Bill > SB225

This bill amends existing South Dakota law to direct interest earnings from the unclaimed property trust fund to school districts. The unclaimed property trust fund is a state fund holding money from property that has been abandoned or is otherwise unclaimed by its rightful owners. Currently, some of these funds go to the general fund, but this bill changes that. Specifically, it amends a section of law related to how school funds are apportioned, adding the distribution amount from the unclaimed property trust fund to the list of funds that the commissioner of school and public lands (the state official responsible for managing school and public lands) will distribute to school districts based on their student population. It also modifies how the unclaimed property trust fund operates, ensuring that any net receipts exceeding certain limits are deposited into the trust fund, and then directs that a calculated portion of the trust fund's market value, specifically four percent, be distributed to the commissioner of school and public lands for apportionment to school districts, rather than to the general fund. This change will begin in fiscal year 2026, with specific methods for calculating the market value of the trust fund for distribution outlined for different periods.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/27151