REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Eric G. Parra, Interim City Manager
VIA: Sunny Han, Chief Financial Officer
PREPARED BY: Tara Mukund, Senior Accountant
Subject:
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Approve the escheatment of Unclaimed Funds Per Government Code Sections 50050-50057
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Statement of Issue:
The City is currently holding $7,006.01 in unclaimed funds. Per Government Code Sections 50050-50057, unclaimed funds less than $15.00, which remain unclaimed for over one year become the property of the City. In addition, unclaimed funds $15.00 or greater that are not the property of the City, that remain unclaimed for over three years, and have not been claimed after publication of a notice, become the property of the City.
Financial Impact:
This action will result in additional revenue of $7,006.01 for the City's General Fund.
Recommended Action:
recommendation
Review and approve the transfer of $7,006.01 of unclaimed funds from the City's Unclaimed Funds Liability Account to the City's Miscellaneous Revenue Account 10000100.48550 in compliance with Government Code Sections 50050-50057.
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Alternative Action(s):
Do not approve the recommendation and direct staff accordingly.
Analysis:
The City has developed a procedure based on Government Code Sections 50050-50057 (Attachment 1) for the escheatment of funds. Under this procedure (Attachment 2), a list is prepared by the Finance Department of unclaimed funds less than $15.00, which have been unclaimed for over one year as of June 30, 2023. Pursuant to Government Code Sections 50050-50057, the Chief Financial Officer published a notice of all unclaimed funds over three years old and $15.00 or greater (Attachment 3) on January 18, 2024, and January 25, 2024, in an adjudicated newspaper (the Huntington Beach Wave). The City released funds on all verified claims which were timely filed. The remaining unclaimed funds total $7,006.01 (Attachment 4).
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