Comptroller Maylor Informs Governor and Legislature that Lack of Supplemental Budget will Delay SBFR
Today, Comptroller Andrew W. Maylor informed the Governor, the Chairs of the House and Senate Ways and Means Committees, the Clerks of the House and Senate, and the Secretary of the Executive Office of Administration and Finance that the delayed adoption of the supplemental appropriations budget, will result in the Office of the Comptroller being unable to meet its statutory deadline of October 31 to file the Statutory Basis Financial Report (SBFR) and close the books on Fiscal Year 2019.
“It is my hope that we can process all closing transactions and have the Commonwealth’s independent audit firm, currently KMPG, review the document within 14 days from signature,” wrote Comptroller Maylor. “Please note that this is a target to help you understand when the SBFR might be issued but is not a guarantee.”
In the letter, Comptroller Maylor noted that due to the delayed enactment of the final bill, the Office of the Comptroller will be unable to transfer the surplus to the Stabilization Fund (“Rainy Day Fund”) on October 31. Based on an assumption that the close of FY19 will happen on November 15, 2019, that forgone interest is projected to be more than $500,000 and increase by more than $30,000 each day beyond that date. The Office of the Comptroller eagerly anticipates adoption of the final supplemental budget.