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Updated May 2018
I. Operating Expenses – Under Minimum ($15.00)
Accounting Services:
A) At the end of every fiscal year, identify all outstanding checks by check number, date, name which are under $15.00 and which are over one (1) year old for all bank accounts. Provide list to Chief Financial Officer.
Cashiering & Collections Services Division:
B) Chief Financial Officer or his/her designee to request Council action for approval of the transfer of these funds to revenue in the General Fund.
II. Operating Expenses and Bond Funds – Equal or Greater Than Minimum ($15.00)
Accounting Services:
A) At the end of every fiscal year, identify all outstanding checks by check number, date, name which are equal or greater than $15.00 and which are over 1 year old. Send a letter notifying payees of outstanding check that has reached “Abandoned Property Status” allowing three (3) weeks for a response.
B) Upon receipt of a letter, a party of interest may file a claim with the Chief Financial Officer, which must include claimant’s name, address, amount of claim, identification, the grounds on which the claim is founded and any other information that may be required by the Chief Financial Officer. (Copy of “Claim form” attached.) The Cashiering & Collections Division will provide this to the Chief Financial Officer or his/her designee for review and approval. If approved, paperwo rk for issuance of a new check will be processed by Accounting Services.
C) After the response period has expired, identify these items as stale over one (1) year.
D) At the end of every fiscal year, identify all remaining outstanding checks over three (3) years old including check number, date and name and move to Unclaimed Warrants account. Provide list to the Chief Financial Officer.
ATTACHMENT 2
2 Cashiering & Collections Services Division
A) Chief Financial Officer will direct his/her designee to provide the list of unclaimed moneys to be published in a newspaper notice. The notice is to be published once a week for two successive weeks in a newspaper in the County or the City, and circulated in the City. The notice shall state the amount of money and payee name, and that it is proposed that the money will become the property of the City on a designated date not less than forty-five (45) days nor more than sixty (60) days after the first publication of the notice.
B) Upon publication, a party of interest may file a claim with the Finance Department which must include claimant’s name, address, amount of claim, identification, the grounds on which the claim is founded and any other information that may be required by the Chief Financial Officer. (Copy of “Claim Form” attached.) The Chief Financial Officer or his/her designee will review and approve. If approved, paperwork for issuance of a new check will be processed by Accounting Services.
C) After the second publication in a newspaper, the Chief Financial Officer or his/her designee will prepare a Request for Council Action and request Council approve the transfer of all amounts in the Unclaimed Warrants account over three (3) years old to the General Fund or if it is restitution collected on behalf of victims, it shall be either deposited into the Restitution Fund or used by the City for purposes of victim services after the expiration of the three-year period.
D) This procedure shall also be followed for Bond funds which have been held in trust by the City and released. Such outstanding checks are included in the population of checks described in this section.
ATTACHMENT 2