Sources of Funds by Major Funding Source Total Funding = $4

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Presentation transcript:

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 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

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

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.

Stats to date July-13 TRANSACTIONS COUNTY AMOUNT Cash 1,472 61,903.98 Check 3,289 269,829.19 Money Order /Cashier Ck Merchant Card 2,710 201,231.56 EFT (Dealers) 1,113 52,228.85 TOTAL 8,584 585,193.58 August-13 TRANSACTIONS COUNTY AMOUNT Cash 17,190 752,589.67 Check 50,185 4,011,492.08 Money Order /Cashier Ck 31 2,070.03 Merchant Card 26,706 2,411,161.05 EFT (Dealers) 5,240 296,248.56 TOTAL 99,352 7,473,561.39

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

New Hanover County

Remittance Advice for New Hanover County

Washington County

Remittance Advice Washington County

Credit Cards August Credit Card Cost and Collection Totals *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 Combined Bill Collections First Data Credit/Debit Cost CPU (0.28X26,706) Total Collections $ 3,265,248.13 $50,421.90 $7,477.68 County 74% $ 2,411,161.05 $37,233.10 $5,521.75 DMV 26% $ 854,087.08 $13,188.80 $1,955.93

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

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

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

General Questions and DMV Fiscal Contacts Stephanie King Director of Accounting sjking@ncdot.gov 919-707-4290 Kim Padfield Deputy Director of Accounting kpadfield@ncdot.gov 919-707-4291 Theresa Jones DMV Fiscal Operations Manager theresajones@ncdot.gov (919) 707-4263 Felecia Lucas DMV Revenue Unit Supervisor flucas@ncdot.gov (919) 707-4269

ACH Questions and Issues Todd Morgan Accounts Payable Manager tmorgan@ncdot.gov (919) 707-4292 Todd Honeycutt Accounts Payable Assistant Manager tkhoneycutt@ncdot.gov (919) 707-4293 Main contact for vendor changes: Hamilton Martin Contract Unit Supervisor rhmartin@ncdot.gov (919) 707-4294

Questions and Feedback