CHIEF FINANCIAL OFFICER MEMORANDUM NO. 09 (2002-03)
TRANSFERS FROM AGENCY TRUST FUNDS TO THE WORKING CAPITAL FUND; FY 2003-04
Section 43 of the General Appropriations Act for Fiscal Year 2003-04 provides that selected agency trust funds make a one-time transfer into the Working Capital Fund.
The law also requires that such transfers be made no later than July 31, 2003, unless a trust fund has insufficient cash reserves to meet this obligation. These are non-operating transfers and must benefit the following FLAIR account.
Agencies who anticipate that one or more of their trust funds will not have an unreserved fund balance sufficient to meet the July 31, 2003 deadline must certify shortfalls to this office, in writing, no later than Friday, July 18, 2003. This certification shall include the amount of non-compliance and propose a payment schedule to meet this requirement.
Agencies shall also notify this office of any trust fund transfer that contains bond proceeds and/or interest from bond proceeds that, if transferred, would constitute a violation of bond covenants.
Your cooperation is greatly appreciated. Any questions should be directed to Patti Calhoun at 410-9388, Suncom 210-9338 or Randy Mills at 410-9403, Suncom 210-9403.