Claims for unclaimed funds have skyrocketed in the past week after Ohio Senate Republicans announced they’d use $600 million of those dollars to pay for sports facilities, like a new domed stadium project for the Cleveland Browns.
On any given day, about 1,500 to 2,000 people file claims to get the deposits, forgotten checks, dormant bank accounts and other uncollected dollars that have been turned over to the Division of Unclaimed Funds. Last year, the state took in $525 million in unclaimed funds but paid out $149.6 million through 26,420 claims.
There’s a lot of money that goes unclaimed for a decade or more. And that’s what Republican Senate leaders said they want to use for a special fund that would grant dollars to a new domed stadium and surrounding development for the Cleveland Browns in Brook Park, as well as other sports ventures in the future.
Ohio Division of Unclaimed Funds Outreach Supervisor Susie Wagner said there’s been a huge spike in claims.
“Just in the last week, we have had an 80% increase in claims being filed and initiated with us,” Wagner said.
In the hours following the announcement by state senators to use unclaimed funds for sports facilities on June 4, Wagner said nearly 17,000 claims were filed.
“It’s kind of decreasing back down but we are still not down to the 1,000 to 2,000 claims mark. And this week, we are still right at 5,000 to 8,000 a day,” Wagner said.
On Wednesday, the Senate passed its budget, which included this provision for unclaimed funds to be used for sports facilities. Now, it’s up to a conference committee to decide on the Senate's plan to use $600 million in unclaimed funds for the $3.4 billion domed Browns stadium in Brook Park. The House budget included a $600 million bond package for the Browns stadium alone.
Gov. Mike DeWine’s budget had included $600 for the Browns’ project to come from a new fund that would be created for sports and entertainment venues. That fund, which would get all of its money from out-of-state gambling operators, would also help communities with sports facilities and could be used to defray costs for low-income K-12 students to pay to participate in athletics.
