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South Dakota Surprise: $70 Million Windfall

FILE: Money, Cash, Federal Reserve
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SIOUX FALLS, S.D. (AP) — South Dakota has a nice problem: Figuring out what to do with a $70 million windfall thanks to a big uptick in unclaimed property.

The extra money results from a couple of legal changes in handling unclaimed property, as well as the consolidation of two big banks in the state. The state had expected to get about $53 million this year, but it got $122 million.

That property includes things like insurance policies, rebates, and dormant bank accounts. Banks, businesses and others have to turn those over to the state when they can’t find the owner.

So one of the tasks for the governor and lawmakers when the legislative session starts in January will be how to spend $70 million.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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