W.Va. Treasurer Irked by Governor Tapping Unclaimed Property Cash
State Treasurer John Perdue is criticizing Gov. Earl Ray Tomblin for banking on $15 million from an unclaimed property account to balance the next budget.
The Charleston Gazette reports Perdue thinks the move would make it difficult to pay claims to unclaimed property owners or survivors within 90 days, as required by law.
The $21.5 million fund includes various liquidated assets, like sold unclaimed stock and mutual funds, and insurance company payments for unclaimed benefits.
Perdue said Tomblin used $6 million from the account this budget.
Unclaimed property ranges from dormant bank accounts to jewelry in abandoned safe deposit boxes.
Tomblin spokesman Chris Stadelman told The Associated Press that agencies were asked to operate with less money, and this program is no exception. He said the transfer is normal.