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65A - UNCLAIMED DEPOSIT TRANSFER
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65A - UNCLAIMED DEPOSIT TRANSFER
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Last modified
6/27/2019 5:21:08 PM
Creation date
6/27/2019 5:07:10 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
65A
Date
7/2/2019
Destruction Year
2024
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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JULY 2, 2019 <br />TITLE: <br />APPROVE THE RECOGNITION OF <br />REVENUE AND TRANSFER OF <br />CERTAIN UNCLAIMED DEPOSITS <br />FROM THE CITY AGENCY FUNDS AND <br />THE WATER ENTERPRISE FUND <br />(STRATEGIC PLAN NO. 4, 1) <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1s' Reading <br />❑ Ordinance on 2"d Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Approve the recognition of $399,606.30 of revenue in the General Fund and $529,796.46 <br />of revenue in the Water Enterprise Fund for certain unclaimed deposits, as allowed by <br />state law. <br />2. Approve the transfer of active deposits from the Treasurers Trust Fund (Fund 098) to the <br />City Services Fund (Fund 053), and the closure of the Treasurers Trust Fund as of June <br />30, 2019. <br />DISCUSSION <br />This request for action is a routine item to clean-up the City's trust deposit accounting. For many <br />years, the City has accepted deposits from developers, property owners, and utility companies <br />for City services and the privilege to temporarily utilize City resources or the public right-of-way <br />for private projects. State law allows the City to publish notification of the stale deposits, offering <br />the public an opportunity to claim them. When no claims are made, the City can recognize the <br />stale deposits as revenue. Finance and Management Services Agency (FMSA) staff has <br />identified $399,606.30 of deposits that can be recorded as revenue in the General Fund and <br />$529,796.45 of deposits that can be recorded as revenue in the Water Enterprise Fund. <br />Due Diligence Efforts — Fiscal Year (FY) 2017-18 <br />During the fiscal year 2017-18, FMSA staff conducted extensive research to obtain supporting <br />documentation for the unclaimed deposits by reviewing the City's financial records. FMSA staff <br />worked with the following Departments to identify supporting documentation: <br />• Clerk of the Council <br />• Police Department <br />• Public Works Agency <br />• Planning and Building Agency <br />• Parks, Recreation, and Community Services Agency <br />65A-1 <br />
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