FRANKFORT, Ky. (WHAS11) - The Commonwealth is facing a pension crisis and an anticipated "brutal" budget session with warnings of double-digit cuts across the board so Treasurer Alison Ball is devising a way to create some financial wiggle room which would allow for the use of money from unclaimed property to fund her department.
House Bill 88 unanimously passed through committee today after Treasurer Ball presented the plan.
In her two years in office, she touts returning more money to its rightful owners than any other Kentucky Treasurer in any of their two years, more than $50 million.
On top of that, Treasurer Ball testified that her office has taken in another $37 million from unclaimed property in which there is no owner meaning that money could be added to state coffers.
Since lawmakers budget about $2 million in general funds for her office each year and another $250 thousand in road funds, she wants lawmakers to allow her to return her budgeted money and just use unclaimed property proceeds to fund the office.
"In the grand scheme of the Commonwealth it's not an enormous amount of money but every penny helps. And I was talking to somebody the other day they said this is the time to pinch every dollar then pinch the dollar that was just pinched so I’m a believer in that and I want to do my part,” Ball said.
The plan will have to go before the full house for a vote, a similar bill is working its way through the Senate.
Treasurer Ball's office has a website to help those looking to see if they're owned unclaimed cash.
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