CC 20161206 F Unclaimed Trust DepositsRANCHO PALOS VERDES CITY COUNCIL MEETING DATE: 12/06/2016
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA DESCRIPTION:
Consideration and possible action to approve transfer of $9,248 of unclaimed Trust
Deposits to the General Fund.
RECOMMENDED COUNCIL ACTION:
(1) Approve transfer of $9,248 of unclaimed Trust Deposits Excess Funds to the
General Fund.
FISCAL IMPACT: Increase of $9,248 (Misc. Revenues)
Amount Budgeted: $0
Additional Appropriation: N/A
Account Number(s): Transfer from: 780-0000-229-15-00 (Excess Funds)
Transfer to: 101-6000-369-10-00 (Misc. Revenues)
ORIGINATED BY: Vina Ramos, Accounting Supervisor '(—
REVIEWED BY: Deborah Cullen, Director of Finance
APPROVED BY: Doug Willmore, City Manager:' °` 11
ATTACHED SUPPORTING DOCUMENTS:
A. Unclaimed Deposits Schedule (A-1)
BACKGROUND AND DISCUSSION:
The City requires cash deposits into a trust account for certain services performed by
Staff and its third -party vendors. Examples include grading plan reviews, development
inspections, and traffic control plan reviews. Once a property owner or developer
completes a project, the trust deposit is closed and any remaining money is refunded to
the depositor. There are instances where refund checks are not cashed and returned to
the City. After unsuccessful attempts to refund the balance of trust deposits, the money
is transferred to an Excess Funds account to await future claim from the original depositor.
Since 2011, the City has 14 deposits totaling $9,298 that are held in the Excess Funds
account. The names of the original depositors are known, and the ages of all the deposits
are over three (3) years. The California Government Code Sections 50050 and 50051
provide procedures to notify the public for deposits unclaimed after 3 years, and if no
claims are made the monies may be transferred to the General Fund as approved by the
City Council. Legal advertisements listing the unclaimed deposits were published in the
Palos Verdes Peninsula News on July 7, 2016, and July 14, 2016. The City received one
1
claim for $50 by the deadline on August 23, 2016. Therefore, Staff is asking for City
Council's approval to transfer the balance of the unclaimed amount of $9,248 from Excess
Funds to the General Fund.
2
Unclaimed Trust Deposits over 3 Years
No.
Trust Deposit
Amount
1
Geology Trust Deposit
$ 637.20
2
PW Trust Deposit
$ 34.00
3
Planning Trust Deposit
$ 50.00
4
Planning Trust Deposit
$ 475.00
5
Planning Trust Deposit
$ 344.32
6
Planning Trust Deposit
$ 314.00
7
Planning Trust Deposit
$ 22.50
8
Planning Trust Deposit
$ 239.37
9
Planning Trust Deposit
$ 475.00
10
Planning Trust Deposit
$ 61.00
11
Planning Trust Deposit
$ 4,430.11
12
Planning Trust Deposit
$ 475.00
13
Planning Trust Deposit
$ 475.00
14
Planning Trust Deposit
$ 1,265.50
TOTAL
$ 9,298.00
Claimed
$
50.00
Total Unclaimed Deposits
$
9,248.00
A-1