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Summary of a Report--Revolving Funds: Full Disclosure Needed for Better Congressional Control

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Report Type Reports and Testimonies
Report Date Aug. 30, 1977
Report No. PAD-77-25(a)
Subject
Summary:

Because of the way some revolving funds are currently included in the Federal budget, the total amount of Government activities is understated; for example, by an estimated $28 billion in fiscal year (FY) 1978.

In order for Congress to decide on budget totals and make priority allocations, it must have complete information on the total levels of Federal activities. Periodic congressional review is the best method for Congress to control revolving funds. The Office of Management and Budget (OMB) and GAO agreed that adoption of gross accounting for public enterprise revolving funds would have significant effect on Federal accounting and budgeting.

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