District of Columbia:

Interest Earned on Federal Funds During Fiscal Years 1995 Through 1999

AIMD-00-173R: Published: Jun 30, 2000. Publicly Released: Jun 30, 2000.

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Pursuant to a congressional request, GAO provided information on the interest earned on federal funds appropriated to the District of Columbia government and its related entities during fiscal years 1995 through 1999.

GAO noted that: (1) the District government and its related entities received over $3.5 billion in appropriated federal funds from October 1, 1994, through September 30, 1999; (2) the District government and its related entities reported total interest earnings of $56.8 million on the above federal funds from October 1, 1994, through February 29, 2000; (3) the District government and its related entities reported a total of $39.8 million of interest earnings on federal funds that were expended, returned to the U.S. Treasury, or restricted for specific uses, leaving an unobligated cash balance of $17 million that was held in escrow by the District's Financial Responsibility and Management Assistance Authority as of February 29, 2000; (4) an additional $3.1 million may become available when a property received in exchange for a grant is ultimately sold; (5) in the District's Fiscal Year 2000 Appropriations Act, Congress required the Authority to transfer to the Mayor $23 million in interest earnings that it held in escrow for the benefit of the District; and (6) as part of funding the required transfer, the Authority stated that all of the unobligated and available balance of interest earnings on federal funds held by it would be applied and that it would make up the difference with interest earned on nonfederal funds that it holds in escrow.

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