King & Jones - DOT Fiscal Reporting & Accounting Methods

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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
Sources of Funds
2013-14 by Major Funding Source
Total Funding = $4.4 Billion
.4%
NCTA/Other
$19.3M
47.1%
Highway Fund
$2,048.8M
1
2
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 80002 (HF01) initially then transactions will take
place to move the vehicle property tax to VPT Code 64209 (PT01)
DOT Fiscal will certify the funds and then move the county portion to the following:
• Dr. 11120003 (DMV Cash Clearing)
HF01 Budget Code 80002
• Cr. 21130XXX (Cash County VPT Collections) PT01
Budget Code 64209
3
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.
4
Stats to date
July-13
TRANSACTIONS
COUNTY AMOUNT
Cash
1,472
61,903.98
Check
3,289
269,829.19
Money Order /Cashier Ck
0
Merchant Card
2,710
201,231.56
EFT (Dealers)
1,113
52,228.85
8,584
585,193.58
Cash
Check
17,190
50,185
COUNTY AMOUNT
752,589.67
4,011,492.08
Money Order /Cashier Ck
Merchant Card
EFT (Dealers)
31
26,706
5,240
99,352
2,070.03
2,411,161.05
296,248.56
7,473,561.39
TOTAL
August-13
TOTAL
TRANSACTIONS
5
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
6
New Hanover County
North Carolina Vehicle Tax System
NCVTS State Daily Financial Report
County
New Hanover
Number Registration
Vehicles Collections
LRP
Collections
Interest
Reversals
Net Collections CC DC
Credit Card
Transactions
Debit Card
Total CC DC Unpostable Unpostable
Transactions Payments
1,923 $141,223.09
$0.00
$0.00
($803.63) $140,419.46
663
$50,317.01
$0.00
$50,317.01
0
$0.00
1,923 $141,223.09
$0.00
$0.00
($803.63) $140,419.46
663
$50,317.01
$0.00
$50,317.01
0
$0.00
7
Remittance Advice for
New Hanover County
8
Washington County
North Carolina Vehicle Tax System
NCVTS State Daily Financial Report
ounty
Number
Vehicles
Washington
Registration
Collections
LRP
Collections
Interest
Reversals
Net Collections CC DC
Credit Card
Transactions
Debit Card
Total CC DC
Unpostable
Transactions
Unpostable
Payments
129
$7,248.06
$0.00
$0.00
$0.00
$7,248.06
14
$744.55
$0.00
$744.55
0
$0.00
129
$7,248.06
$0.00
$0.00
$0.00
$7,248.06
14
$744.55
$0.00
$744.55
0
$0.00
Report Parameters
9
Remittance Advice
Washington County
10
Credit Cards
August Credit Card Cost and Collection Totals
Total Collections
County 74%
DMV 26%
Combined Bill
Collections
First Data
Credit/Debit Cost
CPU
(0.28X26,706)
$ 3,265,248.13
$50,421.90
$7,477.68
$ 2,411,161.05
$37,233.10
$5,521.75
$
$13,188.80
$1,955.93
854,087.08
*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
11
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
12
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
13
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
14
General Questions and DMV Fiscal Contacts
Stephanie King
Director of Accounting
[email protected]
919-707-4290
Kim Padfield
Deputy Director of Accounting
[email protected]
919-707-4291
Theresa Jones
DMV Fiscal Operations Manager
[email protected]
(919) 707-4263
Felecia Lucas
DMV Revenue Unit Supervisor
[email protected]
(919) 707-4269
15
ACH Questions and Issues
Todd Morgan
Accounts Payable Manager
[email protected]
(919) 707-4292
Todd Honeycutt
Accounts Payable Assistant Manager
[email protected]
(919) 707-4293
Main contact for vendor changes:
Hamilton Martin
Contract Unit Supervisor
[email protected]
(919) 707-4294
16
Questions and Feedback
17
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