Ann Murphy / Jeffrey Busha
The Department of Revenue (DOR) is preparing to close its books on Fiscal Year 1999. Using Generally Accepted Accounting Principles (GAAP), all revenues received by DOR by the close of business on Wednesday, June 30, are credited toward FY99 revenue collections. This provides a "clean cutoff" that does not allow revenue to spill over from one fiscal year to another.
"This is a major accounting process that takes several weeks. We want to ensure that the revenues collected in FY99 are credited to the appropriate accounts. It is standard operating procedure for DOR,"said Revenue Commissioner Frederick A. Laskey.
DOR will announce preliminary year-end totals in mid July. Final revenue collection numbers will be available in August.
Each fiscal year the Comptroller's Office sets guidelines for closing the Commonwealth's books. These include a requirement that GAAP be used. The closing process is monitored by DOR's Office of Internal Audit and the Office of the State Auditor to confirm the integrity of the financial closing process and the accuracy of the revenue reports issued by the department. The accounting firm Deloitte & Touche also reviews DOR's financial processes after the close of the fiscal year.