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NSIAD-85-122 1 (1985-07-12)

handle is hein.gao/gaobabnsj0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE I2 3 WASHINGTON. D.C. 20548 NATIONAL SECURITY AND INTERNATIONAL AFFAIRS DIVISION JULY 12,1985 B-2 19247 127404 The Honorable Charles E. Bennett Chairman, Subcommittee on Seapower and Strategic and Critical Materials Committee on Armed Services House of Representatives Dear Mr. Chairman: Subject: Observations on Whether National Defense Stockpile Transaction Fund Activities by the Department of Energy and the General Services Administration Comply with the Strategic and Critical Materials Stock Piling Act (GAO/NSIAD-85-122) In your letter of April 22, 1985, and in subsequent discussions with your office, we were asked to investigate certain aspects of the Strategic and Critical Materials Stock Piling Act. Specifically, you asked us to determine whether (1) the Department of Energy (DOE) must make monthly transfers of 30 percent of net naval petroleum reserve receipts to the National Defense Stockpile Transaction Fund, pursuant to Section 905, Public Law 98-525, and (2) the General Services Administration (GSA) is correct in asserting that bartering stockpile materials for ferroalloys upgrading provides no receipts and, therefore, is not affected by the $250 million Transaction Fund limitation specified in section 903 of that law. Your office also indicated interest in the status of Annual Materials Plans for 1985 and 1986. This report and our legal analysis (encl. I) are in response to your questions. We found that shortly before the Transaction Fund's unobli- gated balance reached $250 million--thus prohibiting further sales from the stockpile--GSA requested DOE to stop making monthly deposits to the Transaction Fund and instead keep the revenues in a suspense account. GSA has proposed legislation to repeal the provision that the revenue from the naval petroleum reserve be deposited in the Transaction Fund, and again allow it to be deposited in U.S. Treasury miscellaneous receipts, thus reducing the federal budget deficit. /7 (391547) cr jti~e1)7qoq

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