CTR Compliance Corner, Financial Reporting, Fiscal Year Memo, Guidance for Departments
July 25, 2025
Fiscal Year Memo #2025-26: Fiscal Year 2025 Statutory Receivable Instructions
The purpose of this memo is to provide instructions for reporting Fiscal Year 2025 statutory receivables. A statutory receivable is defined as a receivable that meets the following three conditions:
- receivable is due from a governmental entity
- receivable is related to goods or services provided on or before June 30
- receivable is collected between July 1 and August 31
All departments must review their revenue sources for potential Fiscal Year 2025 statutory receivables and report any such receivables.
Accurate reporting of receivables by departments is essential. Statutory receivables are a component of the balance sheet in the Commonwealth’s annual Statutory Basis Financial Report. Failure to report receivables or to report them correctly could result in inaccurate financial reports.