FISCAL YEAR 2008 YEAR-END INSTRUCTIONS

April 1, 2008

General Information

The fiscal year for all departments of State Government closes on the thirtieth day of June (CGS, Sec. 4-35).

It is important that you review and closely follow the year-end instructions. If you have any questions, please refer to the list of contacts at the end of these instructions.

You are responsible for distributing these instructions to the appropriate staff within your agency. It is important that all dates and deadlines be observed, as there will be no exceptions to these instructions.

When the term "budgeted funds" is used in these instructions it refers exclusively to the following funds:

11000 General Fund
12001 Transportation Fund
12003 Banking Fund
12004 Insurance Fund
12006 Consumer Counsel/DPUC Fund
12008 Workers Compensation Fund
12009 Mashantucket Pequot & Mohegan Fund
12010 Soldiers Sailors and Marines Fund
12013 Regional Market Operations Fund
12014 Criminal Injuries Compensation Fund

Maintaining or Revising Fiscal Year 2008 Financial Chartfield and Budget Structure in Fiscal Year 2009

Any changes (addition or inactivation of values) required to your present financial chartfield structure for Fiscal Year 2009 should be submitted using the Core-CT chartfield maintenance form (http://www.core-ct.state.ct.us/dvd/chartfield.htm) no later than Thursday, May 1, 2008. Requests for budget structure changes should also be submitted to the attention of John Clark at Office of the State Comptroller by that date.
Please keep in mind that the following actions must be finalized by May 1, 2008:

Budget reference 2009 will become an active value on Monday, June 16, 2008.

** Reminder: Speedcharts, speedtypes and distribution codes referencing budgeted funds will be automatically updated with the Budget Reference for the new fiscal year. Please verify that this has occurred. If you are using speed charts, speed types or distribution codes for a non-budgeted fund, with a budget reference selected, you must change that budget reference to 2009 when the new budget reference should be used in the new fiscal year.

Creation of HRMS Combination Codes with 2009 Budget Reference:

The pay period beginning on June 6, 2008 is the first payroll processed in Fiscal Year 2009. All fiscal year budget references must be effective on June 6, 2008.

Appropriations

No later than Monday, May 12, 2008 agencies must notify the Office of Policy and Management of all appropriations within budgeted funds that qualify for continuance to Fiscal Year 2009.

In general:

Lapsing Fiscal Year 2008 appropriations receiving new funding in Fiscal Year 2009

No appropriation balances in budgeted funds will be brought forward to the new-year appropriation. Unliquidated encumbrances from Fiscal Year 2008 will be recommitted against the new-year appropriation once PO Roll-Over is complete. Any expenditure posted after Monday, June 30, 2008 will be charged against the new-year appropriation.

Continuing Fiscal Year 2008 appropriations

All unexpended balances (unliquidated encumbrances, unencumbered, unallotted) will be brought forward to the new-year appropriation early in Fiscal Year 2009 (after adjustments and budget balances are verified). Unliquidated encumbrances will be automatically recommitted against the new-year appropriation once the rolled POs have passed budget checking. Expenditures posted after Monday, June 30, 2008 will be recorded as new-year expenditures.

All continuing appropriations such as Federal and Other Grants or Insurance Recoveries should be balanced and closed by Monday, June 30, 2008 wherever possible.

Lapsing appropriations not renewed with a Fiscal Year 2009 appropriation (one month carry-forward)

These appropriations may be extended until Thursday, July 31, 2008 for the purpose of liquidating obligations properly incurred in Fiscal Year 2008 (the old year). The unliquidated encumbrance balance will be automatically brought forward to Fiscal Year 2009. After July 31, the unliquidated balance will be lapsed.

First quarter Fiscal Year 2009 allotments

Please submit your first quarter allotments to OPM leaving sufficient time to distribute the allotment and to ensure receipt by the Comptroller's Office not later than Monday, June 30, 2008.

Billing/AR/Receipts

Remember that all monies recorded in Core-CT as deposited prior to July 1, 2008 are Fiscal Year 2008 (old year) receipts. All monies deposited on or after July 1 are Fiscal Year 2009 (new year) receipts. The controlling factor is NOT the check date, but rather, the date on which the deposit is recorded at the bank.

