COUNTY OF SAN MATEO

Inter-Departmental Correspondence

Treasurer/Tax Collector

DATE:

June 8, 2006

BOARD MEETING DATE:

July 11, 2006

SPECIAL NOTICE/HEARING:

NONE

VOTE REQUIRED:

Four-Fifths

TO:

Honorable Board of Supervisors

FROM:

Lee Buffington, Treasurer-Tax Collector

SUBJECT:

Appropriation Transfer Request Transferring Unclaimed Monies, In The County Treasury, To The County Treasurer And Public Administrator

RECOMMENDATION:

Approve an Appropriation Transfer Request transferring $2,167.38 from a special fund entitled Estate Unclaimed Monies in the County Treasury to the County Treasurer and Public Administrator as unanticipated revenue.

VISION ALIGNMENT:

Commitment: Responsive, effective and collaborative government.

Goals 21 & 22: 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. The performance shows the yield rate comparing Pool 3, where the funds are held, and LAIF.

Performance Measure(s):

Measure

FY 2004-05
Actual

FY 2005-06
Projected

Estate Unclaimed Fund is held in Pool 3

2.50%

2.87%

Local Agency Inv. Fund

2.00%

2.50%

BACKGROUND:

Government Code sec. 50050 and 50051 declares unclaimed money, not belonging to a local agency, property of that Local agency after three years and publication of a notice that the funds will become the property of the local agency on a designated date if no claims have been made. Pursuant to the procedures agreed upon by the Public Administrator and the Treasurer and approved by the County Manager, these funds are received from the Public Administrator’s office and are shared equally as unanticipated revenue, as approved in Escheat Procedures Memorandum, “Exhibit A”. The last approval by the Board of Supervisors was on January 25, 2004, Resolution No. 067166

DISCUSSION:

There is currently on deposit with the County Treasurer, in a fund entitled “Unknown Heirs”, $2,167.38 that has remained unclaimed for three years. The County Treasurer has caused the appropriate notice to be published in the form and manner provided by Government Code sec. 50050 and 50051, in the San Mateo County Times, “Exhibit B”. There have been no claims made against this fund and after exercising due diligence, the funds have become property of the County under state statute. It is requested that an Appropriation Transfer Request be approved transferring these funds in equal amounts, after the reimbursement of the publication cost to the Treasurer, as unanticipated revenue to the Treasurer and the Public Administrator.

FISCAL IMPACT:

Unanticipated revenue for both the County Treasurer and Public Administrator. There is no Net County Cost.