S.C. transportation agency expects more money problems
Fri, 14 Oct 2011 13:43:43 GMT —
COLUMBIA, S.C. (AP) -- Transportation Department officials in South Carolina are expecting more cash flow problems later this year.
The Greenville News reported that the agency expects to have cash flow problems in October and December.
The agency has been under review for its failure to pay contractors and the State Infrastructure Bank on time this summer.
The agency projects a cash shortage of between $4 million and $5 million in October and another $3 million in December. Transportation Department spokesman Pete Poore says the spreadsheet obtained by the newspaper is a working document that is refined as more information becomes available.
Agency officials blamed the summer problems on peak construction, an increase in material costs, projects that were finished earlier than expected and no revenue growth.
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