California Uses Unclaimed Money to Fix Budget Deficit
California tops the chart in unclaimed money laying with the state treasurer. The state is trying its best to get the unclaimed cash to the rightful owners. To reach the owners individually, California government is sending more than 9,000 memos this week. Week after week the reminders are being sent to the businesses as well as individuals to inform them about any unclaimed cash or property in their name.
The state’s coffers are getting filled with Unclaimed Property Program that receives unclaimed checks from various banks, insurance companies, utility services, employers, etc. Any financial instrument, if unrealized for more than three years, is categorized as unclaimed money.
U.S. law makes it mandatory for them to hand over unclaimed cash and property to state treasurer. This has resulted in about $5.7 billion unclaimed from more than 11.6 million accounts.
The leading U.S. State, California, is reeling under budgetary deficit. The state is faiiing at all attempts to garner more cash and restrict expenditure. The huge cache of unclaimed money is looked at by Californian politicians as a valuable resource to fill its budgetary gap. Last year, California had $6 billion budgetary deficit and the state’s Legislative Analyst’s Office projects the deficit to reach $20.7 billion this fiscal year.
In his “May Budget Revise”, California Governor Arnold Schwarzenegger set guidelines for the state legislature to deal with the state’s budget deficit prior to the start of the next fiscal year on July 1.
Governor has proposed complete elimination of the state’s Welfare to Work program that provides monthly payments of $694 to unemployed individuals. State’s In Home Support Services program is also slated for cuts worth $750 million and further, $602 million is to be cut from the state’s Food Stamp Program.
Such stringent methods may curtail the state’s overall future growth and welfare schemes. The well-wishers are of the view that as the unclaimed cash is laying dormant even after rigorous attempts by the state; this treasure is likely to remain unclaimed for long time to come. Many citizens and the government are of the view to explore theses reserves to fill up the budget deficit.
Almost every American has some kind of cash laying unclaimed in his name. Surprisingly, they are not even aware of the fact. The California state have sent memos regularly and resorted to various means to inform people about any unclaimed cash in their name. Local newspapers have widely published the lists of unclaimed cash owners.
Californians are urged to carryout online search of any unclaimed cash in their name. Finding this cash is made a lot easier now owing to online presence of databases. With the websites like www.cashunclaimed.com , a person can access various databases of different states to search any unclaimed cash in their name.
Till the rightful owners do not come forward, it will make a good economic sense for the state to utilize the unclaimed money for filling up the deficit.
California shouldn’t use your rightly earned money to pay off its deficit! Many Americans have unclaimed money in their name they are not aware of! Go to www.cashunclaimed.com today to do a free search of any unclaimed money which might be owed to you!!
