Cash
The Commonwealth of Pennsylvania experienced a significant increase in cash (and temporary investments) in the total amount of $3.4 billion for the year ending June 30, 2018.
| Difference | ||||
| 2018 | 2017 | $ | % | |
|---|---|---|---|---|
| Cash | 1,297,943 | 1,075,076 | 222,867 | 21% |
| Cash with fiscal agents | 2,774,510 | 2,094,019 | 680,491 | 32% |
| Temporary investments | 9,471,917 | 6,983,701 | 2,488,216 | 36% |
| 13,544,370 | 10,152,796 | 3,391,574 | 33% | |
The $3 billion difference is comprised of an increase in cash balances for Governmental Activities in the amount of $2.5 Billion and an increase in Business-type Activities in the amount of $0.89 Billion. There was no significant change in the cash balance for Component Entities.
The Management Discussion and Analysis indicates the increase in cash is primarily due to the receipt of bond proceeds from the Commonwealth Financing Authority(CFA).
The Commonwealth Financing Authority (CFA) was established in 2004 as an independent agency of the Department of Community and Economic Development (DCED) to administer Pennsylvania’s economic stimulus packages. The CFA holds fiduciary responsibility over the funding of programs and investments in Pennsylvania’s economic growth.
Management’s Discussion and Analysis indicates a total increase in Governmental Activities of $2.114 billion and a increase in business type activities in the amount of $0.983 Billion, however, their calculation appears to include Long-term investments.
Accounts Receivable
Accounts receivables for Governmental and Business-type Activities are primarily comprised of amounts Taxes, Accounts and Unemployment assessments. Alternatively, Accounts receivables for Component Units are primarily comprised of Loans.
| Accounts Receivable Summary – Commonwealth of Pennsylvania | |||||
| For the Year Ended June 30, 2018 (Amounts in Thousands) | |||||
| Governmental Activities |
Business-type Activities |
Total | Compenent Units |
||
| Taxes | 2,867,093 | – | 2,867,093 | – | |
| Accounts | 1,542,673 | 154,511 | 1,697,184 | 220,126 | |
| Unemployment assessments | – | 654,614 | 654,614 | – | |
| Other | 196,571 | 13 | 196,584 | 63,255 | |
| Investment sale proceeds | – | 104,829 | 104,829 | – | |
| Loans | 11,485 | 43,310 | 54,795 | 1,080,757 | |
| Investment income | 16,950 | 14,539 | 31,489 | 7,558 | |
| Interest on notes and loans | – | 11,049 | 11,049 | 114,392 | |
| Lease rentals | – | 997 | 997 | – | |
| 4,634,772 | 983,862 | 5,618,634 | 1,486,088 | ||