Update August 18: The Post and Courier reports that the S.C. Department of Transportation has received a $52 million cash advance.
That's money that would have normally been received in even installments throughout the next 12 months — hopefully the agency won't burn through it to land in a more dire situation later this year.
First reporting August 14: With $28 million in cash on hand and some $120 million in immediate debts, it's no surprise that payments by the S.C. Department of Transportation are running late.
Normally contractors are repaid within 30 days, but of late that number has stretched up to 90 days.
While a poor situation for certain, there is little chance the department will bankrupt, but there is concern over how the situation is to be resolved — one side says it's better that SCDOT be allowed a line of credit for future funding hiccups while Gov. Nikki Haley is advocating turning to the federal government for speedier disbursement of $52 million.
(I'll point you to The Post and Courier for the full rundown on the scenario.)