TO: LINDA REICH, CITY MANAGER
FROM: ROB BURNS, DIRECTOR OF FINANCE
SUBJECT
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Unclaimed Property held by the City of Chino.
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RECOMMENDATION
Approve receipt of unclaimed monies in the amount of $3,641.44.
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FISCAL IMPACT
Additional funds in the amount of $3,641.44 will be added to the General Fund revenue.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City’s values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
• Financial Stability
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Revenue: 1003000-59395 |
Expenditure: |
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Transfer In: Click or tap here to enter text. |
Transfer Out: 100-21641 & 100-21642 |
BACKGROUND
The City of Chino has held in a deposit trust account, unclaimed monies totaling $4,037.27. These monies are comprised of either uncashed vendor payments made by the City, or uncashed customer refunds made by the City when Utility Billing accounts are closed. The City has been unable to refund these monies due to old or outdated contact information.
Pursuant to the State of California Government Code Sections 50050 through 50055, the City has the right to claim these monies if the property is not claimed or if no verified complaint is filed and served after the City Treasurer publishes a notice in the local newspaper once a week for two successive weeks. The notice must state the amount of money, the fund in which it is held, and that it is proposed that the money will become the property of the City on a designated date not less than 45 days and no more than 60 days after the first publication of the notice. All acts and conditions required by said sections have been performed and have occurred.
ISSUES/ANALYSIS
On September 23 and 30, 2023, the City of Chino published a Public Notice in the Chino Valley Champion with the list of individual unclaimed items of $15 or more. There were two claims duly filed in the period of 60 days since the first publication of the Public Notice. The total amount of the reissued checks was $395.83. The unclaimed funds in the amount of $2,606.65 are now eligible to be claimed by the City and recorded as General Fund revenue.
In addition, pursuant to Government Code Section 50055, the City has the right to transfer to the General Fund any individual item less than $15, unclaimed for at least a year, without the necessity of publication of a notice in a newspaper. The total amount of those items is $1,034.79.
Therefore, the total amount of unclaimed funds to be transferred to the General Fund revenue is $3,641.44. The list of the names with amounts which are now eligible to be claimed by the City is attached in Exhibit 1.
RB:CW:hm
Attachment: Exhibit 1