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6.C. - Page 1 of 3 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />Ago/ <br />DATE: June 24, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Transfer of unclaimed funds that are more than one year old and less than $15.00 to the City's General <br />Fund <br />RECOMMENDATION <br />By motion, approve and authorize the Administrative Services Department Finance Division to transfer <br />individual unclaimed funds that are more than one year old and less than $15.00 to the General Fund, <br />without the need to publish notice, in accordance with Administrative Policy #43 and Government Code <br />Sections 50050 through 50057, and in the amount of $226.65. <br />STRATEGIC INITIATIVE <br />Government Operations <br />BACKGROUND <br />The City's Unclaimed Funds Policy was developed in compliance with California Government Code <br />Sections 50050-50057 and allows unclaimed checks that are more than one year old and less than $15.00 <br />to become the property of the City, with approval and authorization of the City Council. <br />ANALYSIS <br />The Finance Division has evaluated all outstanding unclaimed checks that are more than one year old and <br />under $15.00. At this time, there are 21 unclaimed checks in this category, totaling $226.65. The checks <br />were originally issued between 2010 and 2018. <br />Staff contacted all payees on the unclaimed check list in Attachment 1 and did not receive responses from <br />the payees to reissue these checks. Although the amounts are nominal, staff recommends as a financial <br />best practice to transfer these unclaimed funds back to the General Fund. <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />59 <br />