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CT Paid Leave Authority documents finance, reserve and credit-card policy updates
Summary
Controller Dave presented annual updates to the finance and accounting manuals, including surplus redesignation, a SEEC contractor reporting requirement, three reserve buckets tied to receivable age, and credit-card workflow aligned to AP (Bill); staff will take the changes to the full board next month.
At the committee meeting, Dave (controller, CT Paid Leave Authority) presented the authority’s annual revisions to its finance and accounting manuals, documenting current practice and adding clarifications required by statute.
Dave outlined several substantive items: the routine redesignation of surplus operating funds to contributions at the start of the fiscal year so funds can earn interest; a new statutory reporting requirement to the State Elections Enforcement Commission requiring disclosure of contractors paid over $5,000 with monthly updates; and a formalized reserve policy for accounts receivable and benefit overpayments.
On reserves, Dave explained the three buckets the authority uses: a 90% reserve for recent receivables worked by the authority, 95% for receivables sent to the fund-recovery vendor (TSI) when older, and 100% for receivables deemed uncollectible. For contributions, receivables 0–4 months are reserved at 90% and handled by the authority; receivables sent to TSI at 5–16 months are reserved at 95%; 17 months or older are reserved at 100%. For benefit overpayments, Dave said receivables under one month (often with Aflac as benefit administrator) are reserved at 90%; those between 1–11 months that are with the fund recovery vendor are reserved at 95%; and over 12 months, or cases of misrepresentation, are reserved at 100%. "If it's a year or more older, we're reserving a 100% for it," Dave said.
Dave also described updates to the credit-card policy to match the authority’s existing AP workflow (Bill), require electronic invoice attachment, require monthly reconciliation, and ensure Connecticut tax-exemption documentation is used. He said the changes will go to the full board next month for public comment and adoption if there are no material comments.
During follow-up, the Chair asked whether the chart Dave presented represented current practice; Dave confirmed it documents the current process rather than introducing an operational change.
The meeting record does not list detailed vote roll-call names for routine procedural votes recorded in the transcript; the Chair announced motions carried after recorded 'Aye' responses.
