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The state treasurer is the chief banker and investment officer of the state of South Carolina. [2] [3] As such, the state treasurer manages the cash flows and investments of all state funds and, in so doing, safeguards their assets. In 2022, the state treasury's custodial fund balances were approximately $2.8 billion.
The Treasurer is the sole investor of the Local Government Investment Pool, (LGIP) the South Carolina Future Scholar 529 Fund and the excess funds of the state. Treasurer Loftis is the Vice Chairman of the State Fiscal Accountability Authority.
The comptroller general is also a member of the State Fiscal Accountability Authority (SFAA), an independent state agency which includes the governor, the state treasurer, and the chairs of the budget committees in the General Assembly. [20] The SFAA is generally charged with oversight of state spending and management of state property.
South Carolina State Treasurer Curtis Loftis has removed Disney from the state’s investment portfolio, a move following a year-long battle in Florida between Gov. Ron DeSantis and the corporation.
The revelation was made as senators issued a report on the treasurer’s office and the existence of an account with $1.8 billion and how no one knows where the money belongs.
Some low dollar amounts of unclaimed property don’t show up on the South Carolina Treasurer’s Office website, and officials say the law does not require that to change.
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