| | | | | | | | Agenda Item - 4.d.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Scott C. Stiles
| From: | Kingsley Okereke
| | Dept.: | City Manager
| Dept.: | Finance
| | Subject: | Approval of voiding unclaimed checks pursuant to Government Code Section 50055 for amounts under $15.00 or when depositors are unknown. (Action Item) | Date: | 2/27/2018 |
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| | | | | | | | OBJECTIVE
For City Council to approve voiding outstanding payments under fifteen dollars ($15.00) that have remained unclaimed over one year from the date of issuance, and to void any outstanding payments which remain unclaimed over one year from date of issuance where the depositor is unknown. |
| | | | | | | | BACKGROUND
Pursuant to Government Code Section 50055, after one year, any unclaimed checks of less than fifteen dollars ($15.00) or any unclaimed checks where the depositor is unknown, which remain uncashed, may be transferred to the general fund or to the respective funds from which they were paid with the approval of the City Council without posting and publishing a public notice. |
| | | | | | | | DISCUSSION
In a review of the current outstanding checks and unclaimed property listings, the Finance Department's Accounting Division has identified unclaimed checks of less than fifteen dollars ($15.00) and unclaimed checks where the depositor is unknown, which remain uncashed. With City Council approval to void these unclaimed checks would effectively transfer unclaimed monies to the respective funds from which they were issued consistent with Government Code Section 50055.
Attached is a list of the unclaimed checks in amounts less than fifteen dollars ($15.00) each that remain uncashed after one year, which total $1,478.45. Also, attached is a list of unclaimed checks, where the depositor is unknown, that have remained uncashed after one year, which total $1,252.97.
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| | | | | | | | FINANCIAL IMPACT
The transfer of these unclaimed monies will result in $2,731.42 of available funds for the City’s use. |
| | | | | | | | RECOMMENDATION
It is recommended that the City Council:
- Approve voiding the unclaimed checks of less than fifteen dollars, which remain uncashed after one year;
- Approve voiding the unclaimed checks where the depositor is unknown, which remain uncashed after one year; and
- Authorize the Finance Director to transfer the resulting funds to the general fund or other funds as appropriate.
By: Ellis Chang, Accounting Manager
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