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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />SEPTEMBER 1, 2020 <br />CLERK OF COUNCIL USE ONLY: <br />TITLE: APPROVED <br />❑ As Recommended <br />APPROVE THE RECOGNITION OF ❑ Amended <br />❑ OOrrdinance on 1 Reading <br />$35,573.17 OF REVENUE FOR CERTAIN ❑ Ordinance on 2d Reading <br />UNCLAIMED FUNDS FROM VARIOUS ❑ Implementing Resolution <br />CITY FUNDS ❑ Set Public Hearing For <br />(GENERAL FUND) <br />CONTINUED TO <br />/s/ Kristine Ridge FILE NUMBER <br />CITY MANAGER <br />RECOMMENDED ACTION <br />Approve the recognition of $35,573.17 of revenue in the General Fund for certain unclaimed funds, <br />as allowed by state law. <br />DISCUSSION <br />Annually, the Finance and Management Services Agency (FMSA) reviews a listing of unclaimed <br />monies that are older than three (3) years. State law allows the City to publish a notification of the <br />unclaimed monies, offering the public an opportunity to claim them. In the absence of any claims, <br />the City can recognize them as revenue. State law also allows the City to transfer unclaimed <br />monies, held for a period of one (1) year, without publication for individual items $15 or less, or any <br />amount if the depositor's name is unknown. FMSA staff has identified $35,573.17 of unclaimed <br />monies that can be recorded as revenue in the General Fund for the fiscal year that ended June <br />30, 2020. <br />Due Diligence Efforts <br />To ensure the public was aware of the existence of unclaimed monies on file with the City, FMSA <br />staff published a Public Notice (Exhibit 1) in the Orange County Register in June 2020 for two (2) <br />successive weeks in accordance with the applicable Government Code Sections. The City received <br />one claim; however, the claimant did not respond to the City's request to provide further information <br />substantiating the claim. The City received no other claims. Part of the unclaimed monies included <br />individual items that were less than $15. These monies were not included in the publication per <br />Government Code section 50055. <br />If City Council approves Recommended Action, unclaimed monies in the amount of $35,573.17 <br />will be recorded as revenue in the General Fund, in accordance with the Government Code section <br />50053. <br />29A-1 <br />