Wednesday, June 8, 2011
News Report About Sacramento's Use of Unclaimed Property to Balance its Budget (Video)
Recently, a frequent topic has been government efforts to use unclaimed property to reduce, or eliminate, budget deficits (see, for example, here and here). Now, it seems that state governments are not the only ones getting in on the Act. According to a report by KOVR (CBS 13) in Sacramento, city officials there are considering the use of the city's unclaimed funds (i.e., items payable by the city like utility refunds and uncashed checks) to alleviate their municipal budget deficit. According to the story, Sacramento has a budget deficit of more than $30 million, and about $2 million in unclaimed property, which it may keep if it is unable to reunite with its rightful owners.