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109117 1 (1979-04-17)

handle is hein.gao/gaobacxsj0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20546 SOVNMTAPR 17 1979 DIVISION Mr. Elijah P. Pogers City Administrator '091 Washington, D.C. 20004 Dear Mr. Rogers: The General Accounting Office studied the District's initial efforts to establish a municipal bond program, the related planning for and administration of capital improve- ments scheduled for bond financing, the criteria for including items in the capital budget, and the estimated outstanding debt and debt service expense for fiscal years 1979 through 1985. We have considered District officials' comments in this report. Although the District's bond program has been delayed pending improvements in the City's financial management system, we believe our recommendations on the planning and administration of capital improvements (pp. 8, 18 and 24) should be implemented as soon as possible and our recommendations on the bond program (pp. 25 and 28) should be implemented before it is reinstituted in 1981. The District had $1.23 billion of outstanding debt at the end of fiscal year 1977 and it estimates borrowings tc increase to about $2.55 billion at the end of fiscal year 1985. The expected financial commitment through 1985 will bring the City closer to its legal debt ceiling (about 2.6 percent from the limit). This condition requires a system that prevents unnecessary borrowings and costs and insures funding of projects that support high priority city-wide goals. The District needs to improve its capital project planning system by --developing project plans that meet city-wide goals as well as individual agency goals. --establishing priorities to aid in selecting projects for construction.

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