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Between 2000 and 2021, the Connecticut Treasurer’s office reportedly colleges more than $2.3 billion through a state program that was initially created to return the unclaimed property and cash to investors.
However, less than 40 percent of that money makes it back to its owners, according to the report, while the majority of the unclaimed cash has been going into the state’s general fund, making it easier to balance the budget.
Other unclaimed money also goes to the Citizens’ Election Fund, which is key for funding political campaigns.
“While other states such as Rhode Island take a more aggressive approach to return taxpayers’ money, the Connecticut Treasurer’s office barely markets its program,” the report states, including hiding unclaimed assets valued at under $50.
Instead of returning the cash to Connecticut residents, the burden instead falls on taxpayers and organizations to seek out their funds.
The report notes that the treasurer's office’s system only generates a full list of the people, businesses, and groups owed money every two years, and the data the outlet received through a Freedom of Information Act request was more than five years old.
According to the report, more than $40 million of the unclaimed property collected through 2015 had a value of less than $50, which was swept under the rug and stashed away, much of which was quickly spent.
The report ultimately found that the state owes more than $1.1 billion to nearly 2 million residents, businesses, and other groups.
Click here to read the full CT Mirror report.
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