|Date Issued:||April 13, 2012||Date Last Updated:||April 13, 2012|
|Bulletin Name:||2012-2013 BUDGET PASSAGE - FISCAL YEAR INFORMATION|
To provide important information relating to the start of the State’s fiscal year and legislation to enact the State’s financial plans.
|Short-Term Investment Pool (STIP) Interest & Temporary Loan Authorizations||
Agency-administered funds with ‘temporary loan’ authority are listed in S6259-D/A9059-D (Chapter 59), Part U of the Laws of 2012. This bill was enacted on March 30, 2012 and signed into law on March 30, 2012.
Absent any other law providing specific requirements for participation in STIP, Section 98-a of the State Finance Law governs the distribution of interest to agencies’ accounts within the State’s short-term investment pool (STIP). Pursuant to law, funds and accounts with TEMP LOAN authorizations are excluded from participating in the distribution of STIP interest. However, the law further provides that:
Agency requests to ‘opt into’ or ‘out of’ participation in the distribution of STIP interest earning must be sent by May 1, 2012 to:
|Merchandise Invoice Received Dates||
The Merchandise Invoice Received (MIR) Date generally represents the date the agency receives goods and services or receives a proper invoice - whichever is later. In accordance with the State Finance Law, Sec. 179-f, the MIR date cannot precede the effective date of the appropriation or the date the appropriation becomes law. Appropriations in budget bills submitted by the Governor as part of the Executive Budget generally become law when passed by the Legislature. Exceptions include:
Please use the following table as a guide for determining when appropriations are available for payments against SFY 2012-13 appropriations.
Should additional appropriations become available for the 2012-13 fiscal year, this bulletin will be updated.
Agency fiscal staffs are responsible for determining the correct MIR Date and the late charge option (formally interest eligibility indicator), which is accessible from the voucher payment tab and is used to identify a payee’s eligibility for interest under prompt payment legislation. Any changes that OSC must make because of incorrect MIR Dates or an interest eligibility indicator may result in interest penalties that will be charged to program agencies. If you need additional information on prompt payment please refer to OSC Guide to Financial Operations XII.5.I, Merchandise/Invoice Received Dates and Prompt Payment Interest Calculations.If you have any questions regarding this bulletin, please contact our Customer Service Help Desk at (518) 474-4868 or email@example.com