SGR Hears from Utah State Treasurer

TODAY IN ROTARY David Damshen, Treasurer of the Great State of Utah, asked SGR’s members and guests to support Constitutional Amendment B designed to provide “intergenerational equity” to Utah’s school children by continuing to “grow the land trust program” ($2 billion achieved in 2015) to guarantee quality education into the future.  Changes to the wording of the current statute will be as follows:

·               “interest and dividends” to be changed to “earnings”
investing “safely” to “prudently”

·               annual distribution capped at 4% as a “hard ceiling” to prevent government raiding of this fund.

According to Damshen, these changes constitute a “consummate no-brainer!”

When asked if the fund would grow at the same rate as student population growth, the State Treasurer responded the fund is designed to keep up with student population growth, but Utah’s birthrate is slowing slightly.

When asked why we are still bonding for school buildings since this funding is already in place, Damshen noted these funding sources are separate and distinct.

The Treasurer then turned the focus of his presentation to Utah’s unclaimed property, which is $30-40 million annually, of which approximately 27% is claimed by rightful owners due to improvements in imaging technology, “fast track” automation and an efficient call center system.

He noted, too, there is about $9 million in unclaimed property for Washington County residents which funds are “held forever” until claimed.  To search for unclaimed property  in the name of an individual or a business, see www.mycash.utah.gov.