HomeMy WebLinkAbout8 Unclaimed Funds Agenda Item # 8
Public Utility District
CONSENT
To: Board of Directors
From: Bob Mescher
Date: November 03, 2010
Subject: Consideration of the Retention of Unclaimed Funds
1. WHY THIS MATTER IS BEFORE THE BOARD
The District's Board Resolution #8912 states that only the Board can authorize the
retention of unclaimed funds.
2. HISTORY
Unclaimed funds are 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.
August 5, 2009, was the last time the Board approved the retention of unclaimed
funds.
3. NEW INFORMATION
On September 1, 2010 and September 10, 2010, legal ads were placed in the Sierra
Sun to notify the public about the unclaimed funds. The ads stated that funds had
been held for over three years and if no claim was received by October 15, 2010, the
funds would become property of the District.
In response to the notices, the District re-issued one check totaling $100.00.
The remaining balance of unclaimed funds, older than three years, is $1,093.14.
4. FISCAL IMPACT
The retention of the $1,093.14 of unclaimed funds would be recorded as $765.20
Electric Miscellaneous Revenue and $327.94 Water Miscellaneous Revenue.
5. RECOMMENDATION
Authorize the retention of unclaimed funds totaling $1,093.14.
Mary Ch a Michael D. Holley
Administrative Services Manager General Manager