The bill H. 3925 aims to enhance the financial oversight and reporting processes within the South Carolina state government. It introduces new requirements for the Comptroller General and the State Treasurer to ensure accurate accounting of cash and investments in the treasury. Specifically, it mandates that the Comptroller General confirm the accuracy of these financial records annually by November 1, and that the State Treasurer maintain a detailed accounting of cash and investments by agency and fund, with a report due by August 31 each year. Additionally, the State Treasurer is tasked with ensuring the accuracy of financial data reported to the General Assembly and must inform them of any substantive concerns regarding the state's treasury.

The bill also amends existing laws related to the State Treasurer's annual report to the General Assembly, specifying the information that must be included, such as revenue collected, interest accrued, and the status of the general fund reserve. Furthermore, it updates the auditing process by requiring that the State Auditor not contract with the same external auditing firm without prior review by the Joint Bond Review Committee, ensuring a more competitive and transparent auditing process. These changes are designed to improve accountability and transparency in state finances.

Statutes affected:
02/06/2025: 11-3-250, 11-5-290, 11-5-185, 11-7-60
02/12/2025: 11-3-250, 11-5-290, 11-5-185, 11-7-60
04/09/2025: 11-3-250, 11-5-290, 11-5-185, 11-7-60
04/14/2025: 11-3-250, 11-5-290, 11-5-185, 11-7-60
04/22/2025: 11-3-250, 11-5-290, 11-5-185, 11-7-60
04/23/2025: 11-3-250, 11-5-290, 11-5-185, 11-7-60
Latest Version: 11-3-250, 11-5-290, 11-5-185, 11-7-60