South Carolina lawmakers call to axe treasurer after $1.8 billion accounting error – Washington Examiner

South Carolina⁢ lawmakers are ⁣calling for the dismissal of⁢ the state treasurer following a notable ‌accounting error that resulted in a misstatement of $1.8 billion. The error has raised ‌concerns about financial oversight and accountability within‍ the state’s ​financial management. As lawmakers push for ‍accountability, this‌ issue highlights the importance ​of accurate‍ accounting practices and the potential consequences of significant financial discrepancies in⁤ goverment‍ operations.


South Carolina lawmakers call to axe treasurer after $1.8 billion accounting error

South Carolina lawmakers are calling for the state treasurer to be impeached after an independent audit found that a suspected $1.8 billion thought to be in a state bank account never existed.

The results of the audit, released earlier this week, found that $1.6 billion of the $1.8 billion believed to have existed was the “result of incorrect journal entries,” while the remaining $200 million were “already included in the reported bank balances of the” state treasurer’s office. After the report was released Wednesday, state Treasurer Curtis Loftis issued a statement saying the findings mean citizens “can be confident that their money is safe.”

“We thank Alix Partners for their efforts, which have validated what we’ve known all along – there is no mystery bank account with $1.8 Billion in it, no missing money, and all cash and investments are accounted for,” Loftis said.

Not all lawmakers were satisfied with the treasurer’s handling of the state’s books, with Democratic state Rep. Heather Bauer saying she would file articles of impeachment against him over the nonexistent funds.

“The money is not safe with Curtis Loftis,” Bauer said at a Thursday morning press conference, according to WPDE.

“Years of sweeping accounting errors under the rug just hoping they’d disappear. We have currently today spent millions of dollars because of his errors, we have spent hundreds of thousands of dollars each month on lawyer fees and auditor fees and to fix this issue it’s going to cost even more,” Bauer added.

Republican state Sen. Larry Grooms told WNCN he believes Loftis should resign, saying the accounting error was known for years and only grew rather than being fixed.

While some are calling for Loftis to lose his job, Republican state House Speaker Murrell Smith said people should not “jump to conclusions” and instead find the facts before calling for impeachment.



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