An oversight in creating a state tax agency account could cost millions of dollars in budget cuts. The Board of Economic Advisors reports that an account was not set up to deposit tax collections from crackdowns on delinquent business.
The money mistake, could cost South Carolina in the long run. The recent audit of the Treasury Department uncovered the state lost track of nearly $60 million.
"It's embarrassing to the state and it provides problems to deal with when things like this happen," said Comptroller Richard Eckstrom.
Eckstrom calls himself a numbers guy and says the issue at hand is a big problem, but the solution may not be as severe as many anticipate.
"The exact fix at this point, I don't think has been decided on," said Eckstrom. "I don't think the fix is going to be to go to every agency and lump $60 million out of agency budgets at this point."
"It will affect the largest agencies first like health and education," said businessman and State Treasurer candidate Curtis Loftis.
Improving educational funding is already an issue thousands rallied for on the statehouse Wednesday.
Loftis says South Carolina's fiscal health is already on life support and the recent mistake could be a deadly blow.
"There's only three months in which the state can absorb this $60 million error," said Loftis.
Both Eckstrom and Loftis are in agreement on one thing.
"There's no accountability without transparency," said Loftis.
"I have really emphasized transparency in state spending," said Eckstrom.
But all either can do is watch how the senate handles the missing money as they take up the budget.
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