United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Accounting and Information Management Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1995-06-21 monographic deposited born digital GA 1.13:T-AIMD-95-176 https://www.govinfo.gov/app/details/GAOREPORTS-T-AIMD-95-176 P0b002ee1803786f8 f:tai95176 DGPO 2010-08-12 2011-03-24 GAOREPORTS-T-AIMD-95-176 machine generated eng fdlp REPORT GAOREPORTS-T-AIMD-95-176 T-AIMD-95-176 Financial management Financial management systems Internal controls Budget cuts Accounting procedures Municipal governments Financial records Data integrity Budget outlays Future budget projections DC Financial Management System Financial Responsibility and Management Assistance Act of 1995 District of Columbia Testimony AIMD The District of Columbia lacks the most basic financial data, including the status of its funds, the amounts owed, and the balance of cash. As a result, District managers do not have fundamental financial information necessary to help control costs and to estimate budget and cash needs. Although financial circumstances remain the same, spending and cash projections have varied widely, causing GAO to question the validity of the estimates, particularly the mayor's $3.89 billion spending projection in February 1995. During a six-month period, District expenditure projections for fiscal year 1995 have ranged from $3.25 billion to $3.89 billion and year-end cash balance projections have ranged from a positive balance of $50 million to a negative balance of $350 million. Such wide fluctuations make it difficult, if not impossible, to determine the District's true financial condition. This testimony focuses on the following four areas: the District's changing expenditure and cash projections for fiscal year 1995, the status of the District's request for borrowings from the U.S. Treasury, the status of the District's management initiatives to reduce spending, and the District's serious financial information and control weaknesses. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-AIMD-95-176/html/GAOREPORTS-T-AIMD-95-176.htm GAO/T-AIMD-95-176 https://www.govinfo.gov/app/details/GAOREPORTS-T-AIMD-95-176 Testimony GAO/T-AIMD-95-176; District of Columbia: Improved Financial Information and Controls Are Essential to Address the Financial Crisis; Financial management Financial management systems Internal controls Budget cuts Accounting procedures Municipal governments Financial records Data integrity Budget outlays Future budget projections DC Financial Management System Financial Responsibility and Management Assistance Act of 1995 District of Columbia