TO: Board of Supervisors
FROM: Bob Minahen, Treasurer-Tax Collector
REPORT BY: Bob Minahen, Treasurer-Tax Collector
SUBJECT: Adopt a Resolution Authorizing the Treasurer-Tax Collector to Perform Certain Acts Related to the Escheatment of Stale-Dated Warrants and Funds less than $5,000 that Remain Unclaimed in the County Treasury
RECOMMENDATION
title
Adopt a Resolution authorizing the Treasurer-Tax Collector to perform, on behalf of the Board of Supervisors, any act required or authorized to be performed by Board of Supervisors under Government Code Sections 50050, 50053 and 50055 related to the escheatment of stale-dated warrants and funds that remain unclaimed in the County Treasury less than $5,000. (No Fiscal Impact; Discretionary)
body
BACKGROUND
Government Code section 50050 et seq. establishes guidelines for returning unclaimed funds held in the County Treasury, which includes stale dated warrants, to the County General Fund. This process is known as escheatment. Government Code states that money which remains unclaimed in the Treasury for a period of time becomes the property of the County, and places specific requirements on this process, including publishing a notice of unclaimed funds in a publication of general circulation.
Government Code section 50057 allows the Board of Supervisors to adopt a resolution delegating certain functions for unclaimed funds of $5,000 or less to the county treasurer while requiring the county auditor to be informed of each act performed under this authorization.
Government Code separates unclaimed funds into four distinct categories:
1. Less than fifteen dollars ($15.00)
2. The depositor's name is unknown
3. Five thousand dollars ($5,000) or less
4. Greater than five thousand dollars ($5,000)
Categories 1 & 2, items less than $15.00 or when the depositor's name is not known, can be escheated to the General Fund after one year without public notification or further Board approval should the Board delegate its auth...
Click here for full text