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    Results:

    Subject Term: "Budget deficit"

    6 publications with a total of 14 open recommendations including 6 priority recommendations
    Director: Michelle Sager
    Phone: (202) 512-6806

    2 open recommendations
    Recommendation: To increase the transparency to Congress about the total amount of funds agencies have available in a given year, the Director of the Office of Management and Budget should identify and publicly report the total amount of actual budget authority government-wide that is temporarily sequestered and "pops up," or becomes available again to agencies for obligation in the subsequent fiscal year.

    Agency: Executive Office of the President: Office of Management and Budget
    Status: Open

    Comments: In February 2017, OMB staff told us they will consider additional options for reporting a government-wide total amount of actual budget authority that is temporarily sequestered during preparation of the full 2018 President's Budget.
    Recommendation: To promote further transparency in measuring the federal government's progress against deficit reduction targets required under current law, the Director of the Office of Management of Budget should identify and publicly report the total amount of actual reductions in budget authority government-wide each year as a result of sequestration or the reduction of discretionary spending limits under BBEDCA.

    Agency: Executive Office of the President: Office of Management and Budget
    Status: Open

    Comments: In February 2017, OMB staff maintained their position of disagreement with this recommendation as summarized in our April 2016 report.
    Director: William Shear
    Phone: (202) 512-8678

    6 open recommendations
    including 1 priority recommendation
    Recommendation: To improve management of the Small Business Administration and to ensure that SBA assesses the effectiveness of its programs, the SBA Administrator should prioritize resources to conduct additional program evaluations.

    Agency: Small Business Administration
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Recommendation: To improve management of the Small Business Administration and to ensure that SBA fully meets GPRAMA requirements, the SBA Administrator should use the results of additional evaluations it conducts in its strategic planning process and ensure the agency's next strategic plan includes required information on program evaluations, including a schedule of future evaluations.

    Agency: Small Business Administration
    Status: Open
    Priority recommendation

    Comments: SBA officials stated that, as of October 2016, the agency had taken several steps to prioritize resources and establish an implementation plan for future evaluations, including hiring its first lead program evaluator to develop a long-term evaluation agenda and initiating four program evaluations. They stated that once completed, the evaluations would be incorporated into the agency's fiscal year 2018-2022 strategic plan. As of May 2017, SBA had started reviewing guidance on drafting this plan, which is due in February 2018.
    Recommendation: To improve management of the Small Business Administration and to improve SBA's human capital management, the SBA Administrator should incorporate into its next training plan key principles such as goals and measures for its training programs and input on employee development goals.

    Agency: Small Business Administration
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Recommendation: To improve management of the Small Business Administration and to ensure that SBA's organizational structure helps the agency meet its mission, the SBA Administrator should document the assessment of the agency's organizational structure, including any necessary changes to, for example, better ensure areas of authority, responsibility, and lines of reporting are clear and defined.

    Agency: Small Business Administration
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Recommendation: To improve management of the Small Business Administration and to improve SBA's program and management guidance, the SBA Administrator should set time frames for periodically reviewing and updating its SOPs as appropriate.

    Agency: Small Business Administration
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Recommendation: To improve management of the Small Business Administration and to help ensure that SBA's IT operations and maintenance investments are continuing to meet business and customer needs and the agency's strategic goals, the SBA Administrator should direct the appropriate officials to perform an annual operational analysis on all SBA investments in accordance with OMB guidance.

    Agency: Small Business Administration
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Director: Gary Engel
    Phone: (202) 512-3406

    2 open recommendations
    including 2 priority recommendations
    Recommendation: The Secretary of the Treasury should direct the Fiscal Assistant