(The Center Square) – The taxpayers of North Carolina suddenly have $170 million more in the state coffers than they realized.
The money, “unspent and unallocated,” was discovered in a review by the first-term Republican Treasurer Brad Briner.
“Through our review, we found $170 million of cash that has been sitting idle in the state’s accounts for years,” Briner said in a statement. “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.”
The funds were not assigned to any particular agency of state government, Briner told The Center Square.
“They are associated with multiple capital projects across the whole of government that were delayed, completed under budget, or abandoned, which led to interest earnings on the cash that accumulated,” he said.
Briner’s office has been experimenting with the use of artificial intelligence to help government run more efficiently. One area where AI helped was in locating unclaimed property for North Carolina citizens, the treasurer said.
However, the $170 million was found by humans, not AI, Briner said.
“There was no role for AI in this process – it could not have told us that there was a misperception that these funds could not be used for any other purpose than staying in the account they were in,” Briner said.
The spending of the found-funds won’t be a free-for-all, Briner added.
“There are legal limitations as to how this money can now be spent,” Briner said in a statement.
It can be used to pay off debt, for capital projects approved by the Legislature and for some projects approved by the voters, he said.
The treasurer’s office has been reviewing internal policies and practices in an effort to increase the efficiency of state government, Briner said.
“The uncovering of these funds is the latest achievement resulting from these efforts,” he said in a statement.
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