COUNCILMEMBER GILMORE RICHARDSON INTRODUCES BILL TO HELP ACCOUNT FOR THE CITY’S UNCLAIMED PROPERTY

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

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(PHILADELPHIA) Thursday, March 10, 2022 – Today, Councilmember Gilmore Richardson introduced legislation to help account for the City of Philadelphia’s unclaimed property. Unclaimed property refers to funds or other property owed to individuals or institutions that has been turned over to the Commonwealth of Pennsylvania due to lack of action by the owner.

There is nearly four billion dollars in unclaimed property in the Commonwealth of Pennsylvania. The City of Philadelphia has at least 250 claims listed in the Commonwealth’s online database.

“As our city looks to our post COVID-19 recovery, we need to ensure we are not leaving any resources on the table,” said Councilmember Katherine Gilmore Richardson (At-Large). “Our total obligations are increasing, and like many other cities, our budget has taken a huge hit. Every dollar owed to the City of Philadelphia must be accounted for and collected, so we can provide Philadelphians with the quality resources they need.”

This legislation will require 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.

Philadelphia residents may also have unclaimed property. Residents should 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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