Late Payment Interest Rate Will Remain at 4.25 Percent for Fiscal 2014
The Prompt Payment tab has been updated to reflect the interest rate paid on late payments to vendors. The interest rate for fiscal 2014 is 4.25 percent, one percentage point higher than the prime rate published in the Wall Street Journal on the first business day of July.
Payment Scheduling and Prompt Payment Tabs Now Available
The new tabs consolidate the information from the Prompt Payment and Payment Scheduling Implementation Guide (FPP E.034), Prompt Payment Law Interest Rate (FPP E.032), FM04-54: Payment Scheduling Policy Update, FM04-53: Prompt Payment Law Interest Rate Change, FM02-45: Prompt Payment Law and Scheduling Update, Prompt Payment and Payment Scheduling Resources, Prompt Payment Policy Reminders and USAS Reports to Track Late Payments.
The Texas Comptroller of Public Accounts created eXpendit to provide information to state agencies and institutions of higher education on how to properly carry out purchase transactions while complying with certain provisions of the constitution, statutes and rules of Texas related to expenditures.
The new eXpendit website allows users to more easily and rapidly search for the information they need, while allowing the Expenditure Assistance section to quickly post updates.
eXpendit’s top menu tabs correspond to chapters of the Purchase Policies and Procedures Guide, making for an easier transition to the new resource. Some content has moved around, but you can use eXpendit’s built-in search function to find it.
The biggest change you’ll find is the easier-to-understand content, with straightforward language used to describe the subject areas.
- Discusses only some of the legal issues a state agency encounters during its operations, the vast majority of which are outside its scope.
- Represents the opinion of the Comptroller’s office and does not constitute official legal advice. A state agency should consult the attorney general, internal legal counsel or other appropriate counsel if the agency needs legal advice.