Fiscal Year-End Deadline For Expenditures

Fiscal Year-End Deadline For Expenditures



The provisions of LA Revised Statute 39:82  apply to the closing of the State fiscal year. Agencies are only allowed to use the current fiscal year State operating funds to liquidate valid liabilities (goods received or services rendered on or before June 30th). Valid ordered items or services remaining by the close of business on June 30th, but not received or completed on or before June 30th, may be paid against the next year's State operating fund appropriations at the budget unit’s discretion.


To insure maximum utilization of available State operating appropriations allocated to budget units, all operating funded budget units will be required to enter purchase requisitions for goods and services with a cost exceeding $1,000 into PeopleSoft Financials no later than April 15th of the current fiscal year. If April 15th occurs on a weekend or holiday, then purchase requisitions may be entered through the end of the next business day.

 

Failure to submit purchase requisitions by the prescribed April 15th deadline may result in the administrative liquidation of remaining budget funds.

 

Any restricted or grant accounts requiring physical receipt of goods or services by a specified deadline should adhere to the same April 15th deadline or equivalent (75) day lead period to insure the timely processing and receipt of goods and services by June 30th or other deadline, respectively. Adherence to deadline requirements for expenditure of restricted or grant accounts are the responsibility of the recipient budget unit or faculty/staff member.

 

While a deadline may be established herein, ultimate receipt of goods or services is contingent upon sufficient allocation of funds in budget and expenditure categories, bid preparation time, solicitation and award time, and order and delivery time. Additional days should be considered for longer delivery times.


Rvsd. 3/2010



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