Unclaimed Property Fund Transfer For State Programs
Concerning the transfer of forty-two million eight hundred thousand dollars on June 30, 2016, from the unclaimed property trust fund for state programs.
2016 Regular Session
State Revenue & Budget
On June 30, 2016, the state treasurer is required to transfer $34.8 million from the unclaimed property trust fund to the adult dental fund. This transfer will be used to implement the adult dental benefit for the fiscal year 2016-17. On the same day, the state treasurer is also required to transfer $8 million from the trust fund to the general fund. The act also clarifies that any amount from the trust fund that is credited to the adult dental fund or the general fund constitutes fiscal year spending for purposes of the state constitution.
(Note: This summary applies to this bill as enacted.)