Audit confirms South Carolina's $1.8B financial error largely nonexistent
Sen. Larry Grooms is calling for State Treasurer Curtis Loftis to resign as a result.
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Show Notes
An audit of South Carolina's state finances finds that the puzzling $1.8 billion account mostly never existed in the first place.
The lengthy report, independently done by consulting firm AlixPartners, was released Wednesday afternoon, and says: "We determined that approximately $1.6 billion of the $1.8 billion did not represent real cash."
It also found the remaining $245 million did exist but was already included in the bank balances. This report was supposed to be released on Jan. 1 but was pushed back two weeks due to a need for additional review.
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