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March 30
SCDOT Financial Report - 31

This update is released by the South Carolina Department of Transportation (SCDOT) each week to report the agency’s current fiscal status and to highlight recent accomplishments of the agency.  

 

1)      SCDOT is pleased to announce the selection of a senior financial professional to serve in the position of Controller in the Finance Division. Mr. Alfred Comfort, III will begin his duties at the agency on April 17, 2012. He will assist in supervising and directing the day-to-day management of the accounting and financial reporting functions relating to the agency’s $1.4 billion annual budget.

 

Mr. Comfort has over 15 years of experience in both the public and private sectors, including experience in internal audit with Fortune 100 businesses, financial analysis of medium and large size businesses, Sarbanes-Oxley internal auditing and most recently serving as the Finance Director within the Division of State Information Technology at the South Carolina Budget & Control Board.  Mr. Comfort graduated from Winthrop University with a Bachelor’s degree in Business/Accounting and he also holds a Masters of Business Administration (MBA) degree.

 

The creation of the Controller’s position and the hiring of Mr. Comfort is another step in the reorganization process initiated by Secretary Robert St. Onge to improve SCDOT’s financial processes and its responsibility to the public.

 

2)      SCDOT’s increased financial monitoring and oversight of its cash flow was specifically recognized earlier this week by the Wall Street credit rating firms. A review of the South Carolina Transportation Infrastructure Bank’s (SCTIB) current bond refunding proposal gave SCDOT a positive evaluation of its efforts to date. Both The Fitch Group and Moody’s Investor Services cited SCDOT for having strengthened its financial and operating relationship with the SCTIB since summer 2011.

 

3)      SCDOT’s current financial status remains stable with a continued positive outlook.  As of March 28, the Comptroller General’s office has processed approximately $42 million in payments to SCDOT vendors, contractors and others for the month of March.  All debt service and South Carolina Transportation Infrastructure Bank payments are current.   Additionally, SCDOT has no construction contractor pay estimates greater than 30 calendar days old that are waiting payment processing.