COLUMBIA, S.C. — 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.

An audit of South Carolina's state finances finds that the puzzling $1.8 billion account mostly never existed in the first place. The lengthy report, independently done by consulting firm AlixPartners,

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