South Carolina Comptroller General Richard Eckstrom late Tuesday released the state’s Comprehensive Annual Financial Report, a detailed view the state’s financial activity for year 2008-09.
In a statement, Eckstrom said that the report was delayed, which was “caused by significant accounting problems at SC Employment Security Commission.”
In the statement he also said, “There’s little to smile about in this year’s report, as the state’s fiscal health is not good. For one, we overspent the general fund budget by $98.2 million as a result of lenient spending practices coupled with deep revenue shortfalls — shortfalls which continue to force budget cuts even six months into the new fiscal year. On top of that, we have little cushion in our reserve accounts to help us get through the tight economic times.”
Eckstrom’s office has also released “a condensed, simplified 16-page “Popular Report” and a four-page “Citizens Report.”