PIERRE, S.D. (AP) — Gov. Dennis Daugaard is unveiling a proposed state budget that would use a windfall in unclaimed property receipts to send more money to schools, health care for the poor and pay raises for state employees.
Daugaard’s $4.3 billion budget would bump spending in those areas by 3 percent starting in July, thanks to $70 million more than expected from unclaimed property.
The governor had earlier warned that lackluster tax receipts would hold increases to about 1.6 percent. That’s the minimum increase for inflation required by state law.
Unclaimed property is money turned over to the state from bank accounts and other property whose owners cannot be found.