State Treasurer Brad Briner has uncovered $170 million in unspent and unallocated funds as part of a detailed review of the state’s accounts.
“The most important part of the Treasurer’s job is to review and maintain the finances of North Carolina,” said Treasurer Briner. “Through our review, we found $170 million of cash that has been sitting idle in the state’s accounts for years. That money can be put to good use, and we intend to do exactly that – reducing our outstanding debt to improve the fiscal health of the state. Thank you to our State and Local Government Finance Division team, and particularly to Jeff Poley, for their important roles in finding these assets.”
There are legal limitations as to how this money can now be spent. By law, it can only be used to refund debt, fund capital projects approved by the General Assembly and, in some instances, projects approved by the voters of the state.
Increasing operational efficiency and effectiveness of the Department of State Treasurer has been a focus of Treasurer Briner since the day he took office. The Department has undergone reviews of internal policies, procedures and practices with the goal of producing greater returns for North Carolina. The uncovering of these funds is the latest achievement resulting from these efforts.