South Carolina plans to pay some of the recovery costs from last month’s record flooding by using millions of dollars in unclaimed property funds.
In a letter to the state House and Senate budget chairmen this week, Gov. Nikki Haley wrote that State Treasurer Curtis Loftis had identified $9.25 million from the fund. The Unclaimed Property Fund is a state-run account for bank accounts, stock certificates, checks, insurance policies and utility deposits where the company cannot locate the proper owner.
The money will be transferred to the Adjutant General’s Office, which includes the South Carolina National Guard and the state Emergency Management Division. Adjutant Gen. Robert Livingston estimates the recovery efforts cost those agencies around $37 million. Of that number, 75 percent will be reimbursed by the federal government, while the state would need to pick up the remaining 25 percent.