N.C. Town On Other End Of Cash Windfall
Posted June 14, 2002
WARRENTON, N.C. — Some local governments are getting some unexpected money in tough budget times. The State Treasurer's office announced this week they have identified $623,000 in unclaimed money. Warrenton is a town on the lower end of the cash windfall.
Warrenton town leaders found a way to do without $65,000 in tax money withheld by the state. They dipped into their savings and did not give town workers a raise.
"It causes our staff to go out and get part-time jobs in order to make ends meet," town manager Ted Smiley said.
When a letter came from the State Treasurer's office saying the town was due a share of unclaimed money, the Mayor and Town Manager were ready to shout for joy until they saw the total was just $2.
It may be just $2, but that is $2 more than the county government is getting. Some people in town already have ideas on how to spend it.
"That might pay for some stamps to mail out some tax bills," said one resident.
"We could buy a couple of pencils," another resident said.
The letter that officials received came with forms, requiring notary seals. Those seals cost $2 apiece. Plus, you would have to pay for postage. Officials have decided that the $2 will remain unclaimed.
Haywood County will be getting more than $108,000. By comparison, the city of Raleigh is due over $12,000. Wake County will get $48,000.
Unclaimed money ends up in the State Treasurer's office when a company or financial institution cannot find an individual or organization to whom money is owed.