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B-159687 1 (1979-02-01)

handle is hein.gao/gaobabjmc0001 and id is 1 raw text is: /eo) COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C. Z048 B-159687 FEB 1979 The Honorable W. Michael Blumenthal The Secretary of the Treasury Dear Mr. Secretary: As we both know, the amount of Government spending is always a popular and often controversial subject. Now, the other side of the ledger is commanding more and more atrvrtion--the amount of money owed the Government. The most recent financial data available from Treasury shows the Government was'owed about $118 billion -- an amount which has grown steadily and will continue to increase. Much of this amount will, of course, be paid routinely as it becomes due. However, an increasingly large amount requires some type of collection action. Of even more concern to both of us is the fact that substantial amounts of receivables will be written off as uncollectible unless agency management devotes greater attention to this problem area. We have been crntinually concerned about theadequacy of agencies' ,ollection efforts and have issued many reports on needed imprvements. &ne of our r cent eports, titled The Government Needs To Do A Better Job Of Collecting Amounts Owed By The Public (FGMSD-78-61, Oct. 20, 1978), deals with accounts receivable from the public. We also have several other efforts currently underway. The Congress is also becoming increasingly concerned about the Government's debt collection problems. On December 18, 1978, 1 testified on this subject before the Subcommittee on Taxation and Debt Management Generally of the Senate Finance Committee. It is very likely that the Congress will hold additional hearings on debt management early this year. We believe that basic information on delinquent amounts owed the Government is essential to both the legislative and executive branches. for effective management. We recognize that your Department is cognizant of the need for improved governmental accounting and reporting and requires agencies to establish and report balances of allowances for losses or bad debt reserves. In August 1977, the Interagency Advisory Committee on Consolidated Financial Statements established a task group on allowances for losses on accounts and loans receivable. Ve are participating in and actively supporting the efforts of this task force to review problems in establishing adequate allowances and to recommend possible improvements. We will continue to lend our support and participation. 003413

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