You should make every effort to deposit your Fiscal Year 2008 receipts and post them in the AR module (either direct journal the deposit or apply the payment to an open item) by Monday, June 30, 2008. Any refunds of Fiscal Year 2008 (prior year) expenditures within the budgeted funds that are not applied and posted in Fiscal Year 2008 will be automatically updated to default to general revenue in Fiscal Year 2009 so that budgets are not increased in Fiscal Year 2009. This automatic updating applies only to budgeted funds.

The billing module will close at 3 PM on Monday, June 30, 2008 for Fiscal Year 2008 transaction processing and will open on Tuesday, July 1, 2008 for Fiscal Year 2009 transaction processing (except for DOCS1, ITDS1 and DASS1, which will be open until 3 PM on Thursday, July 3, 2008 for Fiscal Year 2008 processing).

The AR module will close at 3 PM on Thursday, July 3, 2008 for Fiscal Year 2008 transaction processing and will open on Monday, July 7, 2008 for Fiscal Year 2009 activity. Therefore, you will have until July 3 to apply payments to your Fiscal Year 2008 open items.

Inter-agency payments should be given special attention to ensure that the receiving agency completes the receipt posting (eliminates the open item/receivable) in the same fiscal year that the payment was made by the debtor agency. NO BILLINGS FOR INTER-AGENCY TRANSFERS SHOULD BE CREATED AFTER MONDAY, JUNE 2, 2008 FOR FISCAL YEAR 2008 PAYMENT. Remember that such payments must be processed by the debtor agency no later than Thursday, June 12, 2008 and recorded by the creditor agency no later than Friday, June 27, 2008.

For agencies that will be inactivating chartfields such as department values, please keep in mind that any open receivables using these values should be closed out before Thursday, June 26, 2008. This includes preparing a Maintenance Worksheet to close out the item no later than Friday, June 27, 2008. Items should be billed again when the new value becomes available and the Billing Module is opened on Tuesday, July 1, 2008 for FY 2009.

On Account (OA Entry Type) Payments

All OA on account open item receipts related to Fiscal Year 2008 MUST BE CLOSED OUT BY THE END OF BUSINESS ON TUESDAY JUNE 24, 2008. In order to ensure that OA payments are classified to the correct Fund/SID/Accounts, agencies must close out these OA items by creating a bill in the Billing module using the Funds Awaiting Distribution coding and matching it to the OA with a Maintenance Worksheet. OA items not closed by agencies on or before Tuesday, June 24 will be closed by the Comptroller's Office in order to properly classify the payment as a revenue or refund of expenditure in Fiscal Year 2008. At that point, agencies run the risk of having OA items classified to a Fund/SID/Account not of their choosing. Agencies will be responsible for modifying these entries to the proper coding with a spreadsheet or online journal no later than Friday, July 11, 2008.

Purchasing

Agencies shall determine their own cut off dates for the issuance of requisitions sourced to purchase orders, the creation of new purchase orders and the issuance of change orders, within the following parameters:

Purchase Orders

Agencies must close POs on a monthly basis throughout the year and more frequently as the end of the fiscal year approaches Agencies must continue to close all POs that should not roll into fiscal year 2009 through 2:00 pm on June 30, 2008. Agencies must roll POs that are in effect across fiscal years.

The benefits of creating a 'change order' are:

Core-CT will be adjusting the close days as we approach the end of the fiscal year as follows:

  1. 4/11/2008 to 15 days,
  2. 5/2/2008 to 5 days,
  3. 5/30/2008 to zero days.

Requisitions

To assist in returning monies pre-encumbered by a requisition, the Core-CT weekly process of requisition reconciliation will be run on Fridays and an additional run will been added on Tuesdays, beginning April 8. Requisition close will run on a nightly basis Monday through Friday beginning June 9, 2008.
The access to create requisitions will be removed from user's profile at the close of business June 23, 2008 and the batch process for requisition sourcing will be discontinued after the scheduled nightly run. Future dated requisitions must not be created in Core-CT.

