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Treasurer defends bank cash; lawmakers press him on $1.6B SKIS entries and governance
Summary
State Treasurer Curtis Loftus told the subcommittee that Alex Partners' forensic review found the $1.6 billion SKIS entries did not represent bank cash, and he defended the treasurer's office as the state's banker while lawmakers questioned why the discrepancy wasn't reported earlier.
State Treasurer Curtis Loftus appeared before the Constitutional Subcommittee on Jan. 29 and faced extended questioning about entries in SKIS (the state's accounting system) tied to fund 993 and the recent Alex Partners forensic review.
Loftus said Alex Partners concluded the roughly $1.6 billion of accounting entries in the SKIS conversion did not represent actual bank cash. He told the panel the treasurer’s office manages and invests the state’s cash and that, according to the forensic review, the bank balances reconcile: "The Alex Partners audit determined that the $1,600,000,000 is not real cash, and I have no reason to question their determination at this time," he said. "The most…
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