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GAO-02-854R 1 (2002-08-08)

handle is hein.gao/gaobaamba0001 and id is 1 raw text is: £ Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 August 8, 2002 The Honorable Pete Sessions House of Representatives Subject: Financial Condition of Federal Buildings Owned by the General Services Administration Dear Mr. Sessions: As the federal government's real property manager, the General Services Administration (GSA) manages over 1,700 federally owned buildings that have about $5.7 billion in identified repair and alteration needs. During our work for you on public-private partnerships,' we discussed that GSA had or was at risk of having a negative net income from several of its buildings because of their deteriorating conditions. Several buildings were vacant or at risk of losing their tenants because of the condition of the buildings. Although GSA does not receive rental income on vacant buildings, it still incurs expenses to operate key building systems and secure the buildings. You asked us to provide information on the financial condition of GSA's owned-building inventory. As we began our work, however, GSA's Public Buildings Service (PBS) also began a review to, among other things, evaluate the financial condition of each of GSA's owned buildings. As a result, as agreed with your office, we did not conduct a review. Instead, this letter summarizes the results of PBS's efforts to date and its future plans regarding the owned-building inventory. To obtain this information we reviewed briefings and other PBS documents and interviewed PBS officials. We did not independently verify the information provided. PBS officials provided comments on a draft of this letter, which we incorporated. PBS's Commissioner has described the owned-building inventory as predominantly aged with reinvestment needs that far exceed the capabilities of the Federal Buildings Fund (FBF). Repairs and alterations, as well as other capital and operating expenses associated with maintaining federal buildings, are financed by the FBF, a revolving fund administered by GSA. Rents that GSA receives from federal agencies are deposited into the FBF. The FBF has not generated sufficient income over the years to finance all the needs of the GSA buildings. For fiscal year 2002, an aggregate 'U.S. General Accounting Office, Public-Private Partnerships: Pilot Program Needed to Demonstrate the Actual Benefits of Using Partnerships, GAO-01-906 (Washington, D.C.: July 25, 2001). We define a public-private partnership as an arrangement in which the federal government contributes real property and a private entity contributes financial capital and has the borrowing ability to redevelop or renovate real property. GAO-02-854R Financial Condition of Federal Buildings

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