Agencies should close all requisitions in their business unit that did not source to a Purchase Order before June 26, 2008; agencies have until 2:00 pm on June 30, 2008 to close their requisitions. If an agency is currently using an open requisition as a template, the requisition must be saved as a template or it will be closed. Templates will not be affected by the PO roll.

The Core-CT team will update the budget date and the accounting date on the requisition templates.

PO Roll Process:

In order for a purchase order to qualify for PO Roll, encumbered funds must remain on the PO line(s). Line(s) must not be in a fully matched status.

The Core-CT team will begin the PO Roll process for all qualifying POs on July 1, 2008. Should the Core-CT team encounter a problem with a PO that was left in an agency's business unit to roll and that PO does not roll due a technical error, the Core-CT team will attempt to close that PO. A listing of the POs that were closed by the Core-CT team will be posted on the Core-CT website. If the agency needs to re-create one of these Pos, the old PO ID must be entered in the PO Reference field on the new PO.

Core-CT will begin to roll POs on the morning of July 1, 2008 and continue to roll through July 4, 2008.
User access to the Purchasing and Requisition Modules will be re-established on July 5, 2008. In the event that the PO Roll is not completed, a Daily Mail will be issued on the morning of July 5 indicating the estimated timeframe remaining for the continued lock out.

Special Instructions for DDS and the new agencies that will be going live with Projects and Contracts for July 1 will be issued directly to these agencies.

New Year POs

Agencies may begin creating new fiscal year POs on July 5, 2008. Agencies should not approve POs until all of the budgets for that PO are in place.

Continuing Funds will not be available until Monday July 21, 2008.

Accounts Payable

Vouchers

New year vouchers cannot be entered into Core-CT until all affected budgets are in place, which means July 1 at the earliest. Ensure that required agency budgets are also available.

Any questions regarding the accounting for adjustment or reversal vouchers should be directed to the General Accounting contacts listed on the last page of this memorandum or Elaine Pelletier in the Accounts Payable Division.

Claims Authorization Form (CO-512)

Form CO-512, is available for downloading from the Office of the Comptroller's website at http://www.osc.state.ct.us/agencies/forms/. The original hard-copy form must be completed and forwarded to the Comptroller's Office, Accounts Payable Division, 55 Elm Street, Hartford, CT 06106 Attention: Linda Arn by Friday, June 6, 2008.

The CO-512 must contain the names of all agency personnel with the final approver roles listed below. The Encumbrance or Expenditure box must be checked based on their authorization. Any forms with both boxes checked for one individual will be returned to the agency for segregation of duties.

Final Approver Roles -

Commitment Roles:

Expenditure Roles:

All information must be completed in the designated contact section.

The 'new' box on the CO-512 form should only be checked off at the beginning of each fiscal year. Any changes thereafter must be reflected by checking the 'update' box. The 'effective date' must be the same date as reflected on the Core-CT Application Security Request Form CO-1092. An updated CO-512 form must be submitted at that time.

When submitting an updated CO-512 form, all final approvers must be listed. This updated form will supersede all previously submitted forms. Therefore, all employees with final approver roles must be listed on the updated form.

The signature of the agency head (Commissioner, Executive Director, etc.) must appear on all Claims Authorization Forms to certify that the listed personnel are authorized to encumber or expend funds on their behalf. An updated CO-512 form must be submitted when there is a new agency head.

Encumbrance and expenditure documents may not be processed for the new fiscal year if the authorization form is not received by June 6, 2008.

Payrolls

The bi-weekly pay period Friday, May 23, 2008 through Thursday, June 5, 2008 scheduled for payment on Friday, June 20, 2008 is the final payroll charged to appropriations for Fiscal Year 2008.

Semi-monthly and any payrolls which will be paid June 30, 2008 will also be charged to Fiscal Year 2008 appropriations.

Payroll checks dated in July will be charged to Fiscal Year 2009 appropriations.

GL Journal Corrections

Spreadsheet or Online journal entry corrections for Fiscal Year 2008 may be submitted until Friday, July 11, 2008. After that date, no additional corrections will be accepted to Fiscal Year 2008 transactions.

