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GGD-83-38 1 (1983-04-01)

handle is hein.gao/gaobabdym0001 and id is 1 raw text is: BY THE U.S. GENERAL ACCOUNTING OFFICE Report To The Mayor Of The District Of Columbia The District Of Columbia Can Pay More Vendors On Time GAO estimates that in fiscal year 1981 only 28 percent of the District's bills were paid within 30 days because District agencies were slow in processing payment doc- uments. As a result, about $383,000 in purchase discounts were lost. Late payments also cost vendors an estimated $612,000 for lost investment income or borrowing expenses. The District has eliminated the problem of late payment of utility bills and is now developing procedures to ensure that investment income is not lost by paying too early. GAO makes several recommendations to emphasize the importance of paying bills on time, to standardize the payment process, and to monitor payment performance against time standards. GAO/GGD-83-38 APRIL 1, 1983 c502Y6C/

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