Home Blog Treasurer: Unclaimed property in Alabama totals $1.1 billion

Treasurer: Unclaimed property in Alabama totals $1.1 billion

128
0
unclaimed money in alabama

Birmingham, unclaimed money in alabama – Alabamans are urged to check the website of the state treasurer’s office for unclaimed property, where they may find money from uncashed checks or closed bank accounts.

Boozer recently stated on unclaimed money in alabama  Public Television’s Capitol Journal, “We now have unclaimed property in the tune of $1.1 billion.” It consists of around nine million distinct claims.

“If you quickly calculate the cost, it’s roughly $125 on average. It might be $1.98 from an uncashed dividend check or anything from an estate that is distributed.

Nothing makes us happier than returning the Alabamans’ money, according to Boozer.

Boozer also claimed that his agency is currently managing more funds with greater financial gains than at any other moment in the history of the state.

unclaimed money in alabama

Unclaimed money alabama treasury 

According to Boozer, the state’s overall Unclaimed money alabama treasury   has increased nearly five times due to economic growth and the recent infusion of federal funds.

According to Boozer, Alabama’s finances are sound at the moment.

That unclaimed money alabama treasury fund was roughly $2.4 billion when I was initially elected and started my tenure as a public official in 2011.

Eight years after the conclusion of my two terms in office, in January 2018, that sum had increased to $3.6 billion, according to Boozer. The amount has increased to $10.6 billion as of this morning.

Over the past few years, the state has seen an increase in revenue for both the General Fund and the Education Trust Fund, with the last three years breaking records for spending in both budgets.

That has come through an increase in sales, property, and income taxes, which support the ETF, as well as an internet sales tax, a more recent development that has contributed to an increase in the General Fund.

The American Rescue Plan Act, which was passed by Congress in March 2021, allocated Alabama $2.2 billion, the majority of which has not yet been spent.

Boozer said that the state had been “prudent and aggressive” in its short-term market investments, which are now expected to yield an annual return of $180 million, up from just $22 million the year before.

We keep that to a minimum and then anything above that we put into money market mutual funds, commercial paper, short term investments in U.S. securities, that kind of investment,” the official said. “Some of it is in a checking account because we have to maintain balances for all the transactions that the state has.

Also Read: 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here