Senate committee approves uniform $18 million transfer from unclaimed property fund to general revenue

Members of the Senate Revenue & Taxation Committee voted to advance a House bill that sets a consistent $18,000,000 annual transfer from the state's unclaimed property fund to general revenue and retains the remainder in the fund for three years, excepting amounts designated for central services.

Sponsor testimony described the change as a technical cleanup of a complicated formula that had produced fluctuating transfers in past years. Auditor Andrea Lee testified for the record and said the revision reflected discussions between DFA and the auditor's office to settle on a consistent dollar amount. "We went back over 10 years and took an average... we felt that this was it," the sponsor said when explaining the choice of a fixed figure.

Paul Lothian of DFA told the committee the fund's historical transfers fluctuated roughly between $19 million and $23 million and that choosing $18,000,000 aligns with current budget forecasts and would avoid recurring calculation errors and audit findings. He said the money would remain in the unclaimed property fund until the transfer occurs, and the change was intended to be revenue neutral in the forecast period.

Committee members asked whether the change would reduce general revenue; DFA and the auditor said the picked figure matched the forecast and would not reduce the general revenue estimate for the next two years. Several members asked that the bill be reviewed by the audit office prior to final enactment; sponsor and chair agreed to that review. The committee then took and approved a motion to pass the bill by voice vote.

The transcript uses multiple bill-number references during the handoff to this item; the presentation repeatedly identified the item as a House bill (referenced in the record as 'house bill 11 o 9' and other variations). The committee advanced the bill and directed that audit review accompany the next steps.