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Finance remits $561,000 to PSS for ‘all others’
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Posted on Feb 09 2005
Vendors of the Public School System can now finally be paid after the Department of Finance remitted to PSS on Tuesday afternoon the amount of $561,000 for its “all others” account, according to PSS Director of Finance Richard Waldo.
Waldo met with Office of the Governor senior policy advisor Bob Schwalbach and Deputy Finance Secretary Robert Schrack yesterday to tackle some strategies on future fund transfers to PSS.
The Finance Department had remitted last week the amount of $569,604—bringing down to$625,000 the $1.195 million that Finance owed PSS for the “all others” account. With the latest remittance, Finance’s arrears now amounts to only $64,000.
“There are still minor differences they may have charged us…that we are not aware of,” said Waldo. “But certainly we’re within the ballpark now.”
Waldo said he is happy that Finance has agreed with PSS’ account schedules.
According to Waldo, PSS and Finance were $377,000 apart before and now they only have $64,000 in discrepancy. “The discrepancy could be the miscellaneous charges PSS is not aware of,” he added.
Waldo earlier said that Finance has its own calculation of what it owes PSS, while PSS had its own accounting schedules. This led to accounting disagreements between the two offices due to the 1 percent overall deduction in the PSS budget that will go to the Office of the Public Auditor and the 2 percent legislative deduction.
The $64,000 difference now is a very small amount, said Waldo. “That’s the smallest amount for ‘all others’ in three years as far Finance owes us,” he said.
Waldo said that PSS will now be paying all its creditors and vendors but the payment will take two to three days to process due to the time required to dig up all the old papers for proper payment procedures.
“It will take us all the way next week to pay up everybody,” he said, adding that PSS will pay starting from the oldest bill to the latest. (Marconi Calindas)
