REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Oliver Chi, City Manager
PREPARED BY: Dahle Bulosan, Interim Chief Financial Officer
Subject:
title
Approve the Escheatment of Unclaimed Funds Pursuant to Government Code Sections 50050-50057
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Statement of Issue:
The City is currently holding $28,320.64 in unclaimed funds. Pursuant to 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 that are over $15.00 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 the deposit of $28,320.64 into the City's General Fund. The FY 2019/20 Adopted Budget for the General Fund assumes the City will receive a total of $150,000.00 in miscellaneous revenue. The escheated funds of $28,320.64 in addition to other miscellaneous revenue sources will assist the General Fund in reaching the budgeted estimate.
Recommended Action:
recommendation
Review and approve the transfer of $28,320.64 of unclaimed funds from the City's Unclaimed Funds Liability Account to the City's Miscellaneous Revenue Account #10000100.48550.10035209 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 the procedure (Attachment 2), a list is prepared by the Finance Department of unclaimed funds less than $15.00 which have remained unclaimed for over one year as of June 30, 2018. Pursuant to Government Code Sections 50050-50057, the Acting Chief Financial Officer published a notice with all unclaimed funds over three years old...
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