COUNCILMEMBER GILMORE RICHARDSON’S BILL TO ACCOUNT FOR CITY’S UNCLAIMED PROPERTY PASSES UNANIMOUSLY IN CITY COUNCIL

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

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(PHILADELPHIA) Thursday, May 26, 2022 – Today, Councilmember Katherine Gilmore Richardson’s bill to account for the City of Philadelphia’s estimated $6 million in unclaimed property passed unanimously in City Council. 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.

“As our City still grapples with the financial issues caused by the Covid-19 pandemic, we cannot leave any resources on the table,” said Councilmember Gilmore Richardson (At-Large). “With an estimated $6 million in unclaimed property, this revenue could help us fund crucial city operations and address budget priorities regularly highlighted by community members, such as opening recreation centers with gyms on the weekends this summer, or restoring our beautiful murals, or clearing the backlog of tree maintenance, or funding a community evening resource center in every police division and more.”

Bill No. 220220 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.

“We cannot afford to leave millions of dollars in resources unclaimed for decades while our residents are demanding better services. This bill will ensure the Administration annually engages in a process to claim what is owed to the City.”

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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