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Home My WebLink About1992-09-08; City Council; 11880; ADOPTION OF COUNCIL POLICY NO. 53 REGARDING UNCLAIMED MONEY PROCEDURES. 7 c 9 0 ert CL a9 4 z 0 F 0 a 6 z 3 0 0 C T OF CARLSBAD - AG MTG. 9/8/92 ADOPTION OF COUNCIL POLICY NO. 53 CIT AB # /(asB T?!: DEI REGARDING UNCLAIMED MONEY PROCEDURES CIT DEPT. - RECOMMENDED ACTION: Adopt Council Policy No. 53 outlining the procedure regarding unclaimed money. ITEM EXPLANATION: The State of California Govement Code provides most of the guidelines for ham unclaimed money and assigns those responsibilities to the Treasurer. The Treasurer delegate those responsibilities to the department that maintains the supporting recorc the unclaimed money which has been done through Treasurer‘s Policy Statement N However, the code states that “when any such money becomes the property of a agency and ;S h a speckl fund, the le&lat;ve body may transfer it to the general fuI With the adoption of this policy, the City council would authorize such transfers in all I except for those amounts originating from an Enterprise fund of the City or from a within the Housing and Redevelopment Agency. Unclaimed money in any of these f will be transferred to the operating find of the enterprise or agency. FISCAL IMPACX Under this policy and in accordance with State law, unclaimed money in any of the fi of the City with the exception of the Enterprise funds and Housing and Redevelopi Agency funds would be deposited in the general fund as an additional revenue SOWCI EXHIBITS: 1. Council Policy Statement No. 53 outlining policy regarding unclaimed money. 2. City Treasureis Policy Statement No. 1 outlining procedure regarding uncla money. bxhibit "A" to Lounc c >* J CITY OF CARLSBAD Pa: Policy No. 01 TREASURER'S POLICY STATEMENT Date Issued 09/C Effective Date 09/C General Subject: Administration Cancellation Date Nc Supersedes No. -- Specific Subject: Unclaimed Money Copies to: City Council, City Manager, City Attorney, Department Heads and Division I- Employee Bulletin Boards, Press, File BACKGROUND: State of California Government code section 50050. states that "money r property of a local agency which remains unclaimed in it's treasury or in official custody of its officers for three years is the property of the local i after notice if not claimed or if no verified complaint is filed and served. time after the expiration of the three-year period the Treasurer of the loc agency may cause a notice to be published once a week for two successii in a newspaper of general circulation published in the local agency." In addition, Code section 50055. states that "any individual items of less dollars ($lo), or any amount if the depositor's name is unknown, which unclaimed ... for the period of one year ... may be transferred to the general fund ... without the necessity of publication of a notice in a newspaper." These are the responsibilities of the Treasurer which may be delegated t( department that rnalntains the supporting records of the unclaimed mom To state the Treasurer's policies regarding unclaimed money held in the t The Treasurer hereby delegates his responsibilities in the matter of uncla money to the Finance Department. Based on the code sections stated above, the Finance Department will be responsible to annually review the outstanding checks of the City. Any individual check of less than $10 which has been outstanding for greater one year will be transferee to the general fund. Any check of $10 or mo has been outstanding for greater than three years will be listed and a noi such unclaimed checks will be published once a week for two successive a local newspaper. -- PURPOSE: -- POLICY ~~ PROCEDURE: The Finance Department will also be required to perform an annual revie trust funds held by the City with no activity for greater than three (3) ye Any such amounts identified will be researched and returned to the depoi no specific purpose can be identified for the holding of such monies by tf In cases where the depositor cannot be located or the depositor cannot bc identified, the disposition of the money will follow that stated above for outstanding checks. 4 0 ..' CITY OF CARLSBAD F COUNCIL POLICY STATEMENT Date Issued 5 Effective Date c L General Subject : Administration Cancellation Date- Supersedes No. Policy No. Specific Subject: Unclaimed Money Copies to: City Council, City Manager, City Attorney, Department Heads and Division Employee Bulletin Boards, Press, File BACKGROUND: State of California Government code section 50050. states that ''money property of a local agency which remains unclaimed in its treasury or i official custody of its officers for three years is the property of the loca after notice if not claimed or if no verified complaint is filed and serve( time after the expiration of the three-year period the Treasurer of the 1( agency may cause a notice to be published once a week for two succes: in a newspaper of general circulation published in the local agency." T the responsibilities of the Treasurer and are clarified further in the Tre: Poky Statement No. 1, a copy of which is attached as Exhibit "A". Section 50053 of the code goes on to state that "When any such moneg the property of a local agency and is in a special fund, the legislative bl transfer it to the general fund." To state the City's policies regarding the handling and ultimate disposit unclaimed money. It will be the policy of the City Council to transfer all unclaimed money general fund in accordance with State of California Government code sf 50053, with the exception of those amounts originating from an enterp of the City or a fund within the Housing and Redevelopment Agency. 1 money in any of these funds will be transferred to the operating fund o enterprise or agency. PURPOSE: POLICY: