ACCOMPISHMENTS
As the “State’s Banker,” the Treasurer manages, invests and retains custody of $60 billion in public funds.
A 143% increase in the number of families saving for college with Future Scholar, South Carolina’s 529 College Savings Plan, and assets under management have increased from $1.3 billion to almost $5.6 billion (322% increase).
Treasurer Loftis conducted contract negotiations which resulted in the Direct Plan being ranked among the lowest cost plans in the country. SavingForCollege.com also awarded Future Scholar its highest “5 CAPS” ranking, and South Carolina’s plan has been praised by both Money Magazine and The Wall Street Journal.
A 181% increase in the amount of Unclaimed Property returned to South Carolina Citizens.
This past fiscal year, the Program returned almost three times the amount it returned the year Treasurer Loftis took office ($35.3 million versus $12.6 million), and we are well on our way to another record-breaking year. The Unclaimed Property Audit Program was created and implemented under the leadership of Treasurer Loftis in order to increase awareness and compliance by corporate holders of unclaimed property.
A savings of $530,616,140 for State taxpayers by the Strategic Sale of State Bonds.
Under the leadership of Treasurer Loftis, the Treasurer’s Office has played a primary role in the successful issuances of the State’s General Obligation and Revenue Bonds. The sale of these bonds has facilitated several billion dollars of new and/or refunded state economic development, agency, transportation, housing, and college/university project debt, while maintaining the state’s AAA credit rating.
Maintained an AAA Credit Rating
Throughout his tenure, Treasurer Loftis has worked hard to maintain the State’s coveted AAA credit rating, the highest rating offered by financial services such as Fitch & Moody’s.
A 66% Increase in Revenue Generated by Restructuring Investment Portfolios
Under the leadership of Treasurer Loftis, local government assets from investments grew to $5.6 billion from $3.6 billion. Increased participant income distributions resulted from restructuring, including improved cash management processes and efficiencies.
Strategic contract negotiations have reduced costs and saved the State millions of dollars.
From lowering the fees charged for merchant card services to adopting new technologies that increase the fast and secure electronic transfer of funds to vendors, state agencies and other public bodies, Treasurer Loftis has continued his pledge to reduce costs and eliminate waste and fraud for South Carolina taxpayers.
A $1.1 Million Dollar Rebate to the State through Vendor Payment Optimization
Continued positive growth in both the State and Local Government Investment Portfolios.
Treasurer Loftis and his investment team have worked diligently to restructure the State and Local Government portfolios, which have resulted in improved performance, yield and credit quality. General fund assets experienced a $10 billion increase, $2.1 billion in 2011 to $12.2 billion in 2022, (484%). Similarly, Local Government Investment Pool (LGIP) assets grew to $10.3 billion from $2.9 billion (255%). Increased participant income distributions resulted from restructuring, including improved cash management processes and efficiencies.
As the “State’s Banker,” the Treasurer manages, invests and retains custody of $60 billion in public funds.”
A 49% Increase in the Number of Families Saving for College with Future Scholar, South Carolina’s 529 College Savings Plan, and a 93% Increase in Contributions
Treasurer Loftis conducted contract renegotiations which led SavingForCollege.com to rank Future Scholar as the 2nd lowest cost plan in the country. SavingForCollege.com recently awarded Future Scholar its highest “5 CAPS” rating, and South Carolina’s plan has been praised by both Money Magazine and The Wall Street Journal.
A 226% Increase in the Amount of Unclaimed Property Returned to South Carolina Citizens
The Unclaimed Property Audit Program was created and implemented under the leadership of Treasurer Loftis in order to increase awareness and compliance by corporate holders of unclaimed property. Treasurer Loftis also achieved the passage of US Savings Bond legislation to ensure funds held by the US Treasury are available for return to South Carolinians.
A Savings of $391,300,000 for State Taxpayers by the Strategic Sale of State Bonds
Under the leadership of Treasurer Loftis, the Treasurer’s Office has played a primary role in the successful issuances of the State’s General Obligation and Revenue Bonds. The sale of these bonds has facilitated several billion dollars of new and/or refunded state economic development, agency, transportation, housing, and college/university project debt.
Maintained an AAA Credit Rating
Throughout his tenure, Treasurer Loftis has worked hard to maintain the State’s coveted AAA credit rating, the highest rating offered by financial services such as Fitch & Moody’s.
A 66% Increase in Revenue Generated by Restructuring Investment Portfolios
Under the leadership of Treasurer Loftis, local government assets from investments grew to $5.6 billion from $3.6 billion. Increased participant income distributions resulted from restructuring, including improved cash management processes and efficiencies.
A Projected Savings of $3 million from the Re-Negotiation of the State’s Merchant Card Contract
Contract re-negotiations under the direction of Treasurer Loftis are providing a significant reduction in transaction fees paid by State agencies.
A $1.1 Million Dollar Rebate to the State through Vendor Payment Optimization
Continued positive growth in both the State and Local Government Investment Portfolios
Treasurer Loftis and his investment team have worked diligently to restructure the State and Local Government portfolios, which have resulted in improved performance, yield and credit quality. General fund assets experienced a $10 billion increase, $2.1 billion in 2011 to $12.2 billion in 2022, (484%). Similarly, Local Government Investment Pool (LGIP) assets grew to $10.3 billion from $2.9 billion (255%). Increased participant income distributions resulted from restructuring, including improved cash management processes and efficiencies.