For Immediate Release
Tuesday, 27 July 1999
SC PREPARING FOR Y2K
Treasurer’s Office is Ahead of the Curve
Columbia, SC – As the nation prepares for possible computer problems associated with the turn of the millennium, State Treasurer Grady L. Patterson, Jr., released good news today. "We are well ahead of schedule in our preparations to protect the state’s finances," Mr. Patterson announced.
The Budget and Control Board accepts quarterly reports on Y2K readiness as a part of the Coalition for Year 2000 Readiness. Mr. Patterson said, "the Treasurer’s report shows our office will be ready for midnight December 31, 1999. The Y2K problem is a preventable disease, and we are busy heading it off at the pass."
Nationwide, between 70% and 80% of businesses and governments have complied with Y2K readiness standards according to the Governor’s Coalition for Year 2000 Readiness. However, in South Carolina, under Governor Hodges’ leadership, the state is above the national average in preparing "mission critical" computer systems.
"Our excellent staff has the Treasurer’s office’s ‘mission critical’ programs 90% - 95% ready for the year 2000," Treasurer Patterson continued. "We expect to be 100% ready – with all systems tested – by September 1, 1999.
"By Y2K-proofing the Treasurer’s Office, the 280,000 members of the SC Retirement System – our teachers, police officers and civil servants – can rest assured that their $19 billion system is safe," Treasurer Patterson continued. "And, the cash management of $5.5 billion in state revenues (supervised by the Treasurer’s Office) is also protected from the problems associated with the year 2000.
"We have replaced out-dated equipment, updated hardware and software, and re-written many of the computer programs that must be stable at the turn of the Century. South Carolinians can be proud of our great staff – they have put so much time and effort into safeguarding the state’s financial security."
As the state’s top banker, South Carolina Treasurer Grady L. Patterson, Jr.’s office is responsible for the state’s investments, debt management, and supervising state-chartered banks. He concluded, "just because we are ahead of the curve we won’t rest. It is critical that we protect the money of our hard working families, and we will remain diligent in our efforts until the new year has come and gone."
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For more information contact:
David A. Adams, 803/734-0380