Report Materials
EXECUTIVE SUMMARY:
This final report points out that for the period July 1, 1993 through March 31, 2000, the State did not adhere to Federal regulations concerning Medicaid escheated warrants. Specifically, the State: (1) could not identify the amount and timeliness of escheated warrants credited during the period July 1, 1993 through June 30, 1994; (2) did not report any escheated warrants and as a result, drew down $4.4 million ($2.5 million Federal share) of Medicaid funds in excess of immediate program needs during the period July 1, 1994 through September 30, 1996; and (3) untimely credited $11.3 million ($6.3 million Federal share) of escheated warrants during the period October 1, 1996 through March 31, 2000. The Medicaid funds drawn in excess of immediate program needs were subsequently credited to the Federal Government. However, the State earned about $2 million ($1.1 million Federal share) in interest on the $11.3 million. Our analysis showed that the State repaid only $493,922 of the $1.1 million using its methodology for computing interest under the Cash Management and Improvement Act, leaving $613,891 due the Medicaid program. Along with procedural recommendations, we recommended that the State refund the $613,891.
Notice
This report may be subject to section 5274 of the National Defense Authorization Act Fiscal Year 2023, 117 Pub. L. 263.