CITY OF PHILADELPHIA RECEIVES OVER $6 MILLION IN UNCLAIMED PROPERTY FUNDS FOLLOWING PASSAGE OF COUNCILMEMBER GILMORE RICHARDSON’S REPORTING LEGISLATION

In Council News, Katherine Gilmore Richardson, News by PHL Council

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(PHILADELPHIA) Thursday, November 17, 2022 – This week, the City of Philadelphia received $6,035,842.55 in unclaimed property funds due to the City. Unclaimed property refers to funds and or other property owed to individuals or institutions that have been turned over to the Commonwealth of Pennsylvania due to a lack of action by the owner. 

In May 2022, City Council passed Bill No. 220220, introduced by Councilmember Katherine Gilmore Richardson (At Large), which requires the Director of Finance to submit an annual report to City Council and the City Controller of all unclaimed property owed to the City, a status update regarding claims in process, and the total amount of revenue returned to the City of Philadelphia.  

“These funds are rightfully owed to the City and we must ensure we are claiming every available dollar in order to provide high-quality services to our residents,” said Councilmember Gilmore Richardson. “I want to thank the Administration, especially the Treasurer’s Office, for their partnership on this initiative. We have quickly created a process that will ensure we never again have outstanding dollars sitting with the Commonwealth for decades.”

The Commonwealth of Pennsylvania is currently holding nearly $4 billion in unclaimed property. Philadelphia residents are encouraged to go to the Pennsylvania Treasury website to learn more and search for what they may be owed: https://www.patreasury.gov/unclaimed-property/   

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