2014 Special Session I

Budget Amendments - SB5003 (Committee Approved)

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Literary Fund - Sale of Unclaimed Property

Item 136 #8s

Item 136 #8s

First Year - FY2015 Second Year - FY2016
Education: Elementary and Secondary
Direct Aid To Public Education FY2015 ($25,000,000) FY2016 $0 GF
FY2015 $25,000,000 FY2016 $0 NGF

Page 118, line 33, strike "$107,855,378" and insert "$132,855,378".

(This amendment accounts for an additional $25 million in anticipated revenue from the sale of unclaimed property as Treasury begins final due diligence efforts to locate owners on the last group of accounts related to the large demutualizations of insurance companies between 2003 and 2008. Treasury estimates that during FY 2015 it will be able to identify and liquidate sufficient shares of stock, together with the accrued dividends, to transfer $25 million in unclaimed property proceeds to the Literary Fund, similar to the transfers in 2009 and 2010 from the first deliveries of demutualization proceeds.)