The Independent Fiscal Office Thursday issued a report on receipts and disbursements from selected special funds requested by Sen. Scott Wagner (R-York) and Rep. Seth Grove (R-York) and how commitments and encumbrances are reflected in the financial statements for these funds.
The report confirms the differences in the way the financial statements of the state’s General Fund accounts are reported and how special funds are reported.
The bottom line is special funds are reported on a cash basis which “does not include commitment or encumbrances” that have been made by agencies.
Some members of the General Assembly have been saying these larger balances mean there is unused money in the accounts so those monies could be used to balance the state’s budget. That is clearly not the case.
In addition, the IFO said current fiscal year balances include current fiscal year monies “plus unspent funds that were committed or encumbered in a prior fiscal year. This practice helps ensure that current commitments and encumbrances are reflected in the fund’s ending balance.”
The report also points out many special funds support capital or other longer-term projects that may not be completed in the fiscal year in which they were originally funded.
The environment-related funds included in the report are Agricultural Conservation Easement Purchase, Coal Lands Improvement, Conservation District, Environmental Education, Environmental Stewardship (Growing Greener), Keystone Recreation, Park and Conservation, Hazardous Sites Cleanup, Industrial Sites Cleanup, Recycling and Solid Waste Resource Recovery Development funds.
Click Here for a copy of the report.
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