By Jerry Bellune
JerryBellune@yahoo.com
Did you know the state sends millions of our tax dollars each year to out-ofstate businesses?
The reason, SC Treasurer Curtis Loftis of West Columbia said, is that few SC businesses are large enough to handle some needs.
For instance, the University of South Carolina just signed a multi-year agreement with an out-of-state caterer because no businesses in the state could handle that size contract.
Among Loftis’ goals is to work to correct this and keep our money in South Carolina. 
His other goals include:
• Investments: We manage $52.3 billion on behalf of state and local governments. We are updating operations to ensure that we provide efficient banking, investment and financial management, collecting interest nightly on tax money.
“Money never sleeps,” Loftis told the Chronicle.
• Operation Check Reduction: This is an effort to quit using paper checks. Electronic payments are faster, safer and less expensive. 
“We have been working with state agencies to get employees paid by direct deposit or with a CashPay debit card. We are converting vendor payments that way instead of using checks. And we’re working with SC Department of Revenue to tax refunds by direct deposit.
• Banking Security : Investing in technology to strengthen critical banking compliance, ensure the safe and secure movement of funds and prevent fraud by cyber threats.