District of Columbia: Information on the District's Financial Crisis

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Report Type	Reports and Testimonies
Report Date	July 25, 1995
Report No.	T-AIMD-95-210
Subject	Accounting procedures Budget cuts Budget outlays Cost control Data integrity Financial management systems Financial records Internal controls Municipal governments Boston (MA) Chicago (IL) Cleveland (OH) DC Financial Management System District of Columbia New York (NY) Philadelphia (PA)

Summary:

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.

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District of Columbia: Information on the District's Financial Crisis