Everyone is happy when they find some money they no longer expected in a jacket pocket or in a crack in the sofa. In the American state of South Carolina, there is currently less enthusiasm about the sensational discovery of $ 1.8 billion in a mysterious state account. No one knows where the money comes from and what it is for.
“This doesn’t exactly inspire confidence,” South Carolina Gov. Henry McMaster said after auditors learned of the mysterious story. The state raised almost $2 billion there over a ten-year period, the AP reported. “It’s like going into your bank and the bank president says, ‘We have a lot of money in our safe, but we just don’t know who owns it,’” Republican Sen. Larry Grooms tried to compare.
Governor sees it positively: ‘No money has been lost’
No one knows where the considerable amount comes from and what it is intended for. “But the good news is that no money was lost,” McMaster also sees something good in the financial scandal. State auditors are now trying to solve the mystery surrounding the bill.
Chaos in accounting will cost accountants their jobs in 2023
This isn’t the first time the state’s accounting has generated negative attention. Just last year, the chief auditor had to resign: his authority had previously booked money into the accounts of universities twice for years. A computer system conversion in the 2010s led to this glitch. The resulting error was $3.5 billion.
The Senate committee should clarify the matter
A separate Senate committee has now been set up to investigate the new case, led by Senator Grooms. He has already discovered that communication between the Ministry of Finance and the State Audit Office is inadequate. Next week, Chief Auditor Brian Gaines and Treasurer Curtis Loftis will testify before the committee.
Until the matter is cleared up, the mysterious billions must remain in the account. “That’s a lot of money and there’s no reason to rush to spend it,” the South Carolina governor said. Probably not the worst idea: the account has now earned almost $200 million in interest.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
