HomeMy WebLinkAbout7-Consideration of Authorizing the Retention of Unclaimed FundsAgenda Item # 7
CONSENT
To:
Board of Directors
From:
Robert Mescher
Date:
December 18, 2013
Subject: Consideration of Authorizing the Retention of Unclaimed Funds
1. WHY THIS MATTER IS BEFORE THE BOARD
The Board Resolution 1989-12 states that only the Board can authorize the retention
of unclaimed funds.
2. HISTORY
Unclaimed funds are liabilities or stale dated checks, issued by the District, to payees
who cannot be located.
Resolution #8912, "Authorizing the Retention of Funds Represented by Unprocessed
Checks," established the Board's policy directing staff to follow certain procedures to
retain unclaimed funds that have been on hand three or more years. Per the policy,
the Board must authorize the retention.
September 5, 2012, was the last time the Board approved the retention of unclaimed
funds.
3. NEW INFORMATION
The District periodically has checks that never clear its bank account during the normal
course of business and they become stale dated checks.
On October 9, 2013 and October 16, 2013, legal notices included as Attachment 1
were placed in the Sierra Sun to notify the public about the unclaimed checks. The
notices stated that funds had been held for over three years and if no claim was
received by December 6, 2013, the funds would become property of the TDPUD. No
checks were claimed as a result of the legal notices.
4. FISCAL IMPACT
The stale dated checks totaling $340.67 will be recorded as Electric Miscellaneous
Revenue.
5. RECOMMENDATION
Authorize the retention of unclaimed funds totaling $340.67.
Robert Mescher Michael D. Holley
Administrative Services Manager General Manager