Item 24 - Escheat Money in TreasuryGEIND a REPORT
CITY OF POWAY
This report is included on the Consent Calendar There will be no separate discussion of the
report prior to approval by the City Council unless members of the Council staff or public
request it to be removed from the Consent Calendar and discussed separately If you wish to
have this report pulled for discussion please fill out a slip indicating the report number
and give it to the City Clerk prior to the beginning of the City Council meeting
TO Honorable Mayor and Members of the -City Council
FROM James L Bowersox, City Mana A
INITIATED BY John D Fitch, Assistant City Manageil/A�
' Greg Hill Finance Manager a / U
DATE June 24, 1986
SUBJECT Escheat Money in Treasury
ABSTRACT
The government code provides a mechanism for retiring outstanding unclaimed
checks Council action is required to facilitate this process
BACKGROUND
Currently the City has 8 checks that have been outstanding and unclaimed for
more than three years
In the Government Code section 50050 through 50055 there are provisions that
permit checks outstanding for more than three years to be escheated
The procedure to follow to clear these checks varies depending on .the size of
the check and the funding source
Checks over $10 00 must be noticed in a newspaper once a week for two consecutive
weeks If the money is unclaimed, then on a designated date that is between 45
and 60 days after the notice, the money becomes the property of the City If the
money is in a fund other than the general fund, then the City Council may transfer
it to the general fund
For checks of less than $10 00 the requirement to advertise is deleted
FINDINGS
The City staff reviewed the list of outstanding checks as of June 3, 1986 and
determined that the following 8 checks are outstanding for over three years
ACTION 6-24-86 Staff Report Recommendations approved
k Z)vAJ�et
Marjo_ri'e K Wahlsten, City Clerk
1 of 2 U JUN 2d 1986 ITEM .24
Agenda Report 4
Escheat Money in Treasury
Payee
Warrant No
Date Issued
Amount
Jones
249
6/30/83
$ 7
84
Malz Edward
7255
6/11/82
$24
00
Fernandez
7557
7/2/82
S 2
18
Francis
8922
10/15/82
$ 4
15
Cotreau
11157
4/14/83
$ 5
42
Ballek
11467
5/6/83
$ 1
14
Nelson
11482
5/6/83
$ 5
89
Yarter
11932
6/10/83
$12
35
The checks for $24
00 and $12 35 were advertised
on June 12 and June 19
1986
These funds can be
returned to the general fund
August 8, 50 days
after
the
last date of publication if not claimed
RECOMMENDATION
It is recommended that the City Council take the following action
1 Direct staff to escheat the 6 checks listed above for less than $10 00
and return the funds to the general fund
2 Direct staff to escheat the checks for $24 00 and $12 35 and transfer
the money to the general fund if the noticed checks are not claimed
JDF•GH bs
2 of 2 JUN 24 1986 ITEM 24
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