State Senate To Vote On Budget Plan

Friday, November 17th 2017, 8:13 am
By: News 9

The state Senate is set to vote on the latest budget plan passed by the House.

It includes taking money from the unclaimed property fund help balance the state budget.

11/13/17 Related Story: Senate Leaders Say Agreement Reached On State Budget Deficit

This isn't the first time the Senate is counting on these funds to fall back on. 

The fund has about $80 million in unclaimed property which is owed to Oklahomans. The treasurer's office is in charge of tracking down the rightful owners.

11/16/17 Related Story: Budget Bill Would Tap Into Unclaimed Property

The treasurer said since 2000, the legislature has used $305 million from the fund, a dollar amount that the office says is just too much.

"The trick is finding the right balance between returning the money to the rightful owners and using some of it for public purpose. Frankly, in the last few years, that's been out of balance," state  treasurer's office spokesman Tim Allen said.

The legislature has used the fund to fill budget holes, knowing sometimes the rightful owners won't be found. The treasurer's office said using the funds to fix budget problems is a bad idea.