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NORTH CAROLINA STATEWIDE ACCOUNTS RECEIVABLE REPORT For the Year Ended June 30, 1999 North Carolina Office of the State Controller Edward Renfrow, State Controller State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 1 The Office of the State Controller is responsible for the Statewide Accounts Receivable Program. The authority originates from North Carolina General Statute 147- 86.20-. 27. In fulfilling the reporting requirements, the Office of the State Controller provides you with the Statewide Accounts Receivable Report for fiscal year end June 30, 1999, displayed in a three- year analysis of receivables format. The Statewide Accounts Receivable Report includes all receivables reflected in the State’s Comprehensive Annual Financial Report ( CAFR). These receivables are recorded in the financial statements based on generally accepted accounting principles ( GAAP) for governments. Included in this report are notes receivable, taxes receivable, intergovernmental receivables ( due from federal, local or other state governments), accounts receivable, interfund receivables ( due from other entities within the State’s financial reporting entity), contributions receivable, premiums receivable, interest receivable and other miscellaneous receivables. Total receivables increased $ 271 million, or 6.09%, to $ 4.71 billion, which equates to 13.3% of total revenues as compared to 12.05% in 1998. Total revenues decreased 3.84% to $ 35.4 billion. In summary, for every $ 7.52 of revenues the State earns we carry $ 1.00 in receivables. To explain the $ 271 million increase in total receivables for 1999 we need to look at several areas. The first involves notes receivable where there was a total increase of $ 212 million, most of which occurred in the component unit proprietary funds. The most significant portion lies in the State Education Assistance Authority, $ 141 million, the majority of which pertains to the non- current or long term portion of the notes, and the North Carolina Housing Finance Agency, $ 45 million. There were also increases of $ 12 million in the notes of the component unit University Funds, as well as $ 8 million in the 401( k) Supplemental Retirement Income Plan notes, which fall under the pension trust funds. The second area in which major changes occurred is accounts receivable. The majority of the $ 52 million increase occurred in the component unit University Funds, which increased $ 30 million. In addition, there was an increase in accounts receivable of $ 14 million in the special revenue funds and $ 9 million in the component unit proprietary funds. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 2 The following chart summarizes the State of North Carolina’s receivable components: State of North Carolina Total Receivables for the Fiscal Year Ended June 30, 1999 $ 4.71 billion Notes $ 2,047.3 million 43% Taxes $ 927.0 million 20% Inter-governmental $ 715.7 million 15% Accounts $ 423.8 million 9% Interfund $ 358.7 million 8% Contributions, Premiums, Other $ 158.4 million 3% Interest $ 80.0 million 2% Again this year, a greater effort was undertaken to make improvements in agency reporting of write- off information. Definite progress has been made in this area and we will continue to educate and inform the State’s entities on the importance of reporting accurate and complete write- off information. The major area for State write- offs relates to healthcare business. This involves basically four agencies/ institutions. These are UNC Hospitals, UNC Physicians & Associates of UNC- Chapel Hill, ECU’s medical program and affiliation with Pitt County Hospital, and the Department of Health and Human Services via their hospital and patient treatment centers. The second major area for write- offs relates to taxes. These relate specifically to the Department of Revenue and the Employment Security Commission. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 3 The following chart summarizes the State of North Carolina’s major write- off components: State of North Carolina Total Write- offs for the Fiscal Year Ended June 30, 1999 $ 563.1 million Contractual Adjustments $ 293.5 million 52% Indigent Care Write- Offs $ 191.9 million 34% Bad D ebt Write- Offs $ 77.7 million 14% Contractual Adjustments. The differences between revenue at established rates and the amounts realizable from third- party payors under contractual agreements. These adjustments are made to customer, patient, business, or taxpayer accounts as the result of a contractual agreement to provide certain services or products at a previously negotiated price. The contractual adjustment is the difference between the value assigned by the State provider/ supplier of the product or service and the predetermined price as negotiated with a third- party payor ( example: insurance company). Indigent Care Write- Offs. The differences between revenue at established rates and the amounts realizable from the financially responsible party for those receiving the State product or service. In this instance, the write- off is the result of the financially responsible party being unable to meet the financial obligations due to poverty or a lack of subsistence. Bad Debt Write- Offs. All write- offs of bad debts other than those for contractual or indigent care reasons. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 4 Setoff Debt Collection Program Activity G. S. 105A, Setoff Debt Collection Act, requires all claimant agencies and DOR to cooperate in identifying debtors who owe money to the State through its various agencies and who qualify for refunds from DOR. It further requires that procedures be established for setting off against any refund the sum of any debt owed to the State. Recent changes to G. S. 105A have expanded the list of claimant agencies to include all State agencies. This change is effective January 1, 2000. OSC requested that DOR provide summary debt setoff information for the last three tax years to be included in the annual Statewide Accounts Receivable Report. Summary data for the prior three tax years is reflected below. Calendar Year 1999 1998 1997 Tax Year 1998 1997 1996 Gross Amount of Refunds Setoff $ 14,721,654 $ 16,298,065 $ 10,845,604 Collection Assistance Fee Applied Based on Prior Year Actual Expenses $ ( 485,146) $ ( 787,122) $ ( 399,234) Net Amount of Refunds Paid to Claimant Agencies $ 14,236,508 $ 15,510,943 $ 10,446,370 DOR Administrative Expenses - Current Year $ 860,824 $ 536,901 $ 504,027 Total Setoffs ( includes completed, denied, and canceled setoffs) 81,219 106,589 61,481 Number of Completed Setoffs 72,418 79,530 54,588 Average Gross Setoff Amount $ 203.29 $ 204.93 $ 198.68 Average Cost per Setoff $ 10.60 $ 5.04 $ 8.20 Average Net Amount of Refunds Setoff $ 196.59 $ 195.03 $ 191.37 Additionally, the Office of the State Controller continues to evaluate alternative business practices in order to improve the Statewide Accounts Receivable Program. Two initiatives that will have potential impacts on the Statewide Accounts Receivable Program include the Credit Card Acceptance Project and the Accounts Receivable/ Debt Collection Clearinghouse Project discussed below. