REPORT TO THE CITY COUNCIL
December 5, 2019
FROM: Michael Lima, Director
Finance Department
BY: Corrina Barbarite, Treasury Officer
Finance Department
SUBJECT
Title
***RESOLUTION - Adopting a Revised Policy and Procedures for Claiming Unclaimed Money in the City of Fresno Treasury for the General Fund, Renamed as Policy and Procedures for Claiming Unclaimed Money in the City of Fresno Treasury (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends that Council approve the accompanying Resolution to adopt the revised Policy and Procedures for Claiming Unclaimed Money in the City of Fresno Treasury for the General Fund, renamed "Policy and Procedures for Claiming Unclaimed Money in the City of Fresno Treasury".
BACKGROUND
Under the City of Fresno's current Policy and Procedures for Claiming Unclaimed Money in the City of Fresno Treasury for the General Fund (adopted January 17, 2013), the City addresses claiming unclaimed funds in the City Treasury older than three years. Unclaimed funds include, but are not limited to, uncashed or outstanding stale-dated checks issued by the City, contractor performance bond deposits, and deposits from respondents to City Requests for Proposals. Upon recommendation of the City Attorney's Office, that policy is being revised to clarify the issue of the recipient fund of the Unclaimed Money. In light of various State of California laws, the General Fund is not necessarily the recipient of all unclaimed money in the City of Fresno Treasury as the current policy states. The renamed Policy attached as Exhibit A to Attachment 1, hereto, is a revision to address that issue.
The Policy has been revised to read as follows:
The Controller is authorized to establish procedures, from time to time, consistent with the California Government Code, for claiming Unclaimed Funds for the City's General Fund, or a different fund if specified by law or regulation.
The Procedures have been revised to read as follows:
A...
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