The state of Ohio will spend $600 million of funds residents haven’t claimed for a sports stadium, per a newly signed budget measure.
Governor Mike DeWine signed the state budget on Monday night. Among other measures, the budget approved a $600 million grant to move the Cleveland Browns to a new Brook Park stadium, with the money to come from the state’s pot of unclaimed funds.
Why It Matters
Unclaimed funds is money that has remained in inactive checking and savings accounts. It could be uncashed checks, paychecks, deposits, bonds and more that residents have lost or forgotten.
There is roughly $5 billion in unclaimed funds in Ohio and business and banks report them to the Ohio Department of Commerce’s Division of Unclaimed Funds, triggering the state to try to return them to their owners.
There were 43,000 claims for unclaimed funds in Ohio in 2023, resulting in more than $139 million being returned to residents.
What To Know
The budget gives Ohio control of $1.7 billion in unclaimed funds, including abandoned paychecks and security deposits that have remained in inactive accounts for more than 10 years. As well as the $600 million to be used for the Browns, $400 million will be used for other stadium projects. What the remaining $700 million will be used for has not been specified.
How To Claim Your Unclaimed Funds
Ohio residents can check the missingmoney.com website to see if they have any unclaimed funds and to submit a claim. They can also use an Ohio Department of Commerce portal. There also are ads in local newspapers providing information about how to claim unclaimed funds.
Claims can take up to 120 days before they are reviewed.
What People Are Saying
David Niven, American politics professor at the University of Cincinnati, told Newsweek: “Republicans in the Ohio Legislature wanted to hand the Browns more than half a billion dollars for a new stadium, but did not want to be accused of giving away tax money. They came up with the gimmick of raiding unclaimed funds. This is budgetary sleight of hand. Ultimately this money needs to be paid back and the net effect for taxpayers is the same as spending from any other taxpayer source.
“Ohio courts are tremendously deferential to the Legislature. A county common pleas court could potentially object, but the state Supreme Court [6 Republicans, one Democrat] will ultimately rubber-stamp any decision the Legislature makes.
Ohio Attorney General Dave Yost, in a June letter: “The statutory taking of public funds without clear public benefit is poor policy.
“I remain concerned that many Ohioans—some still unaware they are entitled to their monies—will lose out due to this change.”
Ohio Governor Mike DeWine told reporters: “To me, the biggest objectives were no taxpayers’ dollars used for this, in the sense of nothing coming out of general fund—nothing competing against education, and it couldn’t just be about the Browns, it had to be universal.”
What Happens Next
Two former Ohio Democratic lawmakers—former Attorney General Marc Dann and former state Representative Jeff Crossman—have indicated they will file a class-action lawsuit against the measure.
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