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WORKSHOP ITEM #7Unclaimed Funds Process15, Updating -Resolution 2018Consideration of Adopting Unclaimed Funds Process15, Updating -Resolution 2018Consideration of Adopting July 18, 2018
Unclaimed Funds Processing fundsRequires Board approval for authorizing the retention of unclaimed •updated been Specifically states certain portions of Government Code that has since
•The policy aligns with Government Code Sections 50050 through 50057•currently used to process unclaimed fundsBoard Resolution 8912 sets the Boards policy for the process •BACKGROUND
/ HISTORY Unclaimed Funds Processing
NEW INFORMATION 50057-Government Code Sections 50050Staff will continue to process unclaimed funds in accordance with •fundsprevious resolutions and ordinances related to retention of
unclaimed -Staff is recommending approval of Resolution 2018•Unclaimed Funds ProcessingUnclaimed Funds Processing
NEW INFORMATION Government Code are alignedThe remaining current process as stated in Resolution 8912 and •to be immediately transferred to the General Fundmore that have been on hand
for a period of one year or amounts of $15 Current Government Code section 50055 was revised to allow for •Fundmore to be immediately transferred to the General on hand for 3 years
or that have been Board Resolution 8912 allows for amounts less than $10 •and current Government Code: The most notable difference between the current Board Resolution •Unclaimed Funds
ProcessingUnclaimed Funds Processing
NEW INFORMATION$346$341$1,396Total $ Value6614# of Stale Dated Checks9/5/201212/18/201311/2/2016Date 2,259$funds totaling unclaimed in the Sierra Sun noticing 2018 •period:a 5 year in
over last three actions by the Board he T•fundsThe District has historically had low volume of unclaimed •Unclaimed Funds ProcessingUnclaimed Funds Processing
FISCAL IMPACT Electric and Water Utilities respectfullyStale dated checks are recorded as Miscellaneous Revenue to the •Unclaimed Funds ProcessingUnclaimed Funds Processing
RECOMMENDATION 15 as presented related to unclaimed funds -Adopt Resolution 2018•Unclaimed Funds ProcessingUnclaimed Funds Processing