Nevada allocates $168K for new unclaimed property staff to reduce claim processing delays

In a recent joint meeting of the Assembly Committee on Ways and Means and the Senate Committee on Finance, Nevada lawmakers discussed crucial budget allocations that aim to enhance community services and address growing needs in the state.

One of the key topics was the funding for the College Savings Endowment Account, which is supported by management fees from 529 plan fund managers. The committee approved several technical adjustments to align transfer amounts across various budget accounts, ensuring that funds are allocated efficiently to support educational initiatives. This decision reflects a commitment to maintaining and improving financial resources for Nevada's students and families.

Another significant discussion centered on the Unclaimed Property Budget, where lawmakers addressed the pressing need for additional staffing. The governor's recommendation includes funding for a new administrative assistant and increased hours for contract staff to manage the rising volume of claims. The unclaimed property office reported a substantial increase in claims, from approximately 177,000 in fiscal year 2023 to an expected 217,000 in fiscal year 2024. This surge has created a backlog, with claims processing times exceeding the statutory requirement of 90 days.

The proposed staffing enhancements aim to alleviate this backlog and improve customer service. The new administrative assistant would handle routine inquiries, allowing existing staff to focus on more complex claims. Lawmakers recognized the importance of these positions in ensuring timely processing and enhancing the overall efficiency of the unclaimed property program.

As the meeting concluded, the committees moved forward with approving the necessary funding, demonstrating a proactive approach to addressing the needs of Nevada residents. These decisions not only reflect the state's commitment to education and financial accountability but also highlight the importance of responsive government in meeting the evolving demands of the community.