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Wheat Ridge to update unclaimed-property rules after state treasurer notice; city may retain unclaimed cash for five years
Summary
City attorney told council a state treasurer letter prompted a review of unclaimed-property code; staff will draft ordinance changes allowing the city to report and hold unclaimed cash for five years (per state rules) and streamline notice procedures rather than publishing lists in local papers.
City Attorney Mister Dahl told the council that Wheat Ridge received an Oct. 8 letter from Aaron McCauley at the Colorado State Treasurer’s office prompting a review of how the city handles unclaimed property. Dahl said the state is principally interested in cash and cash equivalents — and the contents of safe-deposit boxes — while local governments may adopt ordinances to retain unclaimed cash if they report holdings and retain funds for the state’s five‑year period.
Dahl recommended targeted changes to city code: define unclaimed cash/cash equivalents, retain such funds for five years consistent with state law, create a separate definition and shorter disposal timeline for unclaimed tangible property, and replace the current newspaper-publishing notice regime with targeted notices (mail to last known owner) to reduce cost. He said he will coordinate with police on evidence-room and tangible-property procedures to address storage limitations.
Councilors expressed support for the proposed changes and asked about scale; staff said occasional deposits tied to development or tax refunds can run into the tens of thousands of dollars and that, after the hold period, funds would be deposited to the city’s general fund. Dahl said he will draft the ordinance language shown in his Nov. 26 memo and consult the police chief about operational timelines for tangible items.
