COLUMBIA, S.C. (AP) — It turns out that $1.8 billion in South Carolina state funds weren’t just sitting in a bank account waiting to be spent. Instead, it was an accounting error compounded over years instead of being reconciled, an independent forensic audit determined.

South Carolina’s mysterious $1.8 billion in a bank account doesn’t exist. That’s the answer to the nearly year-long questions of “Where did this money come from” and “Who does it belong to?” State Treasurer Curtis Loftis says he’s accounted for every single cent.

A South Carolina Department of Administration report revealed origins of a $1.8 billion accounting discrepancy that has puzzled lawmakers and residents alike.

This report was supposed to be released on Jan. 1 but was pushed back two weeks due to a need for additional review.

An independent forensic audit has unveiled a $1.8 billion accounting oversight in South Carolina's state funds, dispelling hopes of a financial windfall. This discovery, rooted in past errors and compounded over years,