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May 3, 1996

FISCAL YEAR-END INSTRUCTIONS 96-5

To:All State Agencies
Attention:Chief Fiscal Officer or Business Manager
Subject:Transfer Lists/Corrections to FY 95-96
  1. Inter-agency claims that are settled by Transfer Invoice (CO-608) should be given special attention to assure the recording of all expenditure items in the proper fiscal year. It is imperative that debtor and creditor agencies cooperate to ensure that the deadline for transfer list submission is met so that expenditures and revenues may be recorded in the desired fiscal year. Your attention is invited to the State Accounting Manual - Transfers Section.

    Agencies must ensure that commitments are established against the old year appropriations to cover all transfer invoices to be processed as old year.

    Transfer lists received after the deadline, or any transfer expenditure which cannot be processed against the old year because of a lack of commitment, will be charged in July as a new year (1997) revenue/expenditure.

    Transfer lists will be accepted for processing as "Old Year" through and including Wednesday, June 19. Transfer lists should be submitted to Accounting Services, 55 Elm Street, Room 601, 6th floor, Hartford.

  2. Corrections to Fiscal Year 96 (Old Year)

    - Appropriation Ledgers
    - Agency Revenue Reports
    - Detail Analysis of Expenditures

    Your agency will be sent the above reports which reflect the final balances as of June 30 on Accounting Services' records.

    Agencies should immediately reconcile these balances to their own records and advise Accounting Services of any corrections on an Agency Correction or Adjustment Report, CO-604, by the close of business (4:30) on WEDNESDAY, July 24, 1996.

    PLEASE NOTE:

    - The Effective Date for prior year items is 06-35-96.

    - "PRIOR YEAR" should be printed in the Explanation Block.

    - EXPLANATIONS MUST BE PROVIDED, no blanket transfers can be accepted. Reference must be made to specific items or documents being corrected.

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