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State Treasurer briefs committee on workforce housing pass-throughs, unclaimed property rules
Summary
The State Treasurer's Office explained its role as fiscal custodian, discussed unclaimed property rules that send excess balances to the general fund, and relayed a governor proposal to transfer $15 million from the general fund to the workforce housing fund for gap financing.
Christopher Lahoset of the Legislative Services Office presented the State Treasurer's budget overview to the Joint Finance-Appropriations Committee, reviewing duties, fund structure and recent passthrough authorizations.
Lahoset said the Office of the State Treasurer serves as the state's banker, handles investments of surplus money and administers unclaimed property. He drew the committee's attention to the abandoned (unclaimed) property trust fund, which the analyst said is used to carry out unclaimed property law and that statute provides any amounts in the fund in excess of $500,000 should be transferred to the general fund.
Lahoset recalled a…
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