HomeMy WebLinkAbout10 Unclaimed Funds Agenda Item # 10
DistrictPublic Utility
ACTION
To: Board of Directors
From: Bob Mescher
Date: August 05, 2009
Subject: Consideration of Authorizing the Retention of Unclaimed Funds
1. WHY THIS MATTER IS BEFORE THE BOARD
TDPUD Board Resolution #8912 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.
June 7, 2006, was the last time the Board approved the retention of unclaimed funds.
3. NEW INFORMATION
On May 6, 2009 and May 13, 2009, legal ads were placed in the Sierra Sun to notify
the public about Stale Dated Checks and Del Oro (Donner Lake) Refunds. The ads
stated that funds had been held for over three years and if no claim was received by
June 30, the funds would become property of the TDPUD.
In response to the notices, the District re-issued thirteen refunds totaling $2,112.14 to
Donner Lake residents that were on the Del Oro System and the District also re-
issued one refund totaling $126.15 from the Stale Dated Checks List.
The remaining balance of unclaimed funds, older than three years, total $21,436.17.
4. FISCAL IMPACT
The retention of the $21,436.17 unclaimed funds would be recorded as additional
$1,962.54 Electric Miscellaneous Revenue and $19,473.63 Water Miscellaneous
Revenue.
5. RECOMMENDATION
Authorize the retention of unclaimed funds totaling $21,576.98.
Mary Cha an Michael D. Holley
Administrative Services Manager General Manager