Office of the State Comptroller Fiscal Year End Meeting

1
Office of the State Comptroller Fiscal Year End
Meeting

• April 26, 2004

2
Agenda

• Department and Budget Structures
• Chart of Account Maintenance
• Appropriations
• Accounts Receivable/Deposits
• Purchase Orders
• Accounts Payable
• Payrolls
• Statewide GAAP Closing Federal Financial
• Fiscal Year End Reconciliation Labs

3
Department Budget Structures

• Adding or inactivating department values or
  restructuring the department tree
• Restructuring of HR department values
• Changes to the current budget structure
  control/tracking
• Must be completed by 4/30/04

4
Department Budget Structures

• Budgeted Funds Current HR account code
  combination exist no action required
• Existing non-budgeted funds current HR account
  code combination exists no action required
• Speed charts must be updated with new budget
  reference date of 2005

5
Spreadsheet Journal Corrections

• Spreadsheet journal corrections for fiscal year
  2004 may be submitted until July 30th
• After that date no further corrections will be
  accepted for fiscal year 2004
• A job aid is available on the Core-CT website
  concerning payroll corrections

6
Appropriations

• OPM must be notified of all budgeted
  appropriations that qualify to continue by June
  1st
• No budgeted appropriation balances will be
  brought forward to the new fiscal year
• All unliquidated encumbrances will be recommitted
  against new year

7
Appropriations

• Expenditures liquidating commitments after July
  1st will be charged to the new year appropriation
• All unexpended balances for continuing fiscal
  year 2004 appropriations will be brought forward
  to the new fiscal year
• The unliquidated encumbrances will be recommitted
  against the new year appropriation

8
Appropriations

• Expenditures processed after July 1st for
  continuing Fiscal Year 2004 appropriations will
  be recorded as new year expenditures

9
Accounts Receivable/Deposits

• Monies received prior to July 1st are Fiscal Year
  2004 receipts
• Monies received on or after July 1st are Fiscal
  Year 2005 receipts
• The check date is not the controlling factor, the
  date the check is actually received by the agency
  is the factor

10
Accounts Receivable/Deposits

• All bank deposits for Fiscal Year 2004 must be
  completed by the end of business on July 2nd
• These same deposits must be recorded in Core-CT
  AR module by 5 p.m. on July 6th, our next regular
  business day
• All open receivables will be brought forward into
  Fiscal Year 2005

11
Accounts Receivable/Deposits

• It is essential to separate old and new year
  deposits through the use of separate deposit
  slips
• From July 1st through July 6th only Fiscal Year
  2004 deposit transactions may be entered
• The Core-CT AR module will be closed for Fiscal
  Year 2005 transaction posting until July 7th

12
Accounts Receivable/Deposits

• Inter-agency payments should be given special
  attention to meet the fiscal year end due dates
• No AR billings for inter-agency payments should
  be created after June 18th for fiscal year 2004
  payment
• The debtor agency must process the transaction no
  later than June 29th

13
Purchase Orders

• All purchasing documents must be entered into
  Core-CT and budget checked by June 28th
• All purchase orders with open encumbrance
  balances will be carried forward into fiscal year
  2005
• A separate Job Aid has been posted to the Core-CT
  website at www.core-ct.state.ct.us/user/finjobaids
  /Default.htm

14
Purchase Orders

• Reporting tools are available to identify match
  exceptions and unmatched receiving reports
• New purchase orders entered into Core-CT for
  fiscal year 2005 must reflect the future date in
  the PO date field

15
Accounts Payable

• The last expenditure vouchers to be processed for
  fiscal year 2004 must be approved and budget
  checked by 3 p.m. on June 29th
• OSC will run the last pay cycle for the fiscal
  year following the 3 p.m. budget check

16
Accounts Payable

• Unprocessed vouchers must be reviewed to
  determine if these vouchers represent valid
  outstanding payments
• If the vouchers are valid outstanding payments
  they must be processed by June 28th
• If the vouchers are not valid they must be
  deleted from Core-CT

17
Accounts Payable

• Vendor check cancellation documentation must be
  received in OSC by 5 p.m. on June 28th to be
  processed for this fiscal year

18
Payrolls

• The bi-weekly pay period scheduled for Friday,
  June 25th will be the final payroll charged to
  appropriations for fiscal year 2004
• Semimonthly and other payrolls paid by June 30th
  will be charged to fiscal year 2004

19
Payrolls

• The bi-weekly pay period scheduled for Friday,
  July 9th will be the first payroll charged to
  appropriations for fiscal year 2005

20
Statewide GAAP Closing

• A detailed GAAP closing package will be
  distributed prior to fiscal year end
• The purpose of the GAAP closing is to allow OSC
  to report in conformance with Generally Accepted
  Accounting Principles.
• This report assists the State in maintaining a
  favorable bond rating

21
Schedule of Federal Financial Assistance

• Agencies are also requested to provide a Schedule
  of Federal Financial Assistance
• Detailed instructions will be provided prior to
  fiscal year end
• This report is critical for the Single Audit
  Report prepared by the Auditors of Public
  Accounts

22
Fiscal Year End Reconciliation Labs

• Fiscal Year End Reconciliation Labs are available
  to assist agencies with closing preparations
• They are currently running each Wednesday with 2
  sessions
• Openings remain in the last session on May 26th,
  other sessions may be added depending on agency
  needs