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 5 Impact of Credit Card Acceptance Project on Accounts Receivable A joint project between the Office of the State Controller, the Department of State Treasurer, and the Office of Information Technology Services of the Department of Commerce has been initiated for the purpose of providing the citizens of North Carolina with additional and more convenient payment methods. SB 222, ratified in July 1999, authorized State government agencies to maximize acceptance of electronic payments including credit/ debit card payments. A key objective of the project is to maximize economies and efficiencies by providing a consistent processing approach to citizens through a single statewide method for processing credit/ debit card payments by all State agencies. Additional credit card acceptance objectives are reflected below. As a result of a competitive bidding process, IBM was engaged to lead a three- month effort to assist in the analysis of requirements for key credit card payment processes and to prepare a bidding document for obtaining processing services that will meet statewide needs. Interviews with representative agencies were conducted to determine common and unique requirements. Best business practices were reviewed by analyzing both government and private sector processes including payment authorization, funds settlement, normal and exception process flows, financial reporting and reconciliation. We anticipate credit card processing services will be available for use by all agencies in June 2000. Key work tasks and timeframes for meeting this schedule are summarized as follows: 1. In early January 2000, a bidding document was developed to solicit proposals from major credit card processors. A vendor should be selected by mid March 2000. 2. From the end of January 2000 to the end of April 2000, the State’s common credit card infrastructure will be built. This work includes: installing the hardware and software necessary to establish the links to the payment processor’s system, building back- end processes or systems to handle new financial reporting requirements, and implementing a common payment authorization service. 3. During April and May 2000, a few agencies will be selected to verify that the new infrastructure works. This testing phase will involve a full business cycle ( authorization- settlement- reconciliation) · Improve customer service for citizens · Reduce accounts receivable · Reduce credit card fees ( per transaction) · Enable electronic commerce · Integrate credit card acceptance into current State business processes State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 6 and is anticipated to have two test cases – one for converting existing users of a swiping system, and another for handling payment in an Internet application. 4. Beginning in June 2000, the procedures will be implemented at additional agencies, as the process is put into practice statewide. A positive impact on accounts receivable is anticipated based on faster revenue recognition as the credit card acceptance and other electronic payment methods become generally accepted practice within State government. Impact of Accounts Receivable/ Debt Collection Clearinghouse Project Section 26 of the 1999 budget bill requires the OSC to study the feasibility of establishing a one- year Bad Debt Collection Clearinghouse Pilot Program. The study is restricted to approximately one hundred million dollars ($ 100,000,000) in bad debts representing appropriate types of accounts receivable. In addition, the study is to address the use of one or more private collection agencies, whether the potential pilot should be administered jointly by the Department of Revenue and the OSC and also address local government participation in the pilot program. The report is due the General Assembly not later than May 1, 2000, along with recommendations on changes in law or procedure to better collect the bad debts including the feasibility of implementing a Bad Debt Collection Clearinghouse Pilot Program. Additionally, HB 1433 requires DOR to contract during the 1999- 2001 fiscal biennium for the collection of delinquent tax debts owed by nonresidents and foreign entities. Further, the DOR is required to conduct a study to identify and evaluate proposals for more efficient collection of taxes, including using electronic commerce and other technology to increase efficiency. The study shall include an analysis of the most efficient tax collection methods used in other states. The State Controller is required to cooperate with DOR in this study and DOR is to report the results of its study, including findings, recommendations, and estimated revenue gains of each recommendation, to the Revenue Laws Study Committee by May 1, 2000. Based on the aforementioned legislation, the OSC has engaged PricewaterhouseCoopers LLP in a joint effort to perform work required to: · Meet the OSC and Department of Revenue ( DOR) legislative mandates; · Perform a best business practice review of DOR collection processes; · Create an attractive scenario for DOR to participate in the debt collection clearinghouse prototype; · Keep future options open for debt collection; and · Generate live supportable numbers on the cost- effectiveness of debt collection within NC. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 7 The scope of the debt collection clearinghouse prototype is based on total bad debt between $ 50,000,000 and $ 100,000,000. It is important to stress that this approach is to develop a proof of concept prototype that will validate the reasonableness of this approach for collecting bad debts. While the prototype system is not an on- going operational system, it will allow OSC to test the concept and provide a solid basis for the development of an operational system. Separate OSC and DOR reports to appropriate legislative committees will be presented in May 2000. In conclusion, the State Controller believes that by continuing to stress more consistent accounts receivable policies and procedures, monitoring agency activity closely, coordinating best business practices among agencies, and establishing and enforcing procedures for write- offs and setoff debt collection, the State can maximize the collection of past due accounts receivable. Please contact the Office of the State Controller if additional information is required. State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Total Receivables Governmental Funds: General Fund............................................................. $ 1,327,720 $ 1,380,985 $ 1,221,804 Special Revenue Funds............................................. 425,611 371,282 343,699 Capital Projects Funds............................................... 3,924 3,629 624 Total Governmental Funds....................................... 1,757,255 1,755,896 1,566,127 Proprietary Funds: Enterprise Funds....................................................... 2,208 2,550 7,971 Internal Service Funds............................................... 61,276 52,403 36,984 Total Proprietary Funds............................................ 63,484 54,953 44,955 Fiduciary Funds: Expendable Trust Funds............................................ 160,203 239,210 219,134 Non- expendable Trust Funds..................................... 264,499 257,746 233,996 Pension Trust Funds.................................................. 220,740 119,160 118,433 Investment Trust Fund............................................... 10,278 4,063 - Agency Funds........................................................... 122,552 109,667 106,417 Total Fiduciary Funds............................................... 778,272 729,846 677,980 Component Units: College and University................................................ 548,693 538,286 524,837 Proprietary................................................................. 1,563,212 1,361,431 1,159,471 Total Component Units............................................. 