With over thirty municipalities throughout the state in violation of South Carolina’s law requiring them to turn in a yearly audit to the State Treasurer, one might say something is not working!
The current law gives municipalities thirteen months to turn in an audit after the end of the fiscal year. If they don’t turn it in by the end of the thirteen months, then the Treasurer is supposed to halt all payments to the municipality until they are in compliance.
Obviously, the system is not working and something needs to change.
In light of this problem, Reps. Goldfinch, Clemmons, Hardwick, H.A. Crawford, Loftis, Barfield, Bedingfield, Hamilton, V.S. Moss, Rivers and G.R. Smith are sponsoring H. 4031. This bill seeks to promote more fiscal accountability on the municipal level.
A common excuse that the municipalities use for not having an audit is lack of funding. The bill requires that all municipalities include funding for an annual audit in their budget; that takes care of that!