South Carolina H 3925: State Finances

Bill Text

2025-2026 Bill 3925 Text of Previous Version (Apr. 23, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3925

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

Amended

April 22, 2025

H. 3925

Introduced by Reps. Bannister, Murphy, G. M. 
Smith, Caskey, Yow, B. Newton and Hart 

S. Printed 4/22/25--H. [SEC 
4/23/2025 4:19 PM]

Read the first time February 6, 2025

________

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 
11-3-250 SO AS TO PROVIDE THAT THE COMPTROLLER GENERAL SHALL CONFIRM THE 
ACCURACY OF CASH AND INVESTMENTS IN THE TREASURY FOR THE PREVIOUS FISCAL YEAR 
ANNUALLY; BY ADDING SECTION 11-5-290 SO AS TO PROVIDE THAT THE STATE TREASURER 
SHALL MAINTAIN AN ACCOUNTING OF CASH AND INVESTMENTS IN THE TREASURY BY AGENCY 
AND FUND; BY AMENDING SECTION 11-5-185, RELATING TO THE TREASURER'S ANNUAL 
REPORT TO THE GENERAL ASSEMBLY, SO AS TO PROVIDE THAT THE STATE TREASURER SHALL 
ENSURE ACCURACY OF CERTAIN FINANCIAL DATA AND INFORM THE GENERAL ASSEMBLY OF 
ANY SUBSTANTIVE CONCERNS; AND BY AMENDING SECTION 11-7-60, RELATING TO THE 
COMPREHENSIVE ANNUAL FINANCIAL REPORT, SO AS TO PROVIDE THAT THE STATE AUDITOR 
MAY NOT CONTRACT WITH THE SAME EXTERNAL AUDITING FIRM WITHOUT PRIOR REVIEW BY 
THE JOINT BOND REVIEW COMMITTEE.

 Amend Title To Conform

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Chapter 3, Title 11 of the S.C. Code is amended by 
adding:

 Section 11-3-250. By November first of each year, the 
Comptroller General shall confirm the accuracy of cash and investments in the 
treasury for the previous fiscal year as reported by the State Treasurer by 
agency and the South Carolina Enterprise Information System (SCEIS) fund, as 
required in Section 11-5-290, within SCEIS or the state's 
book of record. Any unreconciled differences must be made known to the State 
Treasurer, the Chairman of the Senate Finance Committee, and the Chairman of 
the House Ways and Means Committee.

SECTION 2. Section 11-5-120 of the S.C. Code is amended to read:

 Section 
11-5-120. The State Treasurer shall publish, quarterly, by electronic means 
and in a manner that allows for public review, a statement showing the amount 
of money on hand and in what financial institution it is deposited and the 
respective funds, as defined by governmental accounting 
standards, to which it belongs.

SECTION 3. Article 1, Chapter 5, Title 11 of the S.C. Code is 
amended by adding:

 Section 11-5-290. The State Treasurer shall maintain an 
accounting of cash and investments in the treasury by agency and the South 
Carolina Enterprise Information System(SCEIS) fund, as defined by governmental 
accounting standards, in a form required by the Comptroller General. By August 
thirty-first of each year, 
the State Treasurer shall produce a report of the accounting for the previous 
fiscal year to the Comptroller General, the Chairman of the Senate Finance 
Committee, and the Chairman of the House Ways and Means Committee. The State 
Treasurer shall confirm the accuracy and completeness of the report and inform 
the General Assembly of any substantive concern regarding the accuracy.

SECTION 4. Section 11-5-185 of the S.C. Code is amended to read:

 Section 11-5-185. (A)In addition to other 
reports required by law to be made, by the State Treasurer, he shall also submit a report annually to the General Assembly in the month ofby the second Tuesday 
in January on the following matters:

 (1) The amount of state 
revenue collected in the previous fiscal year.

 (2) The amount of such 
revenue deposited in the state general fund.

 (3)(1) The location of general fund 
revenuecash and investments custodied by the State 
Treasurer in banks and other financial institutions 
including invested funds, as of the end of the previous fiscal year.

 (4)(2) The gross interest and fees accrued and earned 
from deposits and investments for the previous fiscal year and the use of such 
interest.

 (3) The amount of realized revenue or 
losses from investments and the amount of unrealized revenue or losses from 
investments for the previous fiscal year.

 (5)(4) The amount expended for debt service in the previous 
fiscal year.

 (6)(5) The current status of the general fund reserve 
including any expenditure or reimbursement thereof.

 (7)(6) Any other information relating to 
state revenue which the Treasurer deems pertinent and of value to the General 
Assemblyamount, account, fund, or combination, 
which is new, missing, or otherwise unaccounted for, including such 
items as special state funds, treasury funds, the 
highway fund, and other funds not specified herein, as may be deemed 
appropriate by the Treasurer.

 (B) The State Treasurer shall:

 (1) confirm the accuracy of treasury 
cash and i