HomeMy WebLinkAbout7, Retention Unclaimed FundsConsent Item # 7
Consideration of the Retention
of Unclaimed Funds
December 18, 2013
Background / History
• Unclaimed funds are stale dated checks issued by the
District to payees who cannot be located
• Resolution #89-12, "Authorizing the Retention of Funds
Represented by Unprocessed Checks"
— Retain unclaimed funds on hand 3 or more years
— Board must authorize the retention
• Last time the Board approved the retention of unclaimed
funds was September 5, 2012
2
New Information
• Unprocessed checks (aka stale dated checks)
— Six unclaimed checks totaling $341, older than three years
— Legal notices placed October 9, 2013 and October 16, 2013
— No amounts claimed as a result of the notices
3
Fiscal Impact
• The retention of the $341 of unclaimed "stale" dated checks
will be recorded as Electric miscellaneous revenue
0
Recommendation
Authorize the retention of unclaimed funds totaling $341
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