[Federal Register Volume 67, Number 205 (Wednesday, October 23, 2002)]
[Notices]
[Page 65187]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-27005]


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DEPARTMENT OF THE TREASURY

Fiscal Service


Treasury Current Value of Funds Rate

AGENCY: Financial Management Service, Fiscal Service, Treasury.

ACTION: Notice of rate for use in Federal debt collection and for 
discount and rebate evaluation.

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SUMMARY: Pursuant to Section 11 of the Debt Collection Act of 1982, as 
amended, 31 U.S.C. 3717, the Secretary of the Treasury is responsible 
for computing and publishing the percentage rate to be used in 
assessing interest charges for outstanding debts on claims owed the 
Government. Treasury's Cash management requirements (I TFM 6-8000) 
prescribe use of this rate by agencies as a comparison point in 
evaluating the cost-effectiveness of cash discounts. In addition, 5 CFR 
1315.8 of the Prompt Payment rule on ``Rebates'' requires that this 
rate be used in determining when agencies should pay purchase card 
invoices when the card issuer offers rebates. Notice is hereby given 
that the applicable rate is 2 percent for calendar year 2003.

DATES: The rate will be in effect for the period beginning on January 
1, 2003 and ending on December 31, 2003.

FOR FURTHER INFORMATION CONTACT: Inquiries should be directed to the 
Risk Management Division, Financial Management Service, Department of 
the Treasury, 401 14th Street, SW., Washington, DC 20227 (Telephone: 
(202) 874-6650).

SUPPLEMENTARY INFORMATION: The rate reflects the current value of funds 
to the Treasury for use in connection with Federal Cash Management 
systems and is based on investment rates set for purposes of Pub. L. 
95-147, 91 Stat. 1227. The rate is computed each year by averaging 
Treasury Tax and Loan (TT&L) account investment rates for the 12-month 
period ending every September 30, rounded to the nearest whole 
percentage, for applicability effective January 1. The rate is subject 
to quarterly revisions if the annual average, on a 12-month moving 
average basis, changes by 2 per centum. The rate in effect for the 
calendar year 2003 reflects the average investment rates for the 12-
month period that ended September 30, 2002.

    Dated: October 18, 2002.
Bettsy H. Lane,
Assistant Commissioner, Federal Finance.
[FR Doc. 02-27005 Filed 10-22-02; 8:45 am]
BILLING CODE 7810-35-M