I strongly second what others have said. In the past, I've adopted 5 rescues from my neighborhood back in MD. I always wondered why no one came looking for them - but it's a sad reality - some cats just don't have servants who care. One was living in a sewer after her "owner" moved away. Two I just had to take in because they were toms and having fights with other cats and raccoons. Another I trapped using resources from Alley Cat Allies (check to see if they're in your area; they are a wonderful source of info). Took 3 days to trap him, I had him neutered (at a discount price) and then released him but he just hung around till I eventually took him in. He's the biggest and funniest reformed tomcat you could meet. Brought all of em to Iowa with me.
All that said (I tend to go on about my babies LOL) - neutering is a good idea - and if there is an owner I doubt that they care so much that THEY would miss HIS balls. Meanwhile you're doing something good for your community. Kudos! - and let us know what happens. I personally love cat stories! 
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