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089432 1 (1971-06-30)

handle is hein.gao/gaobacvko0001 and id is 1 raw text is: LM089432 Dear Mr. Watt: In July 1970, we remuesrTA the C'onlvssioner s comments on our draft report on the iL, ._..s needed in the financial management and the reporting on the etropolitan Area Sanitary Sewage Works Fund (dotomac Interceptor Sewer). Ln our draft report, we proposed that the Commissioner require that the accounting procedu:es be improved so as to accurately record, within the formal accounts of the Interceptor Funa, the assets, liabilities, revenues, and operating expanses on the accrual basis. With respect to coe g.C. Sanitary Sewage Works Fund, we proposed that he require that similar accounting irprovements be made so that the proportionate share f the District's sewerage facilities, operacing expenses chargeable to e Interceptor user jurisdictions may ba reliably determined and that thesa expenses may be compared to revenue due from the jurisdictions. We also proposed that budgetary data reported to the Congress in- cLude a full cisciosure of the results of the Interceptor's operations and of the financial condition of the Interceptor Fund. Additionally, we proposed thac such data include a race and Loan repayment analysis snowing historical rates, operating costs, and loan repayments as well as future years' projecced rates, estimated operating costs, and esti- mated loan repayments through the final loan-repayment year. Ey letter dated September 17, 1970, the Director, Office of Budget and Lxecutive Management, District of Columbia Government, commented on our a-at report. He stated that, subsequent to the completion of our review, action had been taken to revise accounting procedures within the Department of Sanitary Engineering so as to record, in the accounts of the Interceptor Fund and the D.C. Sanitary Sewage Works Fund, operating costs which will be in agreement with deraileo cost account data. The Director stated also that, as soon as possible after the resub:.s- sion to the Comptroller General of the District's statement of accounting principles and standards, the District will revise procedures to account for the Interceptor Fund so that statements of financial condition and operating results may be prepared. 0 TH A NNIVERSARY 1921 - 971

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