Officials in South Carolina are trying to figure out where a whopping $1.8 billion has come from after discovering the huge stash in a mysterious state bank account.
State lawmakers say they have no idea where the money came from or what it was intended to fund.
On Tuesday, Republican Gov. Henry McMaster assured the public that “no money was lost.”
The bank account seems to be the result of ongoing accounting troubles for the state.
Multiple accounting issues have arisen since the state underwent a computer system transition in the late 2010s.
A South Carolina Senate panel has been established to investigate the funds.
Leading the effort is Republican state Sen. Larry Grooms.
Grooms likened the situation 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.”
Meanwhile, investigative accountants are still trying to untangle the mess.
However, it appears that every time the state’s books were out of whack, money was shifted from somewhere into an account that helped balance it out, according to lawmakers.
Republican Treasurer Curtis Loftis has failed to provide answers regarding the cash.
Loftis said only that he succeeded in accruing some $200 million in interest for the state.
He argues the lack of information regarding where the money is supposed to go is the fault of the comptroller general, Brian Gaines.
Earlier this month, Loftis argued that Gaines “is attempting to shift responsibility to clean up its mess to the Treasurer.”
Both Loftis and Gaines have been summoned to appear before Grooms and the state Senate panel.
Grooms noted Gaines has responded to every question posed by lawmakers so far in the investigation.
Loftis, meanwhile, has not been so forthcoming.
Gov. McMaster says the state will hold off on any plans to spend the $1.8 billion.
The governor notes that the state must first verify whether it was intended to be spent elsewhere.
“That’s a lot of money,” McMaster said.
“There is no need to hurry up and try to spend it.”
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