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South Carolinians work hard for their money and expect the state to manage the taxes they are forced to pay with the same discipline. Clean books. Accurate numbers. A financial system that protects every tax dollar. We are not there today.
The $3.5 billion error and the $1.8 billion error looked like the fire. They were the smoke. The real fire sits inside an office without the people or the systems needed to safeguard a $40 billion budget. A 2023 Senate report shows an operation that fell behind while the state grew. Staffing declined. Controls weakened. Units responsible for reconciliation shrank until they could not catch basic errors.
The former Comptroller pushed to close the books faster each year. That pressure drove out the professionals who understood the work and refused to attach their names to rushed numbers. Once they left, unreconciled accounts piled up and inaccurate statements went out the door. That is how billion dollar errors slip into our books and stay there.
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“A hollowed-out Comptroller General’s office nearly triggered a statewide financial hit. South Carolina cannot afford to ignore the warning signs again.”
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South Carolina grew. Our budget grew. Our revenues grew. Our financial reporting demands grew. Yet the Comptroller’s office went in the opposite direction. It dropped from 75 employees in 2003 to only 26 in 2023. That was not efficiency It was the financial equivalent of “defunding the police.” The team that protects taxpayers from fraud, waste, and abuse got hollowed out while the state piled on more complexity. That decision left South Carolina exposed.
The threat to taxpayers was real.
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Rating agencies questioned whether they could trust our financial reporting. A downgrade would have increased borrowing costs for every major project. Over the life of the state’s bond issuances, taxpayers could have faced $75 million to $150 million in added costs. That money would have come straight out of families, counties, and school districts across South Carolina.
The Comptroller General’s office has not just struggled. It has been hollowed out for two decades. Twenty-six people are trying to safeguard a $40 billion budget with systems and processes rooted in the early 2000s. That is the uncomfortable truth. Minor tweaks will not fix it. The office needs a complete, top-to-bottom rebuild.
The path forward is clear.
First, face reality without excuses.
Second, rebuild the professional staff to the size and expertise the work requires, with competitive salaries, modern training, and a culture that rewards precision over speed.
Third, replace outdated manual processes with a fully integrated, real-time financial system that mirrors the best-run states and private-sector finance teams.
Fourth, restore rigorous controls, mandatory reconciliations, and genuine transparency, including monthly public dashboards in plain English so every South Carolinian can see where their money goes.
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RELATED | FROM BOOKKEEPER TO WATCHDOG
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Done right, South Carolina will do far more than avoid the next crisis. Within four years we can have one of the most accurate, transparent, and efficiently run financial operations in the country, a model others study rather than question.
South Carolinians deserve clean books, honest numbers, and leadership that treats every tax dollar with the respect it deserves. We know what is broken. We know how to fix it. The work ahead calls for experience with modern financial systems and a record of building high-performing teams.
The foundation of trustworthy government is simple: accurate books and unwavering stewardship. South Carolina can lead the nation in both. It is time to make it happen.
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ABOUT THE AUTHOR…
Mike Burkhold is a Charleston businessman and the founder of Equiscript, a healthcare technology company serving hospitals and health centers nationwide. He is running for South Carolina Comptroller General to bring transparency and accountability to the state’s finances. Married to his wife Melanie for 30 years, he has two children, lives on Sullivan’s Island and attends St. Andrews Church in Mt. Pleasant. He also has several mustache awards.
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1 comment
Republicans were in complete charge during the times mentioned, both at the Comptroller’s Office, the governor’s mansion, and the majority of the legislature and this guy’s solution is – elect me I’m a Republican!