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ID-77-42 1 (1977-09-28)

handle is hein.gao/gaobaavys0001 and id is 1 raw text is: DOCUMENT RESUME 03462 - [A27239391 Use of Exchange Stabilization Fund Resources: Arrangement with Treasury Provides Access to Information. ID-77-42; B-154506. September 28, 1977. 11 pp. + 7 appendices (21 pp.). Report to the Congress; by Elmer B. Staats, Comptroller 3eneral. Contct: International Div. Budget Function: international Affairs: International Financial Programs (155). organizaticn Concorned: Department of the Treasury. Congressional Relevance: House Committee on Banking, Finance and Urban Affairs; Senate Committee on Banking, Housing and Urban Affairs; Congress. Authority: Gold Reserve Act of 1934, as amended (P.L. 91-599; 31 U.S.C. 822a(b)). Bretton Woods Agreements Act (P.L. 94-564). An agreement was reached between GAO and the Department of tbe' Treasury that pro.ided for GAO access to information concerning the Exchange Stabilization Fund (ESP) so tha-. GAO can propetly ccnduct audits and reviews of international moDetary matters. This agreement excludes GAO access to informat:on involving ESP transactions with foreign governments or ESF market t.:ansactloms. An audit was conducted of ESP adminiotritive ezpenses for fiscal year 1915 which included a review of related wcrk of the audit committee and the Office of Audit. Findings/Conclusions: For the fiscal year ended June 30, 1975, ESF had assets valued at $4 billion and gross income of $129 iillic. ($115 million net). ESF's income, assets, liabil.ties, or equity could not he audited. A limited audit was authorized of $14 million in administrative expenses. Fiscal year 1975 administrative expenses of $14.4 million were supported by appropriate documentation and properly accounted for and controlled in ESP records. The Secretary of Treasury decided it wculd be desirable to discontinue paying salaries and other administrp.tive expenses from ESP resources. The Treasury Department supports proposed le;islation that funds be appropriated to meet the administrative expenses associated with its internatiopal affairs function beginning with fiscal year 1979. This appropriation process would enable Congress to evaluate competiug budgetary programs and establish overall priorities for the allocation cf resources. (SW)

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