In a move that bolsters the fiscal resources of Memphis, the Tennessee State Treasurer's office recently confirmed the return of a sizable sum of unclaimed funds to the city. According to the City of Memphis official website, State Treasurer David H. Lillard, Jr. restored $80,349.69 to Memphis Mayor Paul Young, thereby depositing a small fortune back into the local government’s coffers.
Unclaimed property, often comprising forgotten vendor checks, insurance benefits, and various refunds, is a financial remnant that businesses have failed to pair with their rightful owner and thus, turn over to the State. During the past year, the specific amount recouped for Memphis derived from 182 such unclaimed properties. Mayor Paul Young praised the state's efforts in a statement obtained by the City of Memphis, "We are grateful for the efforts of State Treasurer David H. Lillard, Jr. and the Unclaimed Property Division to return over $80,000 in unclaimed property to the City of Memphis.”
Lillard’s office also highlighted legislative changes made in 2017 that have streamlined the way unclaimed property is handled, rendering the process more efficient and eliminating the necessity for entities like local governments to submit a claim before receiving owed funds. "The support of these legislators has allowed us to increase efficiency and return more money to your communities,” Treasurer Lillard said, also noting the proactivity empowered by the new laws, as per the city's official website.
Furthermore, Shelby County, to which Memphis belongs, holds over $133.9 million in unclaimed property across more than 1.54 million records, per last year’s tally. The Unclaimed Property Division has been quite active, returning over 78,000 claims worth $62.6 million to rightful claimants in the fiscal year 2024. Tennesseans are encouraged, by the Division to check ClaimItTN.gov to potentially uncover any funds they’re due, and their procedure, for claiming said funds has been simplified to an online submission.
Given the scale of unclaimed assets still available and the ongoing initiative by the Tennessee Treasury to remedy this disconnect, local governments, and citizens alike stand to reclaim significant financial resources, an effort that directly reinforces the communities of Tennessee.
