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6)When the unclaimed funds become the property of the Town of Los Altos Hills and are <br />in a Special Fund, the City Council may transfer them by resolution to the General Fund <br />or to the originating fund. (Gov. Code Secs. 50053 and 50055). <br />7)Accounting Transactions <br />a)The following accounts are used for old outstanding checks: <br />xxx-0000-4810 Miscellaneous Revenue Account <br />xxx-0000-2008 Stale Checks Payable <br />b) At the end of the public notification period (45-60 days) or other date the money <br />becomes property of the Town, the remaining unclaimed funds will revert to the <br />Town. The amounts of such funds will be transferred to a miscellaneous revenue <br />account upon City Council approval. <br />i)Accounts Payable check will be voided, a journal entry will be prepared to reclass <br />the account number from original to miscellaneous revenue account, Stale <br />Checks account (2008). This will Debit Cash and Credit the above revenue <br />account without changing the original Expense or Revenue account. <br />ii)Payroll checks will be voided through the payroll void process. In addition, a <br />journal entry will be prepared to Debit the original expense account and Credit <br />the Miscellaneous Revenue, Stale Checks account. <br />iii)The records of voided checks must be retained in Finance in accordance with the <br />Town’s records retention policy. <br />8) Policy Review <br />a) This policy shall be reviewed twice a year to verify any changes to state law. <br />Attachments: <br />Exhibit I-Sample Letter <br />Exhibit II-Sample Public Notice <br />Exhibit III-Sample Resolution <br />Exhibit IV-Sample Claimant Form <br />Resolution 31-20 Page 5