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![handle is hein.gao/gaobadxtz0001 and id is 1 raw text is:
DCCUMENT RESUME
02195 - [A1472484]
[Work in Connection with New York City Seasonal Financing Act].
May 16, 1977. 15 pp.
Testimohij before the Senate Committee on Banking, Housing and
Urban Affairs; by Victor L. Lowe, Director, General Government
Div.
Issue Area: Accounting and Financial Reporting (2800).
Contact: General Government Div.
Budget Function: General Government: Certral Fiscal Operations
(803).
Organizaticn Concerned: New York, NY.
Congressional Relevance: Senate Committee on Banking, Housing
and Urban Affairs.
Authority. New York City Seasonal Financing Act of 1975 (P.L.
94-1413,)
New York City has made substantial progress in the
design and implementation of a new accounting system under the
seasonal Financing Act of 1975. A new accounting system is
needed to improve control over the city's resources and to
improve the eccuracy anJ timeliness of financial information
needed to w~noge the system. The new accounting system will not
be implemented oy July 1, 1977 as planned. Problems in the
accounting system which will prevent the city from producing
adequate financial statements for the year ending June 30, 1978
and from receiving an auditor's unqualified opinion are: (1)
inclusion of probable inaccurate payroll data in the statements;
(2) lack of required financial statements for intragovernmental
and enterprise funds; (3) inclusion of inaccurate data in the
fina ial statements for the Capital Projects fund; and (4) lack
of a required statement of general fixed assetv. Although the
city has made major budget cuts under the financial plan, a
number of problems remain unresolved, and progress has been
marred by the city's indbility to hold expenses to the levels
originally projected. Other problems involve: the moratorium
debt, Federal loan rapayment, and the city's ability to reenter
the credit market. (RR )](ViewImageLocal?handle=hein.gao/gaobadxtz0001&div=1&collection=&method=preview&ext=.png&size=3)