HomeMy WebLinkAbout1992-09-08; Council Policy No. 53 - Administration - Unclaimed MoneyCITY OF CARLSBAD
COUNCIL POLICY STATEMENT
Policy No.
Date Issued
Page 1 of 1
53
9/8/92
General Subject: Administration
Effective Date 9/B/92
Cancellation Date None
Supersedes No. --
Specific Subject: Unclaimed Money
Copies to: City Council, City Manager, City Attorney, Department Heads and Division Heads,
Employee Bulletin Boards, Press, File
BACKGROUND: State of California Government code section 50050. states that “monev not the
PURPOSE:
POLICY:
property of a local agency which remains unclaimed in its treasury orh the
official custody of its officers for three years is the property of the local agency
after notice if not claimed or if no verified complaint is filed and served. At any
time after the expiration of the three-year period the Treasurer of the local
agency may cause a notice to be published once a week for two successive weeks
in a newspaper of general circulation published in the local agency.” These are
the responsibilities of the Treasurer and are clarified further in the Treasurer’s
Policy 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 money becomes
the property of a local agency and is in a special fund, the legislative body may transfer it to the general fund.”
To state the City’s policies regarding the handling and ultimate disposition of
unclaimed money.
It will be the policy of the City Council to transfer all unclaimed money to the
general fund in accordance with State of California Government code section
50053, with the exception of those amounts originating from an enterprise fund
of the City or a fund within the Housing and Redevelopment Agency. Unclaimed money in any of these funds will be transferred to the operating fund of the
enterprise or agency.
L -4xhibit "A" to Council Polic
*
CITY OF CARLSBAD Page 1 of 1
Policy No. 01
TREASURER’S POLICY STATFMENT Date Issued 09/08/92
2eneral Subject: Administration
Effective Date 09/08/92
Cancellation Date None
Supersedes No. --
jpecific Subject: Unclaimed Money
Iopies to: City Council, City Manager, City Attorney, Department Heads and Division Heads,
Employee Bulletin Boards, Press, File
3ACKGROUND:
?URPOSE:
POLICY:
?ROCEDURE:
State of California Government code section 50050. states that “money not the
property of a local agency which remains unclaimed in it’s treasury or in the
official custody of its officers for three years is the property of the local agency
after notice if not claimed or if no verified complaint is filed and served. At any
time after the expiration of the three-year period the Treasurer of the local
agency may cause a notice to be published once a week for two successive weeks
in a newspaper of general circulation published in the local agency.”
In addition, Code section 50055. states that “any individual items of less than ten
dollars ($lO), or any amount if the depositor’s name is unknown, which remain
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 to the
department that maintains the supporting records of the unclaimed money.
To state the Treasurer’s policies regarding unclaimed money held in the treasury.
The Treasurer hereby delegates his responsibilities in the matter of unclaimed
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 than
one year will be transferee to the general fund. Any check of $10 or more which
has been outstanding for greater than three years will be listed and a notice of
such unclaimed checks will be published once a week for two successive weeks in
a local newspaper.
The Finance Department will also be required to perform an annual review of all
trust funds held by the City with no activity for greater than three (3) years.
Any such amounts identified will be researched and returned to the depositor if
no specific purpose can be identified for the holding of such monies by the City.
In cases where the depositor cannot be located or the depositor cannot be
identified, the disposition of the money will follow that stated above for
outstanding checks.
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