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ID-82-20 1 (1982-02-16)

handle is hein.gao/gaobabcxu0001 and id is 1 raw text is: M UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548j ( / INTERNATIONAL DIVISION B-146749 The Honorable Ronald Bo Ginn, Chairman Subcommittee on Military Construction ill i HG II H Committee on Appropriations 117605 House of Representatives Dear Mr. Chairman: Subject: Department of Defense Foreign Currency Fluctuation Fund for Military Construction and Family Housing (ID-82-20) As requested in our meeting with the Subcommittee staff on January 29, 1982, this letter summarizes our followup work on the Department of Defense (DOD) response to our earlier report on the subject Fund. In our August 21, 1981, letter report to the Secretary of Defense on Foreign Currency Exchange Rate Fluctuation Funds (ID-81-54), we recommended that the Secretary issue guidelines to ensure that the services uniformly account for gains and losses due to foreign currency exchange rate fluctuations in military construction and family housing programs and that this accounting be made whether or not funds had been made available in the cur- rent year. We continue to disagree with DOD over its administration of the $125 million funding for Foreign Currency Fluctuation, Construc- tion, Defense. Our disagreement relates to (1) the intent of the law concerning DOD's need to account for foreign currency fluctu- ation gains as well as losses, (2) the need to hold these gains for possible transfer to the Fund whether or not appropriations are made available in the current year, and (3) the present status of the Fund and the need for DOD to distinguish Fund balances from NATO infrastructure operational funds. DOD contended in testimony to the Subcommittee in April 1981 that the Fund was established solely to offset currency fluctua- tion losses. It said that the $125 million was sufficient to cover only about one-half of such losses then known to exist and this required that all funds be applied to fiscal years 1979 and 1980 projects. DOD noted that since no further appropriations were made for this Fund, no further accounting for currency fluctuations was (483359)

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