MEMPHIS, Tenn. – Just last week, FOX13 reported on a state database that tracks all unclaimed property in Tennessee.
“It’s money that should really be returned to you by businesses and organizations, but they just couldn’t find you,” said Shelley King, a spokeswoman for the state Department of Treasury.
In Shelby County alone, there is approximately $139 million in unclaimed cash. This could be a security deposit, insurance money, or even inherited property. Believe it or not, some people in Shelby County owe more than $300,000.
However, there are thousands that cost less. FOX13 discovered last week that people were owed anywhere from $40 to almost $400 in crowded public parking lots. “We didn’t know we had it!” said Rene Humich, who learned her family owed $355.
On Friday, Mayor Paul Young announced that the city of Memphis owes $80,349.60 in its database. This money will now be included in the city’s budget. Mayor Young said, “I am excited to receive this award because I know that every dollar counts in our city.”
The state said the funds came from a variety of sources, including “vendor checks, refunds, accounts receivable credit balances, bank cashier’s checks, and insurance benefits.”
FOX13 asked if the city treasurer was aware that the money was “missing.”
“We have worked closely with the state for many years,” said Walter Parson, the city’s chief financial officer. “We recognized that and that was one of the reasons we worked aggressively to recover this funding, and we intend to continue to pursue that as well.”
The state Legislature passed a law in 2017 that allows the Treasury Department to return “deficiency” money to local schools or governments without requiring them to submit claims.
City officials told FOX13 they are grateful for the increased budget. “We faced a lot of financial concerns this year,” Parson said. “So this was an opportunity to do whatever it takes to right the ship.”
