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130531 1 (1986-07-29)

handle is hein.gao/gaobacttk0001 and id is 1 raw text is: 130.:5 S U.S. GENERAL ACCOUNTING OFFICE WASHINGTON, D. C. 20548 FOR RELEASE ON DELIVERY EXPECTED 10:00 EDT Tuesday, July 29, 1986 STATEMENT OF FREDERICK D. WOLF, DIRECTOR ACCOUNTING AND FINANCIAL MANAGEMENT DIVISION BEFORE THE LEGISLATION AND NATIONAL SECURITY SUBCOMMITTEE, HOUSE COMMITTEE ON GOVERNMENT OPERATIONS ON FEDERAL AGENCIES' BILL PAYING PERFORMANCE Mr. Chairman and Members of the Subcommittee: 130531 We are pleased to be here today to discuss our assessment of whether federal agencies pay the private sector on time for more than $200 billion of goods and services the government purchases each year. The timeliness of agencies' bill paying is an important issue because it affects both the private sector as well as the federal government. On the one hand, delayed payments hurt companies' cash flows and, depending on business volume, can require borrowing that otherwise might not be necessary. Conversely, if agencies pay well in advance of required due dates, they increase federal interest costs. In 1978 we reportedl that agencies were often paying their bills either too early or too late. One of the major causes was the absence of any governmentwide criteria establishing when 1The Federal Government's Bill Payment Performance Is Good but Should Be Better (FGMSD-78-16, February 24, 1978).

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