REPORT TO THE CITY COUNCIL
November 20, 2014
FROM: MICHAEL A. LIMA, Controller/Finance Director/(ex-officio)Treasurer
Finance Department
BY: KAREN M. BRADLEY, Assistant Controller
Finance Department
GREGORY S. WILES, Treasury Officer
Finance Department
SUBJECT
Title
Claim $18,497.13 in funds for uncashed checks dated January 5, 2010 through December 27, 2010 and one bond deposit dating from 2003, and transfer said funds from the "Special Fund" 63539 to the General Fund 10101
1. RESOLUTION - Claiming funds for stale-dated (uncashed) checks dated January 5, 2010 through
December 27, 2010 and one bond deposit from 2003 and transferring said funds from the special unclaimed funds - Fund 63539 to the General Fund 10101
Body
RECOMMENDATION
Approve the Resolution herein attached as Attachment 1 to claim and transfer the funds appropriated for the City-issued checks and one bond deposit listed in Exhibit A to Attachment 1 from Fund 63539 to the General Fund 10101.
EXECUTIVE SUMMARY
State law and City Policy allow the City to recover unclaimed monies in the City Treasury and transfer them into the General Fund for use as Council sees fit. Uncashed checks issued by the City that are older than three years qualify as unclaimed funds. Bond deposits that have never been claimed by prospective contractors also qualify. The City followed the notification procedures outlined in State law, and received no response from the individuals and companies to whom the checks were issued. Upon approval of the attached Resolution, Council may claim and transfer $18,497.13 into the General Fund.
BACKGROUND
Under the City of Fresno Policy and Procedures for Claiming Unclaimed Money in the City of Fresno Treasury for the General Fund (the "Policy"), originally adopted on August 27, 2002, and revised/adopted on January 17, 2013, the City may claim unclaimed funds held in the City's Treasury for more than three years and transfer thes...
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