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B-146285 1 (1973-10-02)

handle is hein.gao/gaobaaehp0001 and id is 1 raw text is: t 0 906 RESTRICTED - Not to be refeas-rd outside the General Accounting Office except on thwbakus of specific approval by the Office of Congressional Relat ons, a record of which\ is FetPJ~~~Vb%%Tftranch, OA~j WASHINGTON, D.C. 20040 RELEASED B-146285 21 The Honorable H. R. Gross OCT 2 1973 -' House of Representatives Dear Mr. Gross: Your letter of May 8, 1973, noted that several State, and possibly local, governments had invested funds received under the State and Local Fiscal Assistance Act of 1972 (Public Law 92-512), commonly known as the Revenue Sharing Act, in Federal Government obligations. You asked that we provide you with iinformation on the interestost of the revenue sharing program and our views on prohibiting State and local governments from obtaining their revenue sharing funds until needed. As agreed with your office, we contacted the 50 State governments, the District of Columbia, and the 50 counties and V- 50 cities that received the largest amounts of revenue shar- ing funds through June 30, 1973. For each of the 151 govern- ments, we obtained or estimated the interest earned on revenue sharing funds through June 30, 1973, and, when possible, we identified the interest earned on funds invested in Federal Gov- ernment obligations. The Revenue Sharing Act was enacted on October 20, 1972, but provided for payments covering a retroactive period beginning January 1, 1972. The first payment for the 6-month period ended June 30, 1972, was made on December 11, 1972, and the second payment for the period July 1 through December 31, 1972, was made on January 8, 1973. The act provides that subsequent payments be made at least once each quarter and not later than 5 days after the close of each quarter. Quarterly payments began with the April 1973 payment. Section 123(a) of the act provides that a recipient govern- ment must use its revenue sharing funds and any interest earned on them within the time prescribed by the Secretary of the Treasury. This indicates that the Congress anticipated that recipient governments could invest the funds and earn interest on them. +&44 .....0(

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