A $1.8 billion mistake could cost the South Carolina treasurer his job

Source: Associated Press

A $1.8 billion mistake could cost the South Carolina treasurer his job

By JEFFREY COLLINS
Updated 4:40 PM EDT, April 2, 2025

COLUMBIA, S.C. (AP) — For the first time in over two centuries as a U.S. state, South Carolina lawmakers are going to try to remove a statewide elected official from office.

The Republican-dominated Senate on Wednesday decided to hold a hearing to decide if Republican state Treasurer Curtis Loftis should be removed from office over a $1.8 billion accounting error and then failing to report the problem to the General Assembly. Loftis says the attempt to oust him is politically motivated.

Loftis can be removed if two-thirds of the Senate and House vote against him. At a hearing on April 21, senators will present their case and Loftis or his attorney will have three hours to respond. The House would then follow suit with their own hearing.

Money that didn’t exist

A 58-page report released last week on the accounting error said South Carolina’s books have been inaccurate for 10 years and continue to not be corrected. The state paid millions of dollars to forensic accountants who eventually determined the missing money was not cash the state never spent, but instead was a series of errors in balancing books and shifting accounts from one system to another that were never reconciled.

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Read more: https://apnews.com/article/south-carolina-accounting-error-treasurer-loftis-2642f350f550a31fc045dd7b2951ae9c