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Oklahoma treasurer reports $1.36 billion in unclaimed property, asks to use interest to fund Legacy Capital Fund administration
Summary
State Treasurer Todd Russ told the Appropriations and Budget Committee the treasurer’s office holds about $1.36 billion in unclaimed property liabilities, has about $300 million in cash available for claims, and is requesting modest administrative funding for the Legacy Capital Fund and to continue an IT modernization effort.
Todd Russ, Oklahoma’s state treasurer, told the House Appropriations and Budget Committee that the treasurer’s office manages roughly $1.36 billion in unclaimed property liabilities and about $300 million in available cash to pay claims.
“People think we've got over a billion dollars in cash floating around in there and we really don't,” Russ said during his presentation, noting that a large portion of the unclaimed property total represents liabilities to individuals and estates rather than cash readily available for state use.
Russ said the office manages about $17 billion under investment for state accounts and that investment earnings were approximately $376,000,000 last year with a…
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