New LBB Major Contract Reporting Instructions Available
eXpendit has been updated to reflect the new Legislative Budget Board (LBB) instructions for Major Contract ReportingPDF.
Late Payment Interest Rate Remains 4.25 Percent for Fiscal 2015
The interest rate the state pays on a late payment due a vendor under the state’s prompt payment law will be 4.25 percent for fiscal 2015. The interest calculation is one percentage point higher than the prime rate published in the Wall Street Journal on the first business day of July.
For more information, see Interest Rate under the Prompt Payment tab.
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.