Presentation is loading. Please wait.

Presentation is loading. Please wait.

Sources of Funds by Major Funding Source Total Funding = $4

Similar presentations

Presentation on theme: "Sources of Funds by Major Funding Source Total Funding = $4"— Presentation transcript:

0 North Carolina Department of Transportation September 26, 2013
Stephanie King, Director of Accounting Theresa Jones, Manager of DMV Fiscal Revenue Todd Morgan, Accounts Payable Manager

1 Sources of Funds 2013-14 by Major Funding Source Total Funding = $4
Sources of Funds by Major Funding Source Total Funding = $4.4 Billion .4% NCTA/Other $19.3M 47.1% Highway Fund $2,048.8M


3 Reconciliation & Segregation of Funds
Detail financial transactions will be tracked and reported thru the State Title and Registration System (STARS) STARS and the Vehicle Tax System will be balanced daily STARS will send a daily update to NCDOT’s Financial System - SAP to update each General Ledger account NCDOT will be classifying the vehicle property tax owed to the counties as a Liability Further balancing will take place between STARS, SAP, State’s Cash Management System, Common Payment Service, First Data and iNovah The State Treasurer’s Cash Management Control System will capture all cash activity within the Highway Fund code of (HF01) initially then transactions will take place to move the vehicle property tax to VPT Code (PT01) DOT Fiscal will certify the funds and then move the county portion to the following: Dr (DMV Cash Clearing) HF01 Budget Code 80002 Cr XXX (Cash County VPT Collections) PT Budget Code 64209

4 Deductions From Monthly County Collections
STARS and VTS will generate monthly reports DMV Financial Operations will distribute county collections after the following deductions: Overhead Fee - $1.21 per Combined Notice Credit and Debit card processing fees – Actual Cost Limited Registration Plate – $1.27 LPA Compensation - $1.06 for six months .71 thereafter DMV Compensation - .71 ACH Distribution by the 15th of the following month Combined Account at State Treasurer is covering cost through September. Dealers are not compensated for vehicle property tax collections.

5 Stats to date July-13 TRANSACTIONS COUNTY AMOUNT Cash 1,472 61,903.98
Check 3,289 269,829.19 Money Order /Cashier Ck Merchant Card 2,710 201,231.56 EFT (Dealers) 1,113 52,228.85 TOTAL 8,584 585,193.58 August-13 TRANSACTIONS COUNTY AMOUNT Cash 17,190 752,589.67 Check 50,185 4,011,492.08 Money Order /Cashier Ck 31 2,070.03 Merchant Card 26,706 2,411,161.05 EFT (Dealers) 5,240 296,248.56 TOTAL 99,352 7,473,561.39

6 Stats to date – Raleigh Window
Week Ending CASH MO/CC CHECKS Credit Debit TOTAL August 9, 2013 93,591.68 1,517.00 183,437.40 7,408.97 6,790.98 292,746.03 August 16, 2013 86,562.51 689.00 160,282.14 15,316.42 16,306.34 279,156.41 August 23, 2013 82,937.83 691.00 118,502.77 10,353.63 13,725.26 226,210.49 August 30, 2013 100,592.19 922.80 208,303.09 7,690.05 7,593.42 325,101.55 September 6, 2013 82,323.60 421.00 115,451.74 15,086.67 17,983.56 231,266.57 September 13, 2013 91,951.10 1,139.55 173,996.08 21,395.98 28,331.97 316,814.68

7 New Hanover County

8 Remittance Advice for New Hanover County

9 Washington County

10 Remittance Advice Washington County

11 Credit Cards August Credit Card Cost and Collection Totals
*Credit/Debit Card Costs and CPU costs are prorated by county based on collection amounts 4 Point of Sale Locations went live in August with Credit Cards: 59% Transactions from Credit Cards 41% Transactions from Pin-Debit Combined Bill Collections First Data Credit/Debit Cost CPU (0.28X26,706) Total Collections $ 3,265,248.13 $50,421.90 $7,477.68 County 74% $ 2,411,161.05 $37,233.10 $5,521.75 DMV 26% $ ,087.08 $13,188.80 $1,955.93

12 Bad Debt – Returned Check, ACH, Credit Card Charge Back
Customers will be Billed Daily Insufficient Fund 10% of check amount After 30 Days Interest (5% set by DOR) Blocked from all DMV Services in North Carolina Driver’s License Block in all other States If not paid within 30 days they will be cash only for 5 years Uncollected Bad Debt will be deducted from county collections after the 13 month Collections will continue with DOT, DOJ, DOR, and Collection Agency

13 Status of Implementation Cost
Total Deposits and Interest as of August $43,429,809.36 Total Cost to Date $21,295,457.21 Balance $22,134,352.15

14 What’s Next Continue roll out of credit functionality
Stabilize and refine processes and internal controls Begin deductions from County Collections in October Fill remaining vacancies Continue to work closely with DOR, DMV, IT to monitor transactions

15 General Questions and DMV Fiscal Contacts
Stephanie King Director of Accounting Kim Padfield Deputy Director of Accounting Theresa Jones DMV Fiscal Operations Manager (919) Felecia Lucas DMV Revenue Unit Supervisor (919)   

16 ACH Questions and Issues
Todd Morgan Accounts Payable Manager (919) Todd Honeycutt Accounts Payable Assistant Manager (919) Main contact for vendor changes: Hamilton Martin Contract Unit Supervisor (919)

17 Questions and Feedback

Download ppt "Sources of Funds by Major Funding Source Total Funding = $4"

Similar presentations

Ads by Google