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OK Treasurer Opposed To Use Of Unclaimed Property Fund To Fix Budget Woes

Oklahoma state leaders are in budget negotiations, trying to keep state government running with less money. The state budget gap is estimated at $611 million, but some of that can be offset with money that doesn't come from taxes, but from unclaimed property held by the state. However, State Treasurer Ken Miller opposes use of the unclaimed property fund as a way to pay for everyday government. He states, “The money does come in, we don’t know how much, that’s why it’s not a dependable revenue stream, but it is other people’s money.”

David Blatt with the Oklahoma Policy Institute agrees that regular taxes should pay for regular government operations, instead of using the unclaimed property fund to finance government spending. According to Mr. Blatt, “It's unsustainable to use the money year after year, and what's worse, it's not even enough to fill the gap.”  

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