Comptroller letterhead

TO:                Chief Fiscal Officers

FROM:          Thomas G. Shack III, Comptroller of the Commonwealth

DATE:           July 1, 2015

RE:                FY2015 Statutory Receivable Instructions

Comptroller Memo FY#2015-29

 


Executive Summary

The statutory receivable instructions provide guidance to departments on reporting receivables due from a governmental body that are related to expenses incurred on or before June 30th and collected between July 1st and August 31st to the Comptroller’s Office.  The preliminary estimate is due on August 7th and the final report is due on September 4th.


The Office of the Comptroller (CTR) annually prepares the Statutory Basis Financial Report (SBFR) which includes an overview of the activity and balances of budgeted funds, non-budgeted special revenue funds, capital project funds, and the non-appropriated funds of higher education.  This overview of fund activity includes statutory receivables as defined below.

Statutory receivables are defined as receivables due from a governmental body that are related to expenses incurred on or before June 30th and collected between July 1st and August 31st.  The funds included in this exercise are listed on Attachment 1.  Please note:  CTR will compile and report the statutory receivable amounts for all federal grant awards (Funds 0100 and 0142) centrally.

Financial Reporting Web Site
All CFOs are asked to review their FY2015 receivables via the financial reporting web site accessed via PartnerNet.  The web site will be available on or before July 10, 2015.  Departments will be asked to confirm whether or not a statutory receivable should be reported for each unit/fund/revenue source code.  Instructions are attached.  All CFOs and GAAP Liaisons should have access to the financial reporting web site.  CFOs can designate other department personnel to transmit the preliminary estimates and financial reports on PartnerNet.  Department Security Officers can request access for additional users by submitting a PartnerNet Security request form.  If you have any questions concerning the web site and or if a data entry mistake is made, please contact Moses Kalemba at 617-973-2670.

Preliminary Estimate – Due August 7, 2014
The Preliminary Estimate for Statutory Receivables should include actual revenues related to FY2015 activity received from July 1st to date, plus any anticipated revenues related to FY2014 activity through August 31st.

Final Report – Due September 4, 2015
The Final Report for Statutory Receivables should include actual revenues related to FY2015 activity received from July 1st through August 31st.

We recognize there are many tasks competing for your attention during this period; however, we ask you to assign this a high priority.  We believe that this web site will make it easier for you to report your department’s statutory receivables in a timely manner.  Thank you for your attention to this request.  Waivers to the dates noted in this memo may be granted in rare exceptions.  If you need to request such a waiver or have any questions, please contact Julia Burns, Director of the General Accounting Bureau at 617-973-2452.

Please note:  We anticipate the weekly automatic balance forward will be suspended on September 11th in order to properly record and analyze the FY2015 statutory receivables.

Enc.     
Attachment 1 – List of Funds included in Statutory Receivable Exercise xlsx format of FY2015 Statutory Receivable Instructions attch 1

Statutory Receivable How-to Guide doc format of FY2015 Statutory Receivable Instructions instr
file size 8MB

Cc:    MMARS Liaisons

         General Counsels

         Payroll Directors

         Internal Distribution