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AFMD-82-1 1 (1981-10-08)

handle is hein.gao/gaobabcnc0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFI WASHINGTON, D.C. 20548 B-204733 The Honorable David A. Stockman Director, Office of Management and Budget The Honorable Donald T. Regan The Secretary of the Treasury Subject: OCTOBER 8, 1981 116593 Actions to Improve Timeliness of Bill Paying by the Federal Government Could Save Hundreds of Millions of Dollars (AFMD-82-1) This report discusses the results of a followup survey on our 1978 report, The Federal Government's Bill Payment Performance is Good But Should Be Better (FGMSD-78-16). Although we made spe- cific recommendations more than 3 years ago for bill payment mon- itoring and changes in procurement regulations, little has been done in these areas. We noted continued ineffective monitoring of Federal bill payment practices and failure to provide appropriate guidance to Federal agencies on bill paying requirements. Contractors continue to complain that the Government is not paying its debts when due--a situation that has been made more critical by high interest rates. Furthermore, we saw indications that Government agencies, while paying some bills late, are still paying others too early--a serious problem also identified in our prior review. Both late payments and early payments are costly. Together, late payments cost contractors and early payments cost the Government possibly hundreds of millions of dollars annually. OBJECTIVES, SCOPEt AND METHODOLOGY We performed this followup work in response to a request from the Chairman of the Subcommittee on Federal Expenditures, Research, and Rules, Senate Committee on Governmental Affairs to assess pro- posed legislation (S.1131) which would require that Federal agen- cies pay interest on overdue payments made to private contractors. On May 13, 1981, we testified before the chairman on this legis- lation. The objectives of our survey were to --assess the potential impact on the Government of requiring Federal agencies to pay interest on late payments and (901352) (; L'1 *1 ACCOUNTING AND PINANCIAL MANA MENT DIV I1ION

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