Detailed instructions concerning spreadsheet or online GL journal payroll corrections are available on the Core-CT web site under General Ledger Job Aids. Both fringe benefit and non-fringe benefit payroll corrections may be processed via the spreadsheet journal process.

There are also detailed instructions on spreadsheet journal entries available on the Core-CT web site under General Ledger Job Aids.

General Ledger for Fiscal Year 2008 will close on Friday, July 18, 2008. The Core-CT system will not be available all day.

Statewide GAAP Closing and Schedule of Federal Financial Assistance

As in prior years, a detailed GAAP closing package will be distributed prior to fiscal year end. The purpose of the GAAP closing, which is separate from the legal closing outlined above, is to allow the Comptroller to report in conformance with Generally Accepted Accounting Principles. This is required, in part, for the state to maintain a favorable bond rating.

As in the past, in conjunction with the GAAP closing package, agencies will be requested to provide a Schedule of Federal Financial Assistance. This report is critical to the Single Audit Report prepared by the Auditors of Public Accounts. A set of detailed instructions will be issued to each agency that receives federal financial assistance.

Asset Management Fiscal Year 2008 Year-End Instructions

The Asset Management Fiscal Year 2008 Open Accounting Period will close on Wednesday July 16, 2008.

Agencies must process all Fiscal Year 2008 Financial Adds, Adjustments, Retirements/Reinstatements, Re-categorizations, and Transfers by close of business Tuesday, July 15, 2008. After that date, these transaction types will be booked as Fiscal Year 2009 transactions.
Remember that Fiscal Year 2008 transactions recorded in July, up to and including July 15, 2008, must reflect a June 2008 Accounting Date. This will ensure that these transactions will be included in FY 2008 Financial Reports and Statements.

Transaction Loader items for Fiscal Year 2008, that have not been loaded by close of business on Tuesday July 15, 2008, will be changed to error status. The affected assets will have to be entered in Basic Add with all pertinent purchasing, receiving, and vouchering information. Regular review of Transaction Loader is recommended to help minimize year end maintenance.

Asset Management (CO-59)

The Asset Management/Inventory Report/GAAP Reporting Form, CO-59 is an annual report of all capitalized real and personal property owned by each state agency. This report must be submitted by October 1, 2008 and must reflect the sum total of the physical inventory as of June 30, 2008. All Executive Branch agencies must use the Core-CT Asset Management Module to complete the information requested on the CO-59. Agencies using the Inventory Module or a separate inventory system are required to report their stores and supplies inventory on the CO-59.

Agencies not using the Core-CT Asset Management module are still required to report their assets on the CO-59 using their asset management systems.

Executive Branch agencies are expected to use the Asset Management and Inventory queries below to complete the CO-59 form for Fiscal Year 2008. If the values recorded on the CO-59 do not reconcile with Core-CT, the agency must provide a written explanation of the discrepancy in an attachment.

Asset Management Queries

CT_CORE_FIN_AM_COST_POS - Select this query to calculate the positive cost of assets for a range of accounting dates for the CO-59 report.
CT_CORE_FIN_AM_COST_NEG - Select this query to calculate the negative cost of assets for a range of accounting dates for the CO-59.

Inventory Queries (Stores and Supplies)
CT_CORE_FIN_IN_CO_59_RCV - Select this query to calculate the items in inventory for a range of transaction dates for the CO-59.
CT_CORE_FIN_IN_CO_59_DEP - Select this query to calculate the depletions of items in inventory for a range of transaction dates for the CO-59.

Asset Management Report
AMAS2000 - Cost Activity Detail Report - Select this report to assist with the physical inventory reconciliation. The path for this report is: Asset Management>Financial Reports>Cost and Depreciation>Cost Activity Report.

The CO-59 form is now available for reporting assets by downloading it from the OSC website at http://www.osc.state.ct.us/agencies/forms/.

