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Disbursement of Capital Outlay Funds

Disbursement of Capital Outlay Funds. Encumbrance Authorization Request (OEF Form 352) Cash Disbursement Request (OEF Form 442). Encumbrance Authorization Request.

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Disbursement of Capital Outlay Funds

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  1. Disbursement of Capital Outlay Funds • Encumbrance Authorization Request (OEF Form 352) • Cash Disbursement Request (OEF Form 442)

  2. Encumbrance Authorization Request • Superintendent, community college, or university president requests the education agency’s appropriation allocation be made available for disbursement. • An encumbrance authorization is needed before entering into any contract. Section 1013.65(5), FS

  3. http://www.fldoe.org/edfacil/oef/formsoefbudget.asp

  4. http://www.fldoe.org/edfacil/oef/formsoefbudget.asp

  5. Certification Each agency must meet all educational plant space needs of its before spending funds for any ancillary plant or any other new construction, renovation, or remodeling of ancillary space.

  6. Additional Certification • Need and location of the facility are in compliance with the approved educational plant survey Project meets the definition of a PECO project and the limiting criteria for expenditures • Construction documents meet the requirements of the Florida Building Code

  7. Approved Encumbrance Authorization (OEF Form 1)

  8. Encumbrance of Funds Review • By law the superintendent or president must execute the encumbrance authorization request • Facility and location are in compliance with the Agency’s and the Department of Education’s plant survey • PECO project and the limiting criteria for expenditures • Construction documents meet the requirements of the Florida Building Code • Agencies should not sign a contract or issue a purchase order until they have received an approved Encumbrance Authorization, OEF Form 1, from the Office of Facilities Budgeting.

  9. Disbursement of Funds Draw Request Process Basic Draw Calculations Determining Cash on Hand

  10. Basic Draw Calculation Expenditures-Revenue=Draw

  11. Draw Calculations

  12. Earned Interest • Interest earned by a board from investing capital outlay funds shall be credited to the fund source earning interest. Refer to SREF Chapter 2 (7)

  13. http://www.fldoe.org/edfacil/oef/formsoefbudget.asp

  14. Here is an example of a project that has interest and is fully expended. DIALOG: FHD0032 FLORIDA DEPARTMENT OF EDUCATION DATE: 01/31/06 O. E. F. ACCOUNTING SYSTEM DISPLAY DISBURSEMENT REQUEST FUND: 00 PECO TYPE: P PROJECT INFORMATION YEAR: 0304 DIVISION: 31 ELEMENTARY AND SECONDARY PROJECT: 0407 REM,REN,MAINT,REP & SITE IMPRV AGENCY: 370 BEACH COUNTY SCHOOL DISTRICT APPROPRIATION: 164,790.00 LOCAL ENCUMB TO DATE: 164,790.00 AUTHORIZED: 164,790.00 INTEREST EARNED: 208.24 PRESENT DISB: 164,790.00 EXPEND THRU PRIOR MO: 164,998.24 DISB PRIOR MO: 0.00 CURR/NEXT EST EXPEND: 0.00 DISB 2 MONTHS: 0.00

  15. Local Encumbrances are not the “cash pay window” • The local encumbrance authorization informs the system that there are enough obligations in hand at the local level to justify this report.

  16. LOGICAL TESTS If Local encumbrances are >= Life to Date (LTD) expenditures + Estimated Expenditures - interest Proceed to next step If Authorized Encumbrances are >= Life to Date (LTD) expenditures + Estimated Expenditures - interest Calculate draw

  17. TIP Please update the local encumbrance authorization amount monthly Helps us to justify the agency’s draw request. Especially prior to February reversions and June certified forward process. Helps us to defend your undisbursed balances.

  18. Cash on Hand Draws to Date + Interest less Prior Period Expenditures equals Cash on hand

  19. 30 Day Cash Supply Section 1013.65(3) Florida Statutes   Upon the request of each board, the department shall distribute to the board an amount sufficient to cover capital outlay disbursements anticipated from encumbrance authorizations for the following month.

  20. Historical Cash Trend

  21. How to minimize Cash on Hand (COH) Watch your agency’s COH from a historical perspective Always submit a current OEF Form 442 Report on all active projects, not just the ones receiving a current cash disbursement Expend older money first. Often gets over looked but counts towards the total COH

  22. Review • Draw = LTD & Estimated Expenditures less Interest & Disbursements • Local Encumbrances should be equal to or greater than LTD + Estimated Expenditures - Interest • Cash on Hand = Draws & Interest less LTD Expenditures • Request 30 day cash supply • COH is unchanged unless expenditures are updated monthly.

  23. Don.Armstrong@fldoe.org • Please send me an email if you would like a copy of this slide show. • THE END

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