District of Columbia:
Review of IPA's Breakdown of District of Columbia Revenue by Source
AFMD-92-50: Published: May 8, 1992. Publicly Released: May 8, 1992.
- Full Report:
Pursuant to a legislative requirement, GAO reviewed an independent certified public accountant's audit of the District of Columbia's Schedule of Revenues and Nonoperating Revenues derived from the federal government and other sources for the year ended September 30, 1991.
GAO found that: (1) the auditor reported that the Schedule of Revenues and Nonoperating Revenues for the year ended September 30, 1991 was fairly presented in accordance with generally accepted accounting principals in relation to the District's financial statements for the year ended September 30, 1991, taken as a whole; (2) its review of the District's Schedule of Revenues and Nonoperating Revenues found nothing to indicate that the auditor's opinion was inappropriate or unreliable; (3) the District's schedule includes its total local revenues from its general, enterprise, and trust fund activities; (4) applying the legislated formula to total revenues results in a higher federal payment than historical trends would indicate; and (5) congressional hearings and committee reports have generally compared the federal payment to general fund revenues.