Treasurer Ball announces bill aimed at returning all General Fund appropriations

01/11/2018 09:43 AM

FRANKFORT – In an era where more is less in Frankfort, Treasurer Allison Ball, R-Kentucky, is finding a craft solution in an attempt to return all remaining General Fund appropriations to the state.

In total Ball will seek to return more than $2.5 million to the state, by relying more heavily on a new system which could lead to the Treasury being operated without General Fund appropriations.

“This is a huge step for the Treasury, because it is something that could be ongoing,” Ball told Pure Politics.

Over the last several months, Ball said she and staff had formulated a plan to return all remaining General Fund and Road Fund appropriations to the state.

The Treasury is currently funded through General Fund appropriations, Road Fund appropriations, and restricted funds — which makes up about 50 percent of the funding for the office. Under the new bill that is proposed the Treasury would adjust and fund the Treasury using those restricted funds.

The restricted funds are essentially unclaimed property that Ball and the state Investment Board would use to generate the revenue needed to operate without the use of taxpayer dollars.

“There’s about $550 million in unclaimed property right now, it’s an account that’s always growing, but it’s technically always a liability to the state, because it’s owned by other people,” she said. “We can invest it to a certain extent, which we do overnight, and there’s certain portion of it — very small amounts — that we can use for certain things while we’ve got it.”

There are two bills filed which would allow the Treasury to return the funds and use unclaimed property to fully fund the Treasury filed by Sen. Wil Schroder, R-Wilder, and Rep. Ken Fleming, R-Louisville, in the Senate and the House.

As Treasurer, Ball said she has returned more unclaimed property than any other Treasurer, to the tune of over $50 million.

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