesday, March 26, 2024 in Columbia, South Carolina. (Related Press)
Republican Treasurer Curtis Loftis has failed to offer solutions concerning the money, saying solely that he succeeded in accruing some $200 million in curiosity for the state. He argues the lack of knowledge concerning the place the cash is meant to go is the fault of the comptroller basic, Brian Gaines.
SOUTH CAROLINA SENATE TO WEIGH HOUSE-APPROVED $13.2 BILLION BUDGET
Loftis argued earlier this month that Gaines “is trying to shift accountability to scrub 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 confirm whether or not it was meant to be spent elsewhere.
Each Loftis and Gaines have been summoned to seem earlier than Grooms’ panel. Grooms famous Gaines has responded to each query posed by lawmakers up to now within the investigation, whereas Loftis has not.
CLICK HERE TO GET THE FOX NEWS APP
Gov. McMaster says the state will maintain off on any plans to spend the $1.8 billion till it could confirm whether or not it was meant to be spent elsewhere.
“That’s some huge cash and there’s no have to hurry up and attempt to spend it,” McMaster mentioned.
The Related Press contributed to this report.