The completed CO-59 should be forwarded to the Comptroller's Office, Fiscal Policy Division, 55 Elm Street, Hartford, CT 06106 Attn: Carol Hagstrom. Questions regarding the completion of the CO-59 should be directed to: OSC.Assets@po.state.ct.us

If you have any questions, please contact the following:

General Accounting John Clark (860) 702-3350
Doris Przygocki (860) 702-3384
Julie Wilson (860) 702-3377
Chart Of Accounts Chris Bacon (860) 702-3386
Yvette Jenkins (860) 702-3373
Accounts Receivable/Deposits Rich DePaolis (860) 702-3592
Lynn Sheldon (860) 622-2167
Tony Torcia (860) 702-3354
Chris Marchese (860) 622-2593
Purchasing Joann Bellamo (860) 622-2511
Noreen Camara (860) 622-2133
Accounts Payable Mark Aronowitz (860) 702-3399
Al Acayan (860) 702-3590
Elaine Pelletier (860) 702-3591
Beth Macha (860) 702-3405
Connie Castro (860) 702-3395
Cancellations,
Segregation of Duties Linda Carney (860) 702-3396
CO-512 Linda Arn (860) 702-3374
Payroll Gary Reardon (860) 702-3445
Mark Bissoni (860) 702-3451
Asset Management Carol Hagstrom (860) 702-3437
David Bonola (860) 622-2418
Inventory Elizabeth Daly (860) 702-3436
Positions Nick Visone (860) 622-2024


EVENT Due Date
e-Pro - Requisition Reconciliation - Tuesdays and Fridays 4/8/08
PO Close days - change from 30 to 15 4/11/08
Chartfield changes for FY 2009 5/1/08
Budget Structure changes 5/1/08
Budget Reference Consolidation changes 5/1/08
PO Close days - change from 15 to 5 5/2/08
Request continuation of budgeted funds to OPM 5/12/08
PO Close days - change from 5 to 0 (zero) 5/30/08
First quarter allotment requests due to OPM - obtain due date from your budget analyst.
Billing - last date for Inter-agency bills 6/2/08
FY 2009 combo codes - effective 6/6/08
AP - Payment Cancellation forms (CO-790) due by 5 PM 6/6/08
AP - Claims Authorization forms (CO-512) due by 5 PM 6/6/08
e-Pro Requisition Recon - Nightly 6/9/08
AP - last date to pay Inter-agency bills 6/12/08
Payroll - last bi-weekly payroll check date posted to FY 2008 6/20/08
e-Pro - last requisition entered - access to entry will be removed 6/23/08
A/R - Close all On Account (OA) payments 6/24/08
AP - last night for interfaced vouchers 6/24/08
AP - last day for vouchers to be paid (approved by 9:00 AM) 6/26/08
Inactivating C/Fs - close A/R items 6/26/08
AP - Delete Unposted Vouchers (except for JVs and ZPC vouchers) 6/26/08
AP - Adjs and Reversals vouchers for ZPC - approved by 3 PM 6/27/08
A/R - last date to apply Inter-agency payments 6/27/08
AP - Last Zero-Dollar Pay Cycle by 9 AM 6/30/08
First quarter allotments from OPM to OSC 6/30/08
PO - Close POs that are not rolling by 2 PM 6/30/08
ePro - Close requisitions by 2 PM 6/30/08
Balance Federal and other grants and Insurance Recoveries by 6/30/08
Billing module closed at 3 PM (except ISF units) 6/30/08
AP - module closed at 5 PM 6/30/08
Payroll - last semi-monthly payroll check date posted to FY 2008 6/30/08
PO Roll   from 7/1/08 through 7/4/08
Billing module opened for new FY transactions 7/1/08
A/R - module closed at 3 PM 7/3/08
Billing module closed for Internal Service Fund units at 3 PM 7/3/08
PO and e-Pro modules - access restored 7/5/08
A/R - module opened for new FY transactions 7/7/08
GL - last date for FY 2008 SSJs or Online Journal Entries 7/11/08
AM - last transaction date for FY 2008 assets 7/15/08
AM - close FY 2008 7/16/08
GL - closed and continuing funds rolled 7/18/08
Core-CT will be unavailable 7/18/08
Continued Funds available 7/21/08
Lapsing appropriations not renewed in FY09, lapsed 7/31/08
AM - AM/Inventory Report / GAAP Reporting form (CO-59) 10/1/08

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