Summary: 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.
