Where your SC tax dollars go: State Treasurer explains investment gains

COLUMBIA, S.C. (WSPA) – Many South Carolinians may not know where taxpayer money goes, and how it benefits state agencies and local communities.

South Carolina State Treasurer Curtis Loftis (R-South Carolina) said the state’s investment program earned more than ever before this year, bringing in $1.73 billion in returns. Of that, about $470 million went straight into the state’s general fund.

“We have to make sure that while we have this boom, that we take it and we use it for the people and not for special interest. It’s a difficult fight,” Loftis said.

While Loftis oversees the state’s billions in taxpayer dollars, he doesn’t decide how that money is spent. His job is to invest and safeguard the funds, not allocate them. Decisions on spending rest with lawmakers and the governor.

State Senator Tom Davis (R–Beaufort), a member of the Senate Finance Committee, said those spending choices are not easy.

“It’s a matter of priorities because whenever you’re talking about a finite amount of money and last year, we spent about $14.5 billion of state money on the budget, you got to decide where that money is going to go, and you got to make hard choices,” Davis said.

Loftis admits that speaking out about questionable spending sometimes lands him in “hot water.”

“When we see money going out the door to places where maybe it shouldn’t go, I talk about it, and there are those who don’t like me talking about it, but I’m going to continue to talk about it.”

According to state reports, the overall return on investments for the year was 5.49%, which experts say is strong given current interest rates.

Experts also note that South Carolina maintains a conservative investment approach to ensure there’s always enough money for lawmakers to fund essential services and for taxpayers to see the benefits.