Treasurer ReleasesJune Numbers

Augusta, ME:  Treasurer Henry E.M. Beck shared key financial figures today for the month of June, and end of the fiscal year FY24.

 

The State of Maine Cash Pool represents investments permissible by Maine Statute: Title 5: Administrative Procedures and Services, Part 1: State Departments, Chapter 7: Treasurer of State, Section 135, and consists of excess money in the State Treasury that is 'not needed to meet current obligations'. The State funds and funds of component units of the State are pooled and invested by the Treasurer's Office; generally most securities are held to maturity or called when the par value of the security is received.

 

 

 

The Budget Stabilization Fund (sometimes referred to as the Rainy Day Fund) was created in 2003. 
The Budget Stabilization Fund acts as the State of Maine’s savings account. It is a reserve balance that is set aside in good economic times to protect the state budget from the volatile changes in revenues that can occur when the economy unexpectedly slows. The goal of the Fund is to reduce the effect on the operation and services of state government and prevent policymakers from increasing taxes during sudden economic downturns. As of the end of June, 2024, the balance in the Fund continues to stay at $968,308,562.25, since it reached its 18% cap at the end of fiscal year 2023.

 

Revenue Sharing is distributed per Title 30-A, Subpart 9, Chapter 223, Subchapter 2, Section 5681, by the 20th of each month to each municipality based on a formula whose variables include municipal populations, state valuations and tax assessments. The monthly revenue sharing pool is funded by setting aside a percentage of the State Government's sales, service provider, personal and corporate income tax receipts for the month. For a detailed description of how the funds are calculated and distributed, please see the Calculate Revenue Sharing. June’s distribution was $23,169,842.34 (May’s distribution was $29,640,618.43).

Unclaimed Property consists of money and other financial assets that are considered lost or abandoned when an owner cannot be located after a specified period of time of inactivity. It includes items such as bank accounts, uncashed checks, life insurance policies, unpaid wages, stocks and dividends, refunds, and safe deposit box contents. Unclaimed Property does not include real estate, animals or vehicles.

Each and every year, tens of millions of dollars go unclaimed by Maine residents. These financial assets are turned over by thousands of national and local businesses and organizations by a law called MRSA Title 33, Chapter 45: Maine Revised Unclaimed Property Act. http://legislature.maine.gov/statutes/33/title33ch45sec0.html. The Treasurer’s office holds these assets, free of charge, until claimed by the owner or heir. The State is currently holding approximately $335,000,000 in unclaimed property.  In the month of June, 48,185 claims were made against unclaimed property totaling $10,465,515.14 in payments to Maine people. The highest single claim paid in the month of June was for $253,509 (uncashed checks). Last June 2024, 2,114 claims were paid for $2,940,633.08, in May of 2024 3,665 claims were paid totaling $2,039,893.79. NOTE: June 2024 is comparatively high due to our increased ability to use updated address data from State sources to confirm ownership of unclaimed property.

JUNE HIGHLIGHTS:

This month we wanted to share some statistics about our unclaimed property web site.  Unclaimed Property receives about 450,000 to 500,000 visits annually.  There were 48,428 claims filed through the website in FY 2024.  The office returned $28.4 million to owners in the fiscal year, which was 63% of regular reporting received in the year (this percentage is not counting the state COVID checks).

The Office of the Treasurer of State is established in Article V, Part Third of the Constitution of the State of Maine.  The core duties of the Treasurer’s Office are debt management, cash management, trust fund administration and unclaimed property administration.  Other major tasks assigned to the Treasurer are directorships on many of Maine’s quasi-governmental debt issuing agencies and distributions under the Municipal Revenue Sharing Program.