City Council Staff Report Page 1 of 2 July 28, 2026
Staff Report
Agenda Item No. 4.5
DATE: July 28, 2026
TO: Honorable Mayor and Members of the City Council
FROM: Joan Malloy, City Manager
SUBJECT: Adopt a Resolution Authorizing Transfer of Unclaimed Monies to the General Fund of the City Pursuant to Government Code Section 50053
EXECUTIVE SUMMARY
Staff recommends adoption of a Resolution authorizing transfer of unclaimed monies to the General Fund of the City pursuant to Government Code Section 50053. The Finance Department has completed all statutory requirements under Government Code Sections 50050–50055, including publication of the required notice on June 5 and June 12, 2026.
No claims or verified complaints were received by the July 20, 2026 escheat date.
Accordingly, the unclaimed monies totaling $1,305,537.82 are the property of the City and eligible for transfer.
STRATEGIC PLAN ALIGNMENT
This action supports the City’s fiscal sustainability goals by returning long-outstanding unclaimed deposits to active use. Transferring eligible unclaimed funds to the General Fund strengthens long-term financial stability, improves resource stewardship, and supports municipal service delivery.
BACKGROUND
California Government Code Sections 50050–50055 establish the process for escheatment of unclaimed monies held by local agencies. Under Section 50051, unclaimed amounts of $15 or more that remain unclaimed for three years require publication of notice once per week for two consecutive weeks in a newspaper of general circulation. The notice must identify the amount of unclaimed monies, the fund in which they are held, and the date on which the funds will become City property if no claim is submitted.
Amounts under $15 that remain unclaimed for one year may be transferred without publication pursuant to Government Code Section 50055.
Agenda Item No. 4.5
City Council Staff Report Page 2 of 2 July 28, 2026 6
4 4
The Finance Department published the required notice on June 5 and June 12, 2026, identifying July 20, 2026 as the escheat date. The notice listed unclaimed Construction and Demolition deposits totaling $1,305,537.82, some of which date back to January 1, 2012. Staff reviewed all records and confirmed that no claims or verified complaints were received by the statutory deadline.
Exhibit A to the proposed resolution identifies all unclaimed monies eligible for escheatment.
DISCUSSION
Adoption of the proposed resolution will authorize transfer of the unclaimed funds to the general fund pursuant to Government Code Section 50053. This action completes the statutory escheatment process and allows the City to utilize funds that have remained unclaimed pursuant to state law.
The escheatment of these funds was incorporated into the FY 2025–26 budget and supports the City’s planned revenue structure.
FISCAL IMPACT
Adoption of the proposed resolution will authorize the transfer of $1,305,537.82 in unclaimed monies to the General Fund. These funds were included in the FY 2025–26 adopted budget and will support ongoing municipal operations.
RECOMMENDATION
Staff recommends that the City Council adopt the proposed resolution authorizing the transfer of unclaimed funds to the General Fund pursuant to Government Code Section 50053.
Prepared by: Rahnni Le, Revenue Collection Manager
Submitted by: Chu Thai, Finance Director
Attachments
1. Draft Resolution
2. Exhibit A – Notice of Unclaimed Funds