2,111,905 1,899,717 1,684,308 Total Receivables [ 1]................................................... $ 4,710,916 $ 4,440,412 $ 3,973,370 Percent Increase/ Decrease from Prior Year.................... 6.09% 11.75% Receivables as % of Total Revenues.............................. 13.30% 12.05% 12.09% Total State Revenues..................................................... $ 35,432,359 $ 36,848,957 $ 32,860,541 Percent Increase/ Decrease from Prior Year.................... ( 3.84%) 12.14% [ 1] Total Receivables consist of the following: 1999 % of Total 1998 % of Total Notes Receivable........................................................... $ 2,047,308 43.46% $ 1,835,168 41.33% Taxes Receivable........................................................... 926,961 19.68% 981,821 22.11% Intergovernmental Receivables....................................... 715,723 15.19% 668,903 15.06% Accounts Receivable...................................................... 423,804 9.00% 371,948 8.38% Interfund Receivables ( CAFR- Note 8)............................. 358,721 7.61% 353,736 7.97% Contributions, Premiums, Other Receivables.................. 158,402 3.36% 155,681 3.51% Interest Receivable........................................................ 79,997 1.70% 73,155 1.64% Total Receivables ....................................................... $ 4,710,916 100.00% $ 4,440,412 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 8 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Notes Receivable Governmental Funds: General Fund............................................................. $ 497 $ 497 $ 497 Special Revenue Funds............................................. 111,095 112,371 99,726 Total Governmental Funds....................................... 111,592 112,868 100,223 Fiduciary Funds: Expendable Trust Funds............................................ - 81,154 72,560 Non- expendable Trust Funds..................................... 262,499 256,142 232,585 Pension Trust Funds.................................................. 89,125 - - Total Fiduciary Funds............................................... 351,624 337,296 305,145 Component Units: College and University................................................ 96,077 84,127 82,031 Proprietary................................................................. 1,488,015 1,300,877 1,108,054 Total Component Units ........................................... 1,584,092 1,385,004 1,190,085 Total Notes Receivable [ 1]............................................. $ 2,047,308 $ 1,835,168 $ 1,595,453 Percent Increase/ Decrease from Prior Year.................... 11.56% 15.02% [ 1] Notes Receivable consists of the following: 1999 % of Total 1998 % of Total NC Housing Finance Agency......................................... $ 874,944 42.74% $ 830,169 45.24% State Education Assistance Authority............................. 600,481 29.33% 459,165 25.02% Clean Water Revolving Loan & Grant Fund.................... 261,651 12.78% 255,487 13.92% University Funds............................................................ 95,577 4.67% 83,461 4.55% Clean Water Bonds Loan Fund...................................... 87,550 4.28% 88,577 4.83% 401( k) Supplemental Retirement Income Plan................ 89,125 4.35% 81,154 4.42% Other............................................................................. 37,980 1.85% 37,155 2.02% Total Notes Receivable................................................ $ 2,047,308 100.00% $ 1,835,168 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 9 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Taxes Receivable Governmental Funds: General Fund............................................................. $ 594,212 $ 675,428 $ 553,169 Special Revenue Funds............................................. 103,499 103,133 97,070 Total Governmental Funds....................................... 697,711 778,561 650,239 Fiduciary Funds: Expendable Trust Funds............................................ 116,234 106,293 90,163 Agency Funds........................................................... 113,016 96,967 85,241 Total Fiduciary Funds............................................... 229,250 203,260 175,404 Total Taxes Receivable [ 1]............................................ $ 926,961 $ 981,821 $ 825,643 Percent Increase/ Decrease from Prior Year.................... ( 5.59%) 18.92% [ 1] Taxes Receivable consists of the following: 1999 % of Total 1998 % of Total Individual Income Tax..................................................... $ 248,350 26.79% $ 296,232 30.17% Sales and Use Tax......................................................... 244,330 26.36% 231,372 23.57% Unemployment Compensation Funds............................. 116,234 12.54% 106,293 10.83% Local Sales Tax Collections............................................ 113,016 12.19% 96,967 9.88% State Highway Fund....................................................... 73,818 7.96% 73,735 7.51% Corporate Income Tax.................................................... 30,892 3.33% 76,679 7.81% Franchise Tax................................................................ 32,675 3.52% 34,711 3.54% Highway Trust Fund....................................................... 27,512 2.97% 27,279 2.78% Beverage Tax................................................................. 15,869 1.71% 15,349 1.56% Other............................................................................. 24,265 2.63% 23,204 2.35% Total Taxes Receivable............................................... $ 926,961 100.00% $ 981,821 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 10 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Intergovernmental Receivables Governmental Funds: General Fund............................................................. $ 517,803 $ 440,646 $ 482,651 Special Revenue Funds............................................. 77,601 92,766 67,801 Capital Projects Funds............................................... 1,509 176 249 Total Governmental Funds....................................... 596,913 533,588 550,701 Proprietary Funds: Internal Service Funds............................................... 651 547 370 Total Proprietary Funds............................................ 651 547 370 Fiduciary Funds: Expendable Trust Funds............................................ 1,440 1,552 1,819 Non- expendable Trust Funds..................................... 122 2 - Agency Funds........................................................... - 6,238 6,290 Total Fiduciary Funds............................................... 1,562 7,792 8,109 Component Units: College and University................................................ 105,398 118,841 107,027 Proprietary................................................................. 11,199 8,135 6,455 Total Component Units............................................. 116,597 126,976 113,482 Total Intergovernmental Receivables [ 1]......................... $ 715,723 $ 668,903 $ 672,662 Percent Increase/ Decrease from Prior Year.................... 7.00% ( 0.56%) [ 1] Intergovernmental Receivables consist of the following: 1999 % of Total 1998 % of Total Due From Federal Agencies........................................... $ 474,020 66.23% $ 392,459 58.67% State Highway Fund....................................................... 70,922 9.91% 87,082 13.02% Community College Funds............................................. 56,127 7.84% 74,573 11.15% Due From Local Governments........................................ 