State Treasurer Converse Chellis says the Budget and Control Board could be shut down within months if something is not done by the governor or state lawmakers.
Chellis says Governor Mark Sanford vetoed raw expenses that support the entire governmental process. That included the state’s accounting system, which is currently being switched over to a leased system, which will bring all state accounting under one system. Chellis says when the Budget and Control Board’s budget was cut more than $25 million, the funding for the agency’s new leased accounting system was cut out.
Chellis says it’s now up to the Governor’s office to figure out continued funding of the state’s accounting system.
Chellis says it concerns him that the funds currently being used to pay salaries at the agency come from trust fund monies. He says that could affect the way that financial rating agencies on Wall Street score the state. Chellis says he has supported Governor Sanford’s push to move the state’s administrative functions over to the governor’s office and disassemble the Budget and Control Board. But Chellis says he does appreciate the fact that the agency has given the state a financial stability which has helped its credit rating.
Chellis says the state could potentially lose its excellent credit rating, just as someone buying a car could mess up their credit rating.