State Governments Are Using Unclaimed Property To Boost Budgets

This article discusses how more state governments are using unclaimed property to boost their budgets. “Unclaimed property is the fifth-largest revenue source for California’s general fund, bringing in about $400 million a year.” State governments are often placed in a difficult bind because on one hand they want to return the property to the rightful owner, but on the other hand they often depend on the revenue that comes from unclaimed assets. There are many people that are not aware of the fact that the state might be holding onto their unclaimed property. There are many resources that people can use to find out property that the state is holding. State governments do make an effort to track down the rightful owners, but oftentimes that can be a difficult thing to do.

See Katie Orr, Are these your diamonds? Forgotten funds and unclaimed property boost state’s budget, San Francisco Gate, February 16, 2016.