District of Columbia: Information on the District's Financial Crisis
(Testimony, 07/25/95, GAO/T-AIMD-95-210).

The District of Columbia is insolvent and faces many challenges in
overcoming its financial problems.  The District lacks information
needed to monitor its spending and cash, and it is not holding managers
accountable for spending in their agencies. Specifically, managers are
not accountable for ensuring that (1) spending is within prescribed
budgets and allotments and (2) management initiatives are effectively
implemented with commensurate savings. The problems with District
financial management are long-standing, and improvements are essential
to providing credible, accurate, and timely information.  The new
District of Columbia Financial Responsibility and Management Assistance
Authority faces a difficult challenge to establish a financial baseline
to monitor the District's financial condition and improve its financial
management.

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

 REPORTNUM:  T-AIMD-95-210
     TITLE:  District of Columbia: Information on the District's 
             Financial Crisis
      DATE:  07/25/95
   SUBJECT:  Financial management systems
             Internal controls
             Municipal governments
             Accounting procedures
             Budget cuts
             Budget outlays
             Cost control
             Data integrity
             Financial records
IDENTIFIER:  District of Columbia Emergency Highway Relief Act
             DC Financial Management System
             Financial Responsibility and Management Assistance Act of 
             1995
             Chicago (IL)
             Boston (MA)
             Cleveland (OH)
             New York (NY)
             Philadelphia (PA)
             District of Columbia
             
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