West Virginia Treasurer John Perdue said Monday his office plans to transfer an additional $20 million into the state’s general revenue fund this fiscal year.
According to Gov. Jim Justice, Perdue recently “found” this money in the state’s Unclaimed Property and Banking Services funds. Perdue said he will be transferring $10 million from each supply.
Justice announced last week his office plans to transfer another $7 million in unclaimed property to the general revenue fund over the next three quarters of Fiscal Year 2020.
Both Justice and Perdue said Monday they hope the $27 million move will “make a dent” in the state’s current $33.4 million budget gap.
By “unclaimed property,” Perdue is referring to assets that have been left dormant and gone unreturned to the assets’ “rightful owners”. That can be things like money left in a bank account for too long, or an unreturned utility company deposit.
Perdue reported Monday his office has returned roughly $215 million in unclaimed property back to the “rightful owners” since 1997.
His office has reportedly transferred almost $150 million in unclaimed property to various state funds since then, including the general revenue fund.
Perdue told members of the news media Monday the other $10 million from Banking Services can be attributed to “conservative money management” and “good interest rates.”
Emily Allen is a Report for America corps member.