Texas unclaimed fund could soon be worth billions in assets
In this July 16, 2018 file photo, a man holds a piece of paper bearing the logo of the Texas Unclaimed Fund in front of a building in downtown Houston.
The Texas Uncirculated Fund, which has been at the center of controversy in the past, is set to receive $3.8 billion in assets in a deal that could soon add another $2.5 billion to its value.
The money is earmarked for schools, hospitals, veterans, social service agencies, and other needy communities.
The funds are supposed to be deposited into the state’s general fund and used to pay for schools and other infrastructure projects, but some lawmakers and lawmakers say the funds should be more widely used.
In 2018, the Texas Legislature passed a law making the funds eligible for sale.
The $3 billion is supposed to come from the Texas Taxpayer Relief Fund, an account set up by Gov.
Greg Abbott to help pay for things like health care and infrastructure.
However, the funds have been used sparingly and only to pay off debt and pay down the state and local bond debt.
Under the law, the money could eventually be worth more than $3 trillion.
A lawmaker who spoke to the Texas Tribune said it would be hard to know whether the funds are valuable until they are used.
“I don’t think it’s fair to use them if they’re worthless,” said Sen. Jose Rodriguez, R-Plano.
The law was passed in 2016 after years of talks between lawmakers and the governor. “
But they’re supposed to go to other places and spend it elsewhere.”
The law was passed in 2016 after years of talks between lawmakers and the governor.
“It’s a very small amount, but the state has been trying to make it more efficient, more responsive to the needs of the people of Texas,” said Rodríguez.
“And so, it’s been a long, long process and it’s kind of disappointing when they don’t get the funding they need to fix our roads and our bridges.”
But in 2017, Rodriguez and other lawmakers called for a special session to make the funds available again, but in a special budget session, which meant that the funds were not available for sale or for use as a fund.
The new law was approved by the state House of Representatives in April 2018 and is scheduled to go into effect July 1.
If approved, the unclaimed Texas funds could add another billion to the state treasury, but lawmakers say that it’s not a done deal.
The unclaimed money could be used to help fund schools, schools and hospitals.
That’s a major concern for legislators because the funds could become the most valuable assets in the state after the UTSA football team, which was awarded $2 billion in state funds in 2021, but is still waiting for an official donation from a wealthy donor.
“If we’re going to do it this way, I would hope it would come out of the general fund or that we’d be able to sell it to the public,” said Rep. Joe Moody, R, El Paso.
“That’s our money, and if we’re not going to sell that, we’re just wasting it.”
Moody said he and other members of the legislature are still considering whether to include the money in the special session.
“There are some concerns that it could be an overspend,” he said.
The state has not announced whether the money would be available for the next special session in 2021.
The funding for schools is also up in the air.
The UTSA Board of Regents approved a $7 million request for $2 million for a new high school, but state Sen. Donna Campbell, D-El Paso, said that was not enough for the district to open a new school.
She also said that the funding was not needed because the district was already funded by a separate state program.
In a letter to the governor and state lawmakers, the UT System said that while the UTPA funds were being used for educational programs, the new high schools could not receive the funds until the district’s new administration took over.
“Unfortunately, due to the fact that this is a district-owned school, it will be a few years before the UTIA can open the new school,” the UT School System said.
“In that time, the district will need additional funds to complete the renovations and renovations will be funded through a special formula.”
It said the new schools would not be able receive the funding until the UTAA was able to receive funding for renovations, which is not expected until 2021.