HomeMy WebLinkAbout29A - UNCLAIMED FUNDSREQUEST FOR
COUNCIL ACTION
CITY COUNCIL MEETING DATE:
SEPTEMBER 1, 2020
CLERK OF COUNCIL USE ONLY:
TITLE: APPROVED
❑ As Recommended
APPROVE THE RECOGNITION OF ❑ Amended
❑ OOrrdinance on 1 Reading
$35,573.17 OF REVENUE FOR CERTAIN ❑ Ordinance on 2d Reading
UNCLAIMED FUNDS FROM VARIOUS ❑ Implementing Resolution
CITY FUNDS ❑ Set Public Hearing For
(GENERAL FUND)
CONTINUED TO
/s/ Kristine Ridge FILE NUMBER
CITY MANAGER
RECOMMENDED ACTION
Approve the recognition of $35,573.17 of revenue in the General Fund for certain unclaimed funds,
as allowed by state law.
DISCUSSION
Annually, the Finance and Management Services Agency (FMSA) reviews a listing of unclaimed
monies that are older than three (3) years. State law allows the City to publish a notification of the
unclaimed monies, offering the public an opportunity to claim them. In the absence of any claims,
the City can recognize them as revenue. State law also allows the City to transfer unclaimed
monies, held for a period of one (1) year, without publication for individual items $15 or less, or any
amount if the depositor's name is unknown. FMSA staff has identified $35,573.17 of unclaimed
monies that can be recorded as revenue in the General Fund for the fiscal year that ended June
30, 2020.
Due Diligence Efforts
To ensure the public was aware of the existence of unclaimed monies on file with the City, FMSA
staff published a Public Notice (Exhibit 1) in the Orange County Register in June 2020 for two (2)
successive weeks in accordance with the applicable Government Code Sections. The City received
one claim; however, the claimant did not respond to the City's request to provide further information
substantiating the claim. The City received no other claims. Part of the unclaimed monies included
individual items that were less than $15. These monies were not included in the publication per
Government Code section 50055.
If City Council approves Recommended Action, unclaimed monies in the amount of $35,573.17
will be recorded as revenue in the General Fund, in accordance with the Government Code section
50053.
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Approve the Recognition of Revenue of Certain Unclaimed Funds
September 1, 2020
Page 2
FISCAL IMPACT
Unclaimed funds in the amount of $35,573.17 will be reclassified to the General Fund (account no.
01102002-57010 (Miscellaneous Recoveries).
Fiscal Impact Verified By: Kathryn Downs, CPA, Executive Director— Finance and Management
Services Agency
Submitted By: Kathryn Downs, CPA, Executive Director — Finance and Management Services
Agency
Exhibit: 1. Public Notice
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DECLARATION
I am a resident of Los Angeles County, over the age
of eighteen years and not a party to any or interested in the
matter noticed.
The notice, of which the annexed is a printed copy
appeared in the:
ORANGE COUNTY REGISTER
On the following dates:
Jun. 6 & 13, 2020
I certify (or declare) under penalty of perjury that the
foregoing is true and correct.
Dated at Los Angeles, California, this
15th day of June 2020
"J-
Signature
Debbie Yerkes
3369527
"The only Public Notice which is juslUiable
jintn the standpoint a(hve econwny and thepublic interest,
is that which reaches those who are 4((ected by it"
Rev. N115 WHY JonnulCo,pannion, 9151iusl Find Street Las Angeles, CAM12 1IINN h IINIINIIN11111Ell 11111111111111111 1111
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