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INFORMATIONAL LETTER: 62
TO: Superintendents of Schools
FROM: Susan A. Gendron, Commissioner of Education
DATE: January 16, 2007
RE: Accounting and Reporting Requirements Revised
As all of you know, the MEDMS Financial System project is on schedule and financial data submissions to that system will begin with your FY 2007-08 budgets. To prepare for this implementation, I issued an administrative letter to all of you on August 17, 2006 regarding updated accounting and reporting requirements. In that letter, I indicated that MaineCare revenues and expenditures should be reported as a special revenue fund only and not as part of the general fund.
As my staff has been working with many of your business managers and finance directors on the update of your chart of accounts, it has become apparent to all of us that the recommendation regarding MaineCare accounting may be problematic at this time. Recognizing that all of you are working diligently to make the transition to the updated reporting requirements a success and that this particular component is proving to be problematic, I have decided to wait on implementation of this particular recommendation until my staff can work with your staff to gather more information regarding the implications of recording MaineCare transactions in the special revenue fund. With your help, we will research this issue over the next year and develop a recommendation on it by December 31, 2007 so that units will be able to plan accordingly in their FY 2008-2009 budgets. You may continue to exercise your current budgeting and accounting practices around MaineCare funds until that time.
Thank you for your time, attention and patience as you assist us with implementing this important project; please feel welcome to contact Joanne Allen, School Finance Coordinator at email@example.com should you have questions, need clarification or wish to discuss specific challenges you are encountering with the reporting requirements.
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