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Treasurer outlines large Education Freedom Act transfer, ARPA technology projects and rising unclaimed property workload
Summary
Treasurer David Lillard told the Finance committee that an Education Freedom Act transfer and ARPA-funded modernization work have raised the Treasury Department's recommended budget while unclaimed-property receipts and claims have surged and prompted a staffing request.
Treasurer David Lillard told the Finance, Ways and Means Committee that the Tennessee Treasury Department's operating budget reflects a large, one-time infusion tied to the Education Freedom Act and that the department is managing rising workloads in unclaimed property and other programs.
Lillard said the department's base budget before cost increases is about $77,131,000. With the governor's recommended additions and a transfer of approximately $77,200,000 tied to the Education Freedom Act, the recommended budget summed to about $161,000,000. He described the Education Freedom Act transfer as the primary driver of that jump.
Lillard also described ongoing technology and…
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