ACCOMPISHMENTS
Managing More Than $79.5 Billion in Public Funds.
As the state’s banker, Treasurer Curtis Loftis manages, invests and retains custody of more than $79.5 billion in public funds.
More Than 250,000 Future Scholar Accounts and $8 Billion in Assets.
Under Treasurer Loftis’ leadership, South Carolina’s Future Scholar 529 College Savings Plan has more than quadrupled in size, growing to more than 250,000 accounts and over $8 billion in assets under management.
More Than $470 Million in Unclaimed Property Returned to South Carolinians.
Since taking office in 2011, Treasurer Loftis has returned more than $470 million in unclaimed funds to South Carolinians, nearly four times the amount returned by all previous state treasurers combined.
More Than $530 Million in Savings Through Strategic Bond Sales.
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.
Maintaining South Carolina’s Strong Credit Ratings.
Throughout his tenure, Treasurer Loftis has worked to help South Carolina maintain its strong credit ratings and preserve the state’s financial standing.
Under Treasurer Curtis Loftis’ leadership, the State Treasurer’s Office has modernized investment strategies, improved cash management practices and strengthened oversight of public funds
These efforts have focused on protecting taxpayer dollars, maximizing investment opportunities and generating competitive returns for South Carolina.
Reducing Costs Through Strategic Contract Negotiations.
Treasurer Loftis has continued his commitment to reducing costs and improving efficiency through contract renegotiations, including lowering merchant card transaction fees and adopting technologies that allow for more efficient and secure electronic fund transfers.
$1.1 Million Rebate Through Vendor Payment Optimization. Retain the existing accomplishment.
Continued positive growth in both the State and Local Government Investment Portfolios.
Since taking office, Treasurer Curtis Loftis has overseen significant growth in South Carolina’s state and local government investment portfolios. His tenure has included efforts to strengthen investment management, expand opportunities for public entities and generate competitive returns while safeguarding public funds.
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.