Breakdown of District Revenue (Letter Report, 07/11/94, GAO/AIMD-94-139).

In the opinion of an independent certified public accountant, the
District of Columbia's breakdown of revenue from federal and other
sources for fiscal year 1993 is fairly presented in all material
respects in accordance with generally accepted accounting principles.
GAO found no material discrepancies that would suggest that the
auditor's opinion was inappropriate or unreliable. In February 1994, the
Mayor of the District of Columbia sent GAO a letter presenting total
revenues for fiscal year 1993 of $2,929,117,000, which would be used to
calculate the federal payment for fiscal year 1994. If congressional
directives for calculating the revenues had been followed, however,
revenues of $2,797,801,000 would have been reported. During fiscal year
1993, the District changed the legal definition of the real property tax
year. This and related changes resulted in counting $172,863,000 in
taxes collected as an increase to fiscal year 1993 revenue, but did not
generate any additional cash during fiscal year 1992. As a result of
these changes, the fiscal year 1995 payment may be increased by about
$41 million under the payment formula.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  AIMD-94-139
     TITLE:  Breakdown of District Revenue
      DATE:  07/11/94
   SUBJECT:  Local governments
             Audits
             Federal aid to localities
             General fund appropriation accounts
             Budget receipts
             Funds management
             Accounting procedures
             Auditing procedures
             Future budget projections
             Government collections
IDENTIFIER:  District of Columbia
             
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