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District of Columbia: Deteriorating Financial Condition

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Report Type Reports and Testimonies
Report Date Feb. 24, 1995
Report No. T-AIMD-95-89
Subject
Summary:

This testimony builds on GAO's previous testimony (GAO/T-AIMD-95-88), which points out that the District's financial situation has continued to deteriorate to the point that the District is insolvent. This testimony focuses on four areas: (1) the fiscal year 1994 comprehensive annual financial report and GAO's initial analysis of the audit by Bert Smith and Co. and Coopers & Lybrand, (2) the District's information on unpaid bills, (3) problems with the District's information on personnel and an initial analysis of some of the data, and (4) the Mayor's February 1 fiscal year 1995 budget proposal and GAO's preliminary analysis of the District's agency spending plans.

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