Tag: Richard Eckstrom

Spending the State’s Excess Cash

Spending the State’s Excess Cash

When S.C. Comptroller General Richard Eckstrom’s office reported recently that state agencies had approximately $166 million in excess cash from last year’s general fund budget, one place you knew it wouldn’t wind up is back with the taxpayer.

Politicians in this most conservative of states are constantly preaching the mantra of reduced spending, smaller, less intrusive government and greater individual freedom. It just never seems to work out that way.

The overall state general fund budget for FY 2012 was approximately $5.48 billion with state agencies not spending the $166 million mentioned above. General fund revenues are projected to increase during the current fiscal year, FY 2013, to $6.09 billion.

"Public pensions must be more transparent, accountable." Curtis M. Loftis Jr.

Better Oversight, More Transparency Required

“The treasurer has a legitimate concern. He has the right, if he is putting his signature on there, to have staff to give him confidence that what he is doing is right for the people of the state.” Governor Nikki Haley

Better oversight and more transparency of investment decisions for the state’s $25 billion pension fund may result from a vote taken by the S.C. Budget and Control Board Thursday.

The board, chaired by Gov. Nikki Haley and including Treasurer Curtis Loftis, Comptroller General Richard Eckstrom, Senate Finance Committee Chairman Hugh Leatherman and House Ways and Means Committee Chairman Brian White as members, unanimously (5-0) approved a motion by Loftis to “hire a counsel to determine the fiduciary and statutory responsibilities of all trustees, custodians and commission members” with regard to investment decisions and contracts of the pension fund.