Prompt Payment Information 

Late Payment to Vendors - New Interest Rate - FY-2013

The Fiscal Year 2013 interest rate applicable to late payments to vendors has been set at 0.01% per annum, computed on a 360 day calendar, or $0.00002 per $100 per day, which will be in effect July 1, 2012, through June 30, 2013. This interest rate is provided by the State Treasurer based on the average interest rate for 30-day time deposits of state funds during the last calendar quarter of the last preceding fiscal year. (Titles 62, § 41.4a & 4b and 74, § 840.14. and OSF Prompt Payment Rules/Regulations).

Late Payment to Vendors - New Interest Rate - FY-2012

The Fiscal Year 2012 interest rate applicable to late payments to vendors has been set at 0.11% per annum, computed on a 360 day calendar, or $0.00031 per $100 per day, which will be in effect July 1, 2011, through June 30, 2012. This interest rate is provided by the State Treasurer based on the average interest rate for 30-day time deposits of state funds during the last calendar quarter of the last preceding fiscal year. (Titles 62, § 41.4a & 4b and 74, § 840.14. and OSF Prompt Payment Rules/Regulations).

Late Payment To Vendors - New Interest Rate FY-2011

The Fiscal Year 2011 interest rate applicable to late payments to vendors has been set at 0.28% per annum, computed on a 360 day calendar, or $0.00078 per $100 per day, which will be in effect July 1, 2010, through June 30, 2011. This interest rate is provided by the State Treasurer based on the average interest rate for 30-day time deposits of state funds during the last calendar quarter of the last preceding fiscal year. (Titles 62, § 41.4a & 4b and 74, § 840.14. and OSF Prompt Payment Rules/Regulations).

• Prompt Payment Rules (.pdf, 14 pp, 76 KB)