65,383 9.14% 70,521 10.54% University Funds............................................................ 49,271 6.88% 44,268 6.62% Total Intergovernmental Receivables........................... $ 715,723 100.00% $ 668,903 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 11 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Accounts Receivable Governmental Funds: General Fund............................................................. $ 95,228 $ 101,960 $ 90,145 Special Revenue Funds............................................. 24,900 11,385 5,112 Capital Projects Funds............................................... 15 203 - Total Governmental Funds....................................... 120,143 113,548 95,257 Proprietary Funds: Enterprise Funds....................................................... 1,254 1,622 7,265 Internal Service Funds............................................... 25,505 19,551 13,031 Total Proprietary Funds............................................ 26,759 21,173 20,296 Fiduciary Funds: Expendable Trust Funds............................................ 14,724 12,896 14,831 Non- expendable Trust Funds..................................... 5 24 3 Pension Trust Funds.................................................. 593 414 358 Agency Funds........................................................... 2,602 1,821 9,433 Total Fiduciary Funds............................................... 17,924 15,155 24,625 Component Units: College and University................................................ 232,002 204,093 177,064 Proprietary................................................................. 26,976 17,979 13,791 Total Component Units ........................................... 258,978 222,072 190,855 Total Accounts Receivable [ 1]........................................ $ 423,804 $ 371,948 $ 331,033 Percent Increase/ Decrease from Prior Year.................... 13.94% 12.36% [ 1] Accounts Receivable consists of the following: 1999 % of Total 1998 % of Total University Funds............................................................ $ 221,915 52.36% $ 192,205 51.68% DHHS- Division of Medical Assistance............................ 31,089 7.34% 36,399 9.79% DHHS- Division of Mental Health..................................... 61,612 14.54% 59,352 15.96% Unemployment Compensation Funds............................. 14,313 3.38% 12,424 3.34% Community College Funds............................................. 10,087 2.38% 11,888 3.20% Other............................................................................. 84,788 20.00% 59,680 16.03% Total Accounts Receivable.......................................... $ 423,804 100.00% $ 371,948 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 12 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Interfund Receivables* Governmental Funds: General Fund............................................................. $ 84,711 $ 126,278 $ 63,744 Special Revenue Funds............................................. 90,302 35,865 59,642 Capital Projects Funds............................................... 2,400 3,250 375 Total Governmental Funds....................................... 177,413 165,393 123,761 Proprietary Funds: Internal Service Funds............................................... 28,384 24,822 20,336 Total Proprietary Funds............................................ 28,384 24,822 20,336 Fiduciary Funds: Expendable Trust Funds............................................ 26,296 25,711 25,689 Agency Funds........................................................... 6,929 4,638 3,477 Total Fiduciary Funds............................................... 33,225 30,349 29,166 Component Units: College and University................................................ 105,168 119,678 148,109 Proprietary................................................................. 14,531 13,494 13,602 Total Component Units ........................................... 119,699 133,172 161,711 Total Interfund Receivables............................................ $ 358,721 $ 353,736 $ 334,974 Percent Increase/ Decrease from Prior Year.................... 1.41% 5.60% * Interfund Receivables are comprised of: Due From Other Funds Due From Component Units Due From Primary Government Advances to Component Units ( For detail see Comprehensive Annual Financial Report - Note 8) June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 13 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Contributions, Premiums, Other Receivables Governmental Funds: General Fund............................................................. $ 14,413 $ 14,519 $ 14,098 Special Revenue Funds............................................. 8,092 6,962 4,871 Total Governmental Funds....................................... 22,505 21,481 18,969 Proprietary Funds: Enterprise Funds....................................................... 803 812 637 Internal Service Funds............................................... 5,284 5,541 1,119 Total Proprietary Funds............................................ 6,087 6,353 1,756 Fiduciary Funds: Expendable Trust Funds............................................ 154 9,882 12,735 Pension Trust Funds.................................................. 129,656 117,965 117,359 Agency Funds........................................................... - - 680 Total Fiduciary Funds............................................... 129,810 127,847 130,774 Total Contributions, Premiums, Other Receivables......... $ 158,402 $ 155,681 $ 151,499 Percent Increase/ Decrease from Prior Year.................... 1.75% 2.76% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 14 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) Interest Receivable 1999 1998 1997 Governmental Funds: General Fund............................................................. $ 20,856 $ 21,657 $ 17,500 Special Revenue Funds............................................. 10,122 8,800 9,477 Total Governmental Funds....................................... 30,978 30,457 26,977 Proprietary Funds: Enterprise Funds....................................................... 151 116 69 Internal Service Funds............................................... 1,452 1,942 2,128 Total Proprietary Funds............................................ 1,603 2,058 2,197 Fiduciary Funds: Expendable Trust Funds............................................ 1,355 1,722 1,337 Non- expendable Trust Funds..................................... 1,873 1,578 1,408 Pension Trust Funds.................................................. 1,366 781 716 Investment Trust Fund............................................... 10,278 4,063 - Agency Funds........................................................... 5 3 1,296 Total Fiduciary Funds............................................... 14,877 8,147 4,757 Component Units: College and University................................................ 10,048 11,547 10,606 Proprietary................................................................. 22,491 20,946 17,569 Total Component Units ........................................... 32,539 32,493 28,175 Total Interest Receivable................................................ $ 79,997 $ 73,155 $ 62,106 Percent Increase/ Decrease from Prior Year.................... 9.35% 17.79% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 15
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Title | Statewide accounts receivable report, for the year ended... |
Other Title | North Carolina statewide accounts receivable report |
Date | 1999-12 |
Description | June 30, 1999 |
