Collection of unclaimed property exceeded projections and enabled Connecticut to deposit $69 million into its general fund, state Treasurer Denise Nappier announced July 20.
That amount, she said, was 56% above expectations and more than three times the $22.9 million deposited the previous fiscal year. Nappier also said that $61 million was returned to nearly 18,000 property owners during fiscal 2015, which ended June 30.
"This unexpected windfall helped to reduce the state's deficit," said Nappier.
The state ended fiscal 2015 roughly $116 million in the red.
Higher collections, said Nappier, trace to increased audits of companies holding unclaimed property, the addition of auditing firms during fiscal 2015, certified self-examinations and other efforts to ensure compliance with state escheat laws.
Nappier's office collected $27 million through its augmented practices of examining holder records in fiscal 2015, more than double the $12 million the previous year and more than four times the $6 million collected in 2013.
In addition, there was an unexpected increase in the value of unclaimed securities, the sale of which yielded $42 million - exceeding the $20 million projected for 2015.
Connecticut law allows the state treasurer to sell abandoned securities and deposit proceeds from such sales directly into the general fund.
Moody's Investors Service rates Connecticut's general obligation bonds Aa3. Fitch Ratings, Standard & Poor's and Kroll Bond Rating Agency rate them AA.
