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GAO-06-61R 1 (2005-10-20)

handle is hein.gao/gaocrptasjs0001 and id is 1 raw text is: SGAO Accountability * Integrity Reliability United States Government Accountability Office Washington, DC 20548 October 20, 2005 The Honorable Frank R. Wolf Chairman Subcommittee on Science, the Departments of State, Justice, and Commerce, and Related Agencies Committee on Appropriations House of Representatives Subject: U.S. Securities and Exchange Commission: Building Project Management and Related Budget Planning Dear Mr. Wolf: You asked us to provide a briefing on the facilities management and budgeting issues of the U.S. Securities and Exchange Commission (SEC) that SEC disclosed to your subcommittee in May 2005, which resulted in SEC's requesting a reprogramming of approximately $48 million of 2005 and 2006 funds. The reprogramming was requested to cover unbudgeted costs related to the construction of new facilities in Washington, D.C., and the improvement of new leased facilities in New York City and Boston. Specifically, our objectives were to provide information on (1) the amount of funding for these projects that was not planned; (2) the reasons for the change in budgeted amounts; (3) the related actions taken by SEC since this budgeting issue was uncovered; and (4) any corrective actions to prevent this issue from recurring. In order to meet these objectives, we interviewed SEC personnel and reviewed supporting documents. We conducted our work from July through August 2005 in accordance with U.S. generally accepted government auditing standards. We requested comments from the SEC Chairman or his designee. On August 30, 2005, we briefed the staff of your subcommittee on the preliminary results of our review. The briefing slides discussed at that meeting are included as enclosure I and written comments from SEC's Chairman have been reprinted as enclosure II. Results in Brief In May 2005, the SEC disclosed to your subcommittee that it had identified unbudgeted costs of approximately $48 million attributable to misestimates and omissions of budget costs associated with the construction of its new facilities in Washington, D.C. and improvements in its new leased facilities New York City and Boston. SEC estimates that the impact on its 2005 and 2006 budgets for construction costs is $20.2 million and $28.5 million, respectively, for a total of $48.7 million. On GAO-06-61R SEC Project Management

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