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 dailySTARS will send a daily update to NCDOT’s Financial System - SAP to update each General Ledger accountNCDOT will be classifying the vehicle property tax owed to the counties as a LiabilityFurther balancing will take place between STARS, SAP, State’s Cash Management System, Common Payment Service, First Data and iNovahThe 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 80002Cr XXX (Cash County VPT Collections) PT Budget Code 64209
4 Deductions From Monthly County Collections STARS and VTS will generate monthly reportsDMV Financial Operations will distribute county collections after the following deductions:Overhead Fee - $1.21 per Combined NoticeCredit and Debit card processing fees – Actual CostLimited Registration Plate – $1.27LPA Compensation - $1.06 for six months .71 thereafterDMV Compensation - .71ACH Distribution by the 15th of the following monthCombined Account at State Treasurer is covering cost through September.Dealers are not compensated for vehicle property tax collections.
5 Stats to date July-13 TRANSACTIONS COUNTY AMOUNT Cash 1,472 61,903.98 Check3,289269,829.19Money Order /Cashier CkMerchant Card2,710201,231.56EFT (Dealers)1,11352,228.85TOTAL8,584585,193.58August-13TRANSACTIONSCOUNTY AMOUNTCash17,190752,589.67Check50,1854,011,492.08Money Order /Cashier Ck312,070.03Merchant Card26,7062,411,161.05EFT (Dealers)5,240296,248.56TOTAL99,3527,473,561.39
11 Credit Cards August Credit Card Cost and Collection Totals *Credit/Debit Card Costs and CPU costs are prorated by county based on collection amounts4 Point of Sale Locations went live in August with Credit Cards:59% Transactions from Credit Cards41% Transactions from Pin-DebitCombined Bill CollectionsFirst Data Credit/Debit CostCPU (0.28X26,706)Total Collections$ 3,265,248.13$50,421.90$7,477.68County 74%$ 2,411,161.05$37,233.10$5,521.75DMV 26%$ ,087.08$13,188.80$1,955.93
12 Bad Debt – Returned Check, ACH, Credit Card Charge Back Customers will be Billed DailyInsufficient Fund 10% of check amountAfter 30 Days Interest (5% set by DOR)Blocked from all DMV Services in North CarolinaDriver’s License Block in all other StatesIf not paid within 30 days they will be cash only for 5 yearsUncollected Bad Debt will be deducted from county collections after the 13 monthCollections will continue with DOT, DOJ, DOR, and Collection Agency
13 Status of Implementation Cost Total Deposits and Interest as of August$43,429,809.36Total Cost to Date$21,295,457.21Balance$22,134,352.15
14 What’s Next Continue roll out of credit functionality Stabilize and refine processes and internal controlsBegin deductions from County Collections in OctoberFill remaining vacanciesContinue to work closely with DOR, DMV, IT to monitor transactions
15 General Questions and DMV Fiscal Contacts Stephanie KingDirector of AccountingKim PadfieldDeputy Director of AccountingTheresa JonesDMV Fiscal Operations Manager(919)Felecia LucasDMV Revenue Unit Supervisor(919)
16 ACH Questions and Issues Todd MorganAccounts Payable Manager(919)Todd HoneycuttAccounts Payable Assistant Manager(919)Main contact for vendor changes:Hamilton MartinContract Unit Supervisor(919)
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