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THE CITY OF 8 <br /> CITY COUNCIL AGENDA REPORT }v( <br /> pLEASANTONo <br /> March 20, 2012 <br /> Finance Department <br /> TITLE: APPROVE WRITE-OFF OF UNCOLLECTIBLE ACCOUNTS RECEIVABLE IN <br /> EXCESS OF $10,000 <br /> SUMMARY <br /> On October 18, 2011, the City Council adopted a Policy for Write-Off of Uncollectible <br /> Accounts Receivable. The policy requires that the write-off of any individual <br /> uncollectible account receivable that exceeds $10,000 must be approved by the City <br /> Council. Staff is recommending the write-off of seven uncollectible accounts receivable, <br /> each of which exceeds $10,000. <br /> RECOMMENDATION <br /> Staff recommends the City Council approve the write-off of the seven accounts <br /> receivable identified herein. <br /> FINANCIAL STATEMENT <br /> Staff has identified seven uncollectible accounts, dating from 1990 to 2005, which <br /> individually exceed $10,000 and therefore must be approved by the City Council for <br /> write-off. The recommended write-offs would result in the reduction of City assets as <br /> follows: <br /> Amount <br /> Fund Reduced <br /> General Fund (Fund 001) $ 82,230.90 <br /> Streets CIP — General Fund (Fund 160) 101,670.93 <br /> Water Expansion Fund (Fund 355) 33,331.23 <br /> Total $ 217,233.06 <br /> It should be noted that a write-off of uncollectible accounts receivable from the City's <br /> accounting records does not constitute forgiveness of the debt or a gift of public funds. <br />