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.

Nick Storm

Nick Storm is the Anchor and Managing Editor of Pure Politics available exclusively on Spectrum News. Pure Politics is the only nightly program dedicated to Kentucky politics. Nick covers all of the political heavyweights and his investigative work brings to light issues that might otherwise go unnoticed, like his coverage of the backlog of DNA rape kits waiting to be tested in Kentucky. Nick is also working on a feature length bio documentary Outlaw Poet: A documentary on Ron Whitehead. Pure Politics airs weeknight at 7 and 11:30 on Spectrum News. Follow Nick on Twitter @NStorm_Politics. Nick can be reached at 502-792-1107 or nicholas.storm@charter.com.

5 Comments

Comments

  • Ricky Lee Williams Jr. wrote on January 11, 2018 11:01 AM :

    We need to be hearing from Treasurer Allison Ball on this pension crisis. I like what she is trying to do here with this , but this is not even pennies on the dollar compared the the Multi Billion Dollar hole we are in with the pensions. She has a great mind and in times like we face , we need all hands on deck. Allison can’t let all this go by without getting involved and letting the public no where she stands and her thinking of how we go forward. Even her thoughts on new revenue and tax reform. Its go time and we see who is stepping up and who is hiding. Tough times make legends. RL

  • Ricky Lee Williams Jr. wrote on January 11, 2018 12:53 PM :

    The real reason health care is bankrupting America.

    https://www.cnbc.com/2018/01/11/the-real-reason-health-care-is-bankrupting-america.html

  • Chris Tobe wrote on January 12, 2018 12:16 PM :

    Fine for her $3mm budget, but I wish she would enforce the transparency laws at Teachers Retirement where they are hiding over $30mm a year in fees and buying illegal investments
    from my new book https://www.amazon.com/Kentucky-Fried-Pensions-2018-Chris/dp/1981779027 PoorRichards carmichaelsbooks @JosephBethLex

  • Chris Tobe wrote on January 12, 2018 12:16 PM :

    Fine for her $3mm budget, but I wish she would enforce the transparency laws at Teachers Retirement where they are hiding over $30mm a year in fees and buying illegal investments
    from my new book https://www.amazon.com/Kentucky-Fried-Pensions-2018-Chris/dp/1981779027 PoorRichards carmichaelsbooks @JosephBethLex

  • Former Treasury Peep wrote on January 17, 2018 08:32 AM :

    What Ms. Ball doesn’t mention or doesn’t understand is that the legislature has been “borrowing” money from the unclaimed property fund to make ends meet for years. The money isn’t in some bank account collecting interest AND the money isn’t her playground. It belongs to the people. It’s her job to return it not spend it.

    IF they come to claim it and she has spent it all what is she or a Treasurer years down the line to do? The KY GOP has tried and failed to get rid of the office now Allison Ball wasn’t to destroy it from the inside.

    The GOP time and time again proves that the reason they run against the government is that they don’t understand it.

What do you have to say?





SUBSCRIBE NOW

Subscribe to email updates.

Subscribe and get the latest political intelligence delivered to your inbox.

TWEETS ABOUT KY POLITICS