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California Takes Aggressive Stance on Unclaimed Funds
California Takes Aggressive Stance on Unclaimed Funds
California is facing the biggest chunk of these unclaimed funds. Even state is facing large amounts of unclaimed money, however, California is facing the largest amounts. The unclaimed money vault in the State of California is growing rapidly and is currently one of the richest state treasuries in the U.S.
Houston,
TX,
United States of America
(prbd.net)
04/07/2011
California is facing the biggest chunk of these unclaimed funds. Even state is facing large amounts of unclaimed money, however, California is facing the largest amounts. The unclaimed money vault in the State of California is growing rapidly and is currently one of the richest state treasuries in the U.S.
State officials are taking all the practical steps to reduce this unclaimed pile. In order to mitigate this insurmountable problem, more than 9,000 memos are sent every week to the possible owners of the unclaimed funds so that they can take the necessary steps to claim their money. On a different note, California is also taking a set of different measures in order to utilize the unclaimed funds which are lying without any use in the state treasuries.
As a need of the hour, when the economic slowdown has crippled the development projects in most of the states, California's decision makers are taking aggressive steps towards economic reconstruction and proactive development. As part of this agenda, Governor Arnold Schwarzenegger has been trying to pass legislation aimed at utilizing the unclaimed money pile, to tackle the problem of State budget deficit.
On a national level, National Conference of State Legislatures have expressed concern that the state budget deficits are expected to exceed $55.5 billion for the fiscal year beginning on July 1, and California, because of its size, is coping with the highest budget deficits in the country. In the previous year, the annual budget deficit for California was about $6 billion and this figure is expected to go above the $20 billion mark this fiscal year. Now, the state governor is making a case whether the $5.7 billion unclaimed funds can be utilized towards repairing the state budget deficit.
In his "May Budget Revise", California Governor Arnold Schwarzenegger took the first step and established guidelines for the state legislature to deal with the state's budget deficit. This was created so that adequate budget planning can be made prior to the start of the next fiscal year on July 1. One of the options that have been proposed in this legislation is the authority to utilize the unclaimed funds towards state welfare programs. This is in addition to the proposed cut in the welfare programs, unemployment benefits and Food Stamp Programs, until the state budget gets into a good shape.
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