Fiscal Year Memo 2024-25: Fiscal Year 2024 Statutory Receivable Instructions
The purpose of this memo is to provide instructions for reporting Fiscal Year 2024 statutory receivables. Statutory receivables are defined as receivables due from a governmental body that are related to goods or services provided on or before June 30th and that are collected between July 1st and August 31st. All departments must review their revenue sources for potential Fiscal Year 2024 statutory receivables and report any such receivables.
Accurate reporting of receivables by departments is essential. Statutory receivables are a component of the balance sheet in the Commonwealth’s annual Statutory Basis Financial Report. Failure to report receivables or to report them correctly could result in inaccurate financial reports.
All Chief Fiscal Officers (CFO) are asked to review their Fiscal Year 2024 receivables via OneDrive at this link: FY24 Stat AR. Your file will be uploaded after July 22. Departments will be asked to confirm whether a statutory receivable should be reported for each fund/sub fund/revenue source/unit provided on your department’s spreadsheet. If a fund/sub fund/revenue source/unit is not listed but should be reported, please add that receivable to your department’s spreadsheet. All CFOs and GAAP Liaisons should have access to FY24 Stat AR. CFOs can designate other department personnel to transmit the preliminary estimates and financial reports on OneDrive. CFOs may share access. Please find instructions in Attachment I or at this link: Job Aid: Statutory Accounts Receivable.