Item 21 - Escheat Money in Treasury
- AGENDA REPORT SUMMARY-
-
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Mana~
INITIATED BY: John D. Fitch, Assistant Citt Manager
Peggy A. Stewart, Director 0 Administrative service~
Chr~stine Tsung, Finance Manager en?
DATE: July 11, 1995
SUBJECT: Escheat Money in Treasury- Trustee Account
ABSTRACT
Government codes provide a mechanism for retiring outstanding unclaimed
monies. Council action is required to authorize this process.
ENVIRONMENTAL REVIEW
Environmental review is not required for this item under California
Environmental Quality Act guidelines.
FISCAL IMPACT
-
The General Fund for the City would increase by $3,675.63 if none of the
warrants is claimed.
ADDmONAL PUBUC NOTIFICATION AND CODRl\PONDENCE
None
RECOMMENDATION
It is recommended that the City Council take the following action:
Direct staff to escheat the monies listed in this agenda
report and return the funds to the general fund if the monies
are not claimed.
ACTION
-,
1 of 3 JUL 11 1995 ITEM 21
- AGENDA REPOR1
CITY OF POW A Y
This report is included on the Consent Calendar. The~ 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 CIeri<. prior to the beginning of the City Council meeting.
TO: Honorable Mayor and Members ~e City Council
FROM: James L. Bowersox, City Mana
INITIATED BY: John D. Fitch, Assistant City Manager
Peggy A. Stewart, Director of Administrative Services
Christine Tsung, Finance Manager0<V?
DATE: July 11, 1995
SUBJECT: Escheat Money in Treasury - Trustee Account
BACltGROUND
Currently the City is holding bond issue interest/principal funds
unclaimed for more than three years.
Government Code sections 50050 through 50055 have provisions that
permit monies unclaimed for three years to be escheated.
The monies must be noticed in a newspaper once a week for two
consecutive weeks. If the money is unclaimed, 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, the City Council may transfer it to the general fund.
FINDINGS
The City staff has reviewed the list of unclaimed monies and
determined that the funds will have been outstanding for over three
years by the date of this report:
PAYEE ISSUE DATE AMOUNT
Weiss, Martin L. 89A TAB 12/15/90 $ 760.00
Dowd, William 87 CFD 8/2/90 356.25
Gudim, Eleanor 87 CFD 2/3/91 178.13
Petersen, John 87 crn 8/2/90 356.25
Hurray, Michael E. 89 CFD 2/15/91 2,025.00
ACTION:
ITIII'7l j
2 of 3 JUL 11 1995
- -
- Agenda Report - Escheat Money in Treasury
July 11, 1995
Page 2
The list is to be advertised by the City Clerk. If not claimed, these
monies can be returned to the general fund 45 days after the last date
of publication.
ENVIRONMENTAL REVIEW
Environmental review is not required for this item under California
Environmental Quality Act guidelines.
FISCAL IMPACT
The General Fund for the City would increase by $3,675.63 if none of
the monies are claimed.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
None
RECnMMmmATION
It is recommended that the City Council take the following action:
Direct staff to escheat the monies listed in this agenda report
and returr. the funds to the qeneral fund if the monies are not
claimed.
JLB:JDF:PAS:CT:RM:ms
- ESCHEJ\ T.RM
3 of 3 ITEM 21
JUL 11 1995