Loftis On SC’s AAA Credit Rating
The State Treasurer’s Office is a pleased to be working with many groups on the financial, debt and pension portions of the Department of Administration bill. These are the most costly and certainly most complex functions our government manages.
We support government reorganization in order to promote efficiency, transparency and accountability. We believe in a strong chief executive and the right of the people to know how the government spends their money and transacts their business.
Certain functions of government, such as debt and pension plans, carry with them massive financial decisions that are long term in nature. These decisions should not be made by a single office holder that has a short time in office, but by a group of people with varied terms and particular offices. They act as a Board of Directors and should be directly accountable to the public.
The State of South Carolina is highly regarded by the credit rating agencies. States with similarly high ratings have boards similar to ours that insure strong governance in these important financial matters. These states also enjoy enhanced ability to manage debt with favorable terms, and this ability allows us to efficiently build schools, roads and other infrastructure.
Curtis M. Loftis, Jr.
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