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Digital Format | application/pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_borndigital\images_master\ |
Full Text | NORTH CAROLINA STATEWIDE ACCOUNTS RECEIVABLE REPORT For the Year Ended June 30, 1999 North Carolina Office of the State Controller Edward Renfrow, State Controller State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 1 The Office of the State Controller is responsible for the Statewide Accounts Receivable Program. The authority originates from North Carolina General Statute 147- 86.20-. 27. In fulfilling the reporting requirements, the Office of the State Controller provides you with the Statewide Accounts Receivable Report for fiscal year end June 30, 1999, displayed in a three- year analysis of receivables format. The Statewide Accounts Receivable Report includes all receivables reflected in the State’s Comprehensive Annual Financial Report ( CAFR). These receivables are recorded in the financial statements based on generally accepted accounting principles ( GAAP) for governments. Included in this report are notes receivable, taxes receivable, intergovernmental receivables ( due from federal, local or other state governments), accounts receivable, interfund receivables ( due from other entities within the State’s financial reporting entity), contributions receivable, premiums receivable, interest receivable and other miscellaneous receivables. Total receivables increased $ 271 million, or 6.09%, to $ 4.71 billion, which equates to 13.3% of total revenues as compared to 12.05% in 1998. Total revenues decreased 3.84% to $ 35.4 billion. In summary, for every $ 7.52 of revenues the State earns we carry $ 1.00 in receivables. To explain the $ 271 million increase in total receivables for 1999 we need to look at several areas. The first involves notes receivable where there was a total increase of $ 212 million, most of which occurred in the component unit proprietary funds. The most significant portion lies in the State Education Assistance Authority, $ 141 million, the majority of which pertains to the non- current or long term portion of the notes, and the North Carolina Housing Finance Agency, $ 45 million. There were also increases of $ 12 million in the notes of the component unit University Funds, as well as $ 8 million in the 401( k) Supplemental Retirement Income Plan notes, which fall under the pension trust funds. The second area in which major changes occurred is accounts receivable. The majority of the $ 52 million increase occurred in the component unit University Funds, which increased $ 30 million. In addition, there was an increase in accounts receivable of $ 14 million in the special revenue funds and $ 9 million in the component unit proprietary funds. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 2 The following chart summarizes the State of North Carolina’s receivable components: State of North Carolina Total Receivables for the Fiscal Year Ended June 30, 1999 $ 4.71 billion Notes $ 2,047.3 million 43% Taxes $ 927.0 million 20% Inter-governmental $ 715.7 million 15% Accounts $ 423.8 million 9% Interfund $ 358.7 million 8% Contributions, Premiums, Other $ 158.4 million 3% Interest $ 80.0 million 2% Again this year, a greater effort was undertaken to make improvements in agency reporting of write- off information. Definite progress has been made in this area and we will continue to educate and inform the State’s entities on the importance of reporting accurate and complete write- off information. The major area for State write- offs relates to healthcare business. This involves basically four agencies/ institutions. These are UNC Hospitals, UNC Physicians & Associates of UNC- Chapel Hill, ECU’s medical program and affiliation with Pitt County Hospital, and the Department of Health and Human Services via their hospital and patient treatment centers. The second major area for write- offs relates to taxes. These relate specifically to the Department of Revenue and the Employment Security Commission. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 3 The following chart summarizes the State of North Carolina’s major write- off components: State of North Carolina Total Write- offs for the Fiscal Year Ended June 30, 1999 $ 563.1 million Contractual Adjustments $ 293.5 million 52% Indigent Care Write- Offs $ 191.9 million 34% Bad D ebt Write- Offs $ 77.7 million 14% Contractual Adjustments. The differences between revenue at established rates and the amounts realizable from third- party payors under contractual agreements. These adjustments are made to customer, patient, business, or taxpayer accounts as the result of a contractual agreement to provide certain services or products at a previously negotiated price. The contractual adjustment is the difference between the value assigned by the State provider/ supplier of the product or service and the predetermined price as negotiated with a third- party payor ( example: insurance company). Indigent Care Write- Offs. The differences between revenue at established rates and the amounts realizable from the financially responsible party for those receiving the State product or service. In this instance, the write- off is the result of the financially responsible party being unable to meet the financial obligations due to poverty or a lack of subsistence. Bad Debt Write- Offs. All write- offs of bad debts other than those for contractual or indigent care reasons. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 4 Setoff Debt Collection Program Activity G. S. 105A, Setoff Debt Collection Act, requires all claimant agencies and DOR to cooperate in identifying debtors who owe money to the State through its various agencies and who qualify for refunds from DOR. It further requires that procedures be established for setting off against any refund the sum of any debt owed to the State. Recent changes to G. S. 105A have expanded the list of claimant agencies to include all State agencies. This change is effective January 1, 2000. OSC requested that DOR provide summary debt setoff information for the last three tax years to be included in the annual Statewide Accounts Receivable Report. Summary data for the prior three tax years is reflected below. Calendar Year 1999 1998 1997 Tax Year 1998 1997 1996 Gross Amount of Refunds Setoff $ 14,721,654 $ 16,298,065 $ 10,845,604 Collection Assistance Fee Applied Based on Prior Year Actual Expenses $ ( 485,146) $ ( 787,122) $ ( 399,234) Net Amount of Refunds Paid to Claimant Agencies $ 14,236,508 $ 15,510,943 $ 10,446,370 DOR Administrative Expenses - Current Year $ 860,824 $ 536,901 $ 504,027 Total Setoffs ( includes completed, denied, and canceled setoffs) 81,219 106,589 61,481 Number of Completed Setoffs 72,418 79,530 54,588 Average Gross Setoff Amount $ 203.29 $ 204.93 $ 198.68 Average Cost per Setoff $ 10.60 $ 5.04 $ 8.20 Average Net Amount of Refunds Setoff $ 196.59 $ 195.03 $ 191.37 Additionally, the Office of the State Controller continues to evaluate alternative business practices in order to improve the Statewide Accounts Receivable Program. Two initiatives that will have potential impacts on the Statewide Accounts Receivable Program include the Credit Card Acceptance Project and the Accounts Receivable/ Debt Collection Clearinghouse Project discussed below. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 5 Impact of Credit Card Acceptance Project on Accounts Receivable A joint project between the Office of the State Controller, the Department of State Treasurer, and the Office of Information Technology Services of the Department of Commerce has been initiated for the purpose of providing the citizens of North Carolina with additional and more convenient payment methods. SB 222, ratified in July 1999, authorized State government agencies to maximize acceptance of electronic payments including credit/ debit card payments. A key objective of the project is to maximize economies and efficiencies by providing a consistent processing approach to citizens through a single statewide method for processing credit/ debit card payments by all State agencies. Additional credit card acceptance objectives are reflected below. As a result of a competitive bidding process, IBM was engaged to lead a three- month effort to assist in the analysis of requirements for key credit card payment processes and to prepare a bidding document for obtaining processing services that will meet statewide needs. Interviews with representative agencies were conducted to determine common and unique requirements. Best business practices were reviewed by analyzing both government and private sector processes including payment authorization, funds settlement, normal and exception process flows, financial reporting and reconciliation. We anticipate credit card processing services will be available for use by all agencies in June 2000. Key work tasks and timeframes for meeting this schedule are summarized as follows: 1. In early January 2000, a bidding document was developed to solicit proposals from major credit card processors. A vendor should be selected by mid March 2000. 2. From the end of January 2000 to the end of April 2000, the State’s common credit card infrastructure will be built. This work includes: installing the hardware and software necessary to establish the links to the payment processor’s system, building back- end processes or systems to handle new financial reporting requirements, and implementing a common payment authorization service. 3. During April and May 2000, a few agencies will be selected to verify that the new infrastructure works. This testing phase will involve a full business cycle ( authorization- settlement- reconciliation) · Improve customer service for citizens · Reduce accounts receivable · Reduce credit card fees ( per transaction) · Enable electronic commerce · Integrate credit card acceptance into current State business processes State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 6 and is anticipated to have two test cases – one for converting existing users of a swiping system, and another for handling payment in an Internet application. 4. Beginning in June 2000, the procedures will be implemented at additional agencies, as the process is put into practice statewide. A positive impact on accounts receivable is anticipated based on faster revenue recognition as the credit card acceptance and other electronic payment methods become generally accepted practice within State government. Impact of Accounts Receivable/ Debt Collection Clearinghouse Project Section 26 of the 1999 budget bill requires the OSC to study the feasibility of establishing a one- year Bad Debt Collection Clearinghouse Pilot Program. The study is restricted to approximately one hundred million dollars ($ 100,000,000) in bad debts representing appropriate types of accounts receivable. In addition, the study is to address the use of one or more private collection agencies, whether the potential pilot should be administered jointly by the Department of Revenue and the OSC and also address local government participation in the pilot program. The report is due the General Assembly not later than May 1, 2000, along with recommendations on changes in law or procedure to better collect the bad debts including the feasibility of implementing a Bad Debt Collection Clearinghouse Pilot Program. Additionally, HB 1433 requires DOR to contract during the 1999- 2001 fiscal biennium for the collection of delinquent tax debts owed by nonresidents and foreign entities. Further, the DOR is required to conduct a study to identify and evaluate proposals for more efficient collection of taxes, including using electronic commerce and other technology to increase efficiency. The study shall include an analysis of the most efficient tax collection methods used in other states. The State Controller is required to cooperate with DOR in this study and DOR is to report the results of its study, including findings, recommendations, and estimated revenue gains of each recommendation, to the Revenue Laws Study Committee by May 1, 2000. Based on the aforementioned legislation, the OSC has engaged PricewaterhouseCoopers LLP in a joint effort to perform work required to: · Meet the OSC and Department of Revenue ( DOR) legislative mandates; · Perform a best business practice review of DOR collection processes; · Create an attractive scenario for DOR to participate in the debt collection clearinghouse prototype; · Keep future options open for debt collection; and · Generate live supportable numbers on the cost- effectiveness of debt collection within NC. State of North Carolina Office of the State Controller Statewide Accounts Receivable Report December 1999 Page 7 The scope of the debt collection clearinghouse prototype is based on total bad debt between $ 50,000,000 and $ 100,000,000. It is important to stress that this approach is to develop a proof of concept prototype that will validate the reasonableness of this approach for collecting bad debts. While the prototype system is not an on- going operational system, it will allow OSC to test the concept and provide a solid basis for the development of an operational system. Separate OSC and DOR reports to appropriate legislative committees will be presented in May 2000. In conclusion, the State Controller believes that by continuing to stress more consistent accounts receivable policies and procedures, monitoring agency activity closely, coordinating best business practices among agencies, and establishing and enforcing procedures for write- offs and setoff debt collection, the State can maximize the collection of past due accounts receivable. Please contact the Office of the State Controller if additional information is required. State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Total Receivables Governmental Funds: General Fund............................................................. $ 1,327,720 $ 1,380,985 $ 1,221,804 Special Revenue Funds............................................. 425,611 371,282 343,699 Capital Projects Funds............................................... 3,924 3,629 624 Total Governmental Funds....................................... 1,757,255 1,755,896 1,566,127 Proprietary Funds: Enterprise Funds....................................................... 2,208 2,550 7,971 Internal Service Funds............................................... 61,276 52,403 36,984 Total Proprietary Funds............................................ 63,484 54,953 44,955 Fiduciary Funds: Expendable Trust Funds............................................ 160,203 239,210 219,134 Non- expendable Trust Funds..................................... 264,499 257,746 233,996 Pension Trust Funds.................................................. 220,740 119,160 118,433 Investment Trust Fund............................................... 10,278 4,063 - Agency Funds........................................................... 122,552 109,667 106,417 Total Fiduciary Funds............................................... 778,272 729,846 677,980 Component Units: College and University................................................ 548,693 538,286 524,837 Proprietary................................................................. 1,563,212 1,361,431 1,159,471 Total Component Units............................................. 2,111,905 1,899,717 1,684,308 Total Receivables [ 1]................................................... $ 4,710,916 $ 4,440,412 $ 3,973,370 Percent Increase/ Decrease from Prior Year.................... 6.09% 11.75% Receivables as % of Total Revenues.............................. 13.30% 12.05% 12.09% Total State Revenues..................................................... $ 35,432,359 $ 36,848,957 $ 32,860,541 Percent Increase/ Decrease from Prior Year.................... ( 3.84%) 12.14% [ 1] Total Receivables consist of the following: 1999 % of Total 1998 % of Total Notes Receivable........................................................... $ 2,047,308 43.46% $ 1,835,168 41.33% Taxes Receivable........................................................... 926,961 19.68% 981,821 22.11% Intergovernmental Receivables....................................... 715,723 15.19% 668,903 15.06% Accounts Receivable...................................................... 423,804 9.00% 371,948 8.38% Interfund Receivables ( CAFR- Note 8)............................. 358,721 7.61% 353,736 7.97% Contributions, Premiums, Other Receivables.................. 158,402 3.36% 155,681 3.51% Interest Receivable........................................................ 79,997 1.70% 73,155 1.64% Total Receivables ....................................................... $ 4,710,916 100.00% $ 4,440,412 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 8 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Notes Receivable Governmental Funds: General Fund............................................................. $ 497 $ 497 $ 497 Special Revenue Funds............................................. 111,095 112,371 99,726 Total Governmental Funds....................................... 111,592 112,868 100,223 Fiduciary Funds: Expendable Trust Funds............................................ - 81,154 72,560 Non- expendable Trust Funds..................................... 262,499 256,142 232,585 Pension Trust Funds.................................................. 89,125 - - Total Fiduciary Funds............................................... 351,624 337,296 305,145 Component Units: College and University................................................ 96,077 84,127 82,031 Proprietary................................................................. 1,488,015 1,300,877 1,108,054 Total Component Units ........................................... 1,584,092 1,385,004 1,190,085 Total Notes Receivable [ 1]............................................. $ 2,047,308 $ 1,835,168 $ 1,595,453 Percent Increase/ Decrease from Prior Year.................... 11.56% 15.02% [ 1] Notes Receivable consists of the following: 1999 % of Total 1998 % of Total NC Housing Finance Agency......................................... $ 874,944 42.74% $ 830,169 45.24% State Education Assistance Authority............................. 600,481 29.33% 459,165 25.02% Clean Water Revolving Loan & Grant Fund.................... 261,651 12.78% 255,487 13.92% University Funds............................................................ 95,577 4.67% 83,461 4.55% Clean Water Bonds Loan Fund...................................... 87,550 4.28% 88,577 4.83% 401( k) Supplemental Retirement Income Plan................ 89,125 4.35% 81,154 4.42% Other............................................................................. 37,980 1.85% 37,155 2.02% Total Notes Receivable................................................ $ 2,047,308 100.00% $ 1,835,168 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 9 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Taxes Receivable Governmental Funds: General Fund............................................................. $ 594,212 $ 675,428 $ 553,169 Special Revenue Funds............................................. 103,499 103,133 97,070 Total Governmental Funds....................................... 697,711 778,561 650,239 Fiduciary Funds: Expendable Trust Funds............................................ 116,234 106,293 90,163 Agency Funds........................................................... 113,016 96,967 85,241 Total Fiduciary Funds............................................... 229,250 203,260 175,404 Total Taxes Receivable [ 1]............................................ $ 926,961 $ 981,821 $ 825,643 Percent Increase/ Decrease from Prior Year.................... ( 5.59%) 18.92% [ 1] Taxes Receivable consists of the following: 1999 % of Total 1998 % of Total Individual Income Tax..................................................... $ 248,350 26.79% $ 296,232 30.17% Sales and Use Tax......................................................... 244,330 26.36% 231,372 23.57% Unemployment Compensation Funds............................. 116,234 12.54% 106,293 10.83% Local Sales Tax Collections............................................ 113,016 12.19% 96,967 9.88% State Highway Fund....................................................... 73,818 7.96% 73,735 7.51% Corporate Income Tax.................................................... 30,892 3.33% 76,679 7.81% Franchise Tax................................................................ 32,675 3.52% 34,711 3.54% Highway Trust Fund....................................................... 27,512 2.97% 27,279 2.78% Beverage Tax................................................................. 15,869 1.71% 15,349 1.56% Other............................................................................. 24,265 2.63% 23,204 2.35% Total Taxes Receivable............................................... $ 926,961 100.00% $ 981,821 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 10 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Intergovernmental Receivables Governmental Funds: General Fund............................................................. $ 517,803 $ 440,646 $ 482,651 Special Revenue Funds............................................. 77,601 92,766 67,801 Capital Projects Funds............................................... 1,509 176 249 Total Governmental Funds....................................... 596,913 533,588 550,701 Proprietary Funds: Internal Service Funds............................................... 651 547 370 Total Proprietary Funds............................................ 651 547 370 Fiduciary Funds: Expendable Trust Funds............................................ 1,440 1,552 1,819 Non- expendable Trust Funds..................................... 122 2 - Agency Funds........................................................... - 6,238 6,290 Total Fiduciary Funds............................................... 1,562 7,792 8,109 Component Units: College and University................................................ 105,398 118,841 107,027 Proprietary................................................................. 11,199 8,135 6,455 Total Component Units............................................. 116,597 126,976 113,482 Total Intergovernmental Receivables [ 1]......................... $ 715,723 $ 668,903 $ 672,662 Percent Increase/ Decrease from Prior Year.................... 7.00% ( 0.56%) [ 1] Intergovernmental Receivables consist of the following: 1999 % of Total 1998 % of Total Due From Federal Agencies........................................... $ 474,020 66.23% $ 392,459 58.67% State Highway Fund....................................................... 70,922 9.91% 87,082 13.02% Community College Funds............................................. 56,127 7.84% 74,573 11.15% Due From Local Governments........................................ 65,383 9.14% 70,521 10.54% University Funds............................................................ 49,271 6.88% 44,268 6.62% Total Intergovernmental Receivables........................... $ 715,723 100.00% $ 668,903 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 11 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Accounts Receivable Governmental Funds: General Fund............................................................. $ 95,228 $ 101,960 $ 90,145 Special Revenue Funds............................................. 24,900 11,385 5,112 Capital Projects Funds............................................... 15 203 - Total Governmental Funds....................................... 120,143 113,548 95,257 Proprietary Funds: Enterprise Funds....................................................... 1,254 1,622 7,265 Internal Service Funds............................................... 25,505 19,551 13,031 Total Proprietary Funds............................................ 26,759 21,173 20,296 Fiduciary Funds: Expendable Trust Funds............................................ 14,724 12,896 14,831 Non- expendable Trust Funds..................................... 5 24 3 Pension Trust Funds.................................................. 593 414 358 Agency Funds........................................................... 2,602 1,821 9,433 Total Fiduciary Funds............................................... 17,924 15,155 24,625 Component Units: College and University................................................ 232,002 204,093 177,064 Proprietary................................................................. 26,976 17,979 13,791 Total Component Units ........................................... 258,978 222,072 190,855 Total Accounts Receivable [ 1]........................................ $ 423,804 $ 371,948 $ 331,033 Percent Increase/ Decrease from Prior Year.................... 13.94% 12.36% [ 1] Accounts Receivable consists of the following: 1999 % of Total 1998 % of Total University Funds............................................................ $ 221,915 52.36% $ 192,205 51.68% DHHS- Division of Medical Assistance............................ 31,089 7.34% 36,399 9.79% DHHS- Division of Mental Health..................................... 61,612 14.54% 59,352 15.96% Unemployment Compensation Funds............................. 14,313 3.38% 12,424 3.34% Community College Funds............................................. 10,087 2.38% 11,888 3.20% Other............................................................................. 84,788 20.00% 59,680 16.03% Total Accounts Receivable.......................................... $ 423,804 100.00% $ 371,948 100.00% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 12 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Interfund Receivables* Governmental Funds: General Fund............................................................. $ 84,711 $ 126,278 $ 63,744 Special Revenue Funds............................................. 90,302 35,865 59,642 Capital Projects Funds............................................... 2,400 3,250 375 Total Governmental Funds....................................... 177,413 165,393 123,761 Proprietary Funds: Internal Service Funds............................................... 28,384 24,822 20,336 Total Proprietary Funds............................................ 28,384 24,822 20,336 Fiduciary Funds: Expendable Trust Funds............................................ 26,296 25,711 25,689 Agency Funds........................................................... 6,929 4,638 3,477 Total Fiduciary Funds............................................... 33,225 30,349 29,166 Component Units: College and University................................................ 105,168 119,678 148,109 Proprietary................................................................. 14,531 13,494 13,602 Total Component Units ........................................... 119,699 133,172 161,711 Total Interfund Receivables............................................ $ 358,721 $ 353,736 $ 334,974 Percent Increase/ Decrease from Prior Year.................... 1.41% 5.60% * Interfund Receivables are comprised of: Due From Other Funds Due From Component Units Due From Primary Government Advances to Component Units ( For detail see Comprehensive Annual Financial Report - Note 8) June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 13 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) 1999 1998 1997 Contributions, Premiums, Other Receivables Governmental Funds: General Fund............................................................. $ 14,413 $ 14,519 $ 14,098 Special Revenue Funds............................................. 8,092 6,962 4,871 Total Governmental Funds....................................... 22,505 21,481 18,969 Proprietary Funds: Enterprise Funds....................................................... 803 812 637 Internal Service Funds............................................... 5,284 5,541 1,119 Total Proprietary Funds............................................ 6,087 6,353 1,756 Fiduciary Funds: Expendable Trust Funds............................................ 154 9,882 12,735 Pension Trust Funds.................................................. 129,656 117,965 117,359 Agency Funds........................................................... - - 680 Total Fiduciary Funds............................................... 129,810 127,847 130,774 Total Contributions, Premiums, Other Receivables......... $ 158,402 $ 155,681 $ 151,499 Percent Increase/ Decrease from Prior Year.................... 1.75% 2.76% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 14 State of North Carolina Office of the State Controller Statewide Accounts Receivable Program Three- Year Analysis of Receivables ( Expressed in Thousands) Interest Receivable 1999 1998 1997 Governmental Funds: General Fund............................................................. $ 20,856 $ 21,657 $ 17,500 Special Revenue Funds............................................. 10,122 8,800 9,477 Total Governmental Funds....................................... 30,978 30,457 26,977 Proprietary Funds: Enterprise Funds....................................................... 151 116 69 Internal Service Funds............................................... 1,452 1,942 2,128 Total Proprietary Funds............................................ 1,603 2,058 2,197 Fiduciary Funds: Expendable Trust Funds............................................ 1,355 1,722 1,337 Non- expendable Trust Funds..................................... 1,873 1,578 1,408 Pension Trust Funds.................................................. 1,366 781 716 Investment Trust Fund............................................... 10,278 4,063 - Agency Funds........................................................... 5 3 1,296 Total Fiduciary Funds............................................... 14,877 8,147 4,757 Component Units: College and University................................................ 10,048 11,547 10,606 Proprietary................................................................. 22,491 20,946 17,569 Total Component Units ........................................... 32,539 32,493 28,175 Total Interest Receivable................................................ $ 79,997 $ 73,155 $ 62,106 Percent Increase/ Decrease from Prior Year.................... 9.35% 17.79% June 30 Source: State of North Carolina Comprehensive Annual Financial Report Page 15 |
OCLC number | 453941798 |