REPORT TO THE CITY COUNCIL
August 31, 2017
FROM: MICHAEL A. LIMA, Finance Director/(ex-officio)Treasurer
Finance Department
BY: CORRINA BARBARITE, Treasury Officer
Finance Department
SUBJECT
Title
Resolution to claim funds of $11,125.41 for uncashed checks dated January 3, 2013, through December 20, 2013, and transfer said funds from "Special Fund" 63539 to the General Fund 10101
Body
RECOMMENDATION:
Approve Resolution attached hereto as Attachment 1 to claim and transfer funds appropriated for the City-issued checks listed in Exhibit A to Attachment 2 from Special Fund 63539 to the General Fund 10101.
EXECUTIVE SUMMARY
State Law and City Policy allow the City to claim 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. If the City follows the notification procedures outlined in State Law, these funds become the property of the City, and can be claimed and transferred into the General Fund. Upon approval of the attached Resolution, Council may claim and transfer $11,125.41 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 on January 17, 2013, the City may claim unclaimed funds held in the City's Treasury for more than three years for the City and transfer these funds to the City's General Fund. This unclaimed property includes uncashed checks and deposits for various purposes. This practice is permitted under Government Code Sections 50050-50053 and 50055.
Uncashed checks include checks that have been issued by the City, but for reasons unknown, have never been negotiated, deposited, or cashed by the recipient. These checks have been issued for payroll, worker's compensation claims, or to vendors in payment for g...
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