SC state accountant and treasurer questioned over the $1.8B in idle funds

Tensions have been flaring over a $1.8 billion question: how did money move through a South Carolina bank account over the past decade without anyone knowing where it came from or where it was supposed to go?

The state’s top accountant and banker were both asked to answer that very question in a heated marathon hearing before the Senate Finance Committee. Both officials said it was the other person’s job.

Channel 9′s Tina Terry spoke with a Rock Hill Senator on that committee, who said they are still trying to figure this out.

Senator Mike Fanning represents York and Chester counties. He said after initially asking the state’s account and treasurer about the money, he and his colleagues were told it was supposed to be in a flow-through account.

That means taxpayer dollars would go into the account and then immediately flow out to be invested in the stock market or bonds. But for some reason, that never happened.

“We asked questions about a line item in the budget, in their internal budget, that was 1.8 billion dollars, and we asked what the purpose of that line was,” Fanning explained. “An account that should be flow-through with 0 dollars has had 1.8 billion sitting in it since 2016.”

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