October 29, 2003
BOARD MEETING DATE:
November 18, 2003
Honorable Board of Supervisors
Lee Buffington, Treasurer-Tax Collector
Resolution Declaring Unclaimed Monies, In The County Treasury, Property Of The County Of San Mateo And Transferring Said Unclaimed Monies To The County Treasurer And Public Administrator.
Adopt a resolution authorizing the President of the Board of Supervisors to declare unclaimed monies, in the County Treasury, property of the County of San Mateo and transferring said monies to the Treasurer and Public Administrator.
There is currently on deposit with the County Treasurer, in funds entitled "Unknown Heirs" and "Abandoned Property", the total sum of $77,489.92. The fund entitled "Unknown Heirs" has a total of $70,658.96, received from the Public Administrator's Office and has remained unclaimed for three years. The County Treasurer has caused appropriate notice to be published in the form and manner provided by Gov. Code Sec. 50050 and 50051, in the San Mateo County Times (Exhibit "A"). There have been no claims made against this fund and after exercising due diligence, it is necessary and desirable to provide for the escheat of said monies to the County of San Mateo. Both the Treasurer and Public Administrator have agreed to equally share the escheated funds as unanticipated revenue as approved in the attached memorandum (Exhibit "B").
The fund entitled "Abandoned Property" (Exhibit "C") has a total of $6,830.96, received from storage facilities within the county and held for one year before being escheated to the Treasurer's Office per Business and Professions Code Sec. 21703 and 21705. The attached approved memorandum (Exhibit "D"), allows the Treasurer to claim the escheated funds as unanticipated revenue.
The collaborative efforts of the Treasurer and the Public Administrator to locate absent and missing heirs are in alignment with department and County Visioning goals #21 and #22.
Unanticipated revenue for both the Treasurer and Public Administrator.