More than $1 billion in losses in two weeks for a state agency.
In the second quarter of 2017, the Southeast Missouri Financial Services Commission lost $726,931, according to its annual report.
The commission is part of the Missouri Department of Financial Institutions.
Its revenue is about $3.3 billion a year, which means the commission lost more than $2.3 million in its second quarter.
The agency is one of the state’s top three largest in terms of annual revenue.
But the commission’s financial condition worsened in the second half of the year.
In its first three quarters, the agency recorded losses of about $7.8 million.
In its second and third quarters, losses increased by $3 million each, to $7 million and $10 million, respectively.
In all three quarters in which the agency lost money, the amount it lost was less than $5 million.
State Rep. Mike Hargett said that’s not sustainable.
The commission has about 3,000 employees.
Hargitt said it has $5.8 billion in annual operating revenue and is under the control of Gov.
State agencies like the Missouri Environmental Protection Agency, the Missouri School Boards Association and the Missouri State Highway Patrol are not subject to the state agency’s oversight, which is why the commission has been so successful in its mission.
The department has been working to fix its financial situation since January.
It has hired an independent financial consultant to look into its financial problems.
The report by the state auditor also identified other problems that need to be addressed.
The auditor found that the commission, which oversees about half of Missouri’s $4.4 billion general fund, didn’t have enough money to cover its expenses.
The budget for 2018 was $932 million less than the current year’s $1.842 billion.
The state has been operating under a $5 billion surplus since it took office in 2017, but it has yet to reach its $1 trillion goal.