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Towns Lose Millions Over Audit Delays | Charleston News
Nine million dollars from over sixty South Carolina towns is frozen in limbo—because they skipped their mandatory financial audits. Lancaster’s nearly $5 million and Cottageville’s $130K are just two examples, with Cottageville even forced to disband its entire police force due to the funding freeze. State law demands audits within 13 months of fiscal year-end, but many towns are years behind. Mayors like Lancaster’s call it “galling,” while state treasurer Curtis Loftis insists he’s just enforcing the rules—acknowledging rural towns struggle to find auditors, but warning that missed audits…
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