[Federal Register Volume 68, Number 210 (Thursday, October 30, 2003)]
[Notices]
[Page 61865]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-27351]


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DEPARTMENT OF THE TREASURY

Fiscal Service


Financial Current Value of Funds Rate

AGENCY: Financial Management Service, Fiscal Service, Treasury.

ACTION: Notice.

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SUMMARY: This notice announces the interest rate for use in Federal 
debt collection and for discount and rebate evaluation. 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 U.S. 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 whether agencies should pay purchase card invoices when the 
card issuer offers rebates.
    Notice is hereby given that the applicable rate is 1 percent for 
calendar year 2004.

DATES: The rate will be in effect for the period beginning on January 
1, 2004 and ending on December 31, 2004.

FOR FURTHER INFORMATION CONTACT: Inquires 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 Public Law 
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 1 percent rate 
that becomes effective January 1, 2004 reflects the average investment 
rates for the 12-month period that began October 1, 2002 and ended 
September 30, 2003. The rate is subject to quarterly revisions if the 
annual average, on a 12-month moving average basis, changes by 2 
percent.

Bettsy H. Lane,
Assistant Commissioner, Federal Finance.
[FR Doc. 03-27351 Filed 10-29-03; 8:45 am]
BILLING CODE 4810-35-M