RD410 - Annual Report on Statewide Financial Management and Compliance - Fiscal Year 2016

Executive Summary:
The Code of Virginia requires that State agencies and institutions pay for goods and services by the required payment due date. The reporting required by the Code of Virginia § 2.2-4356 is being met by the information presented here. This section details the number and dollar amounts of late payments by secretarial area, institutions and agencies, and the total amount of interest paid. Agencies and institutions that process 50 or more vendor payments during a quarter are reported as not meeting Prompt Pay requirements if fewer than 95 percent of their payments are processed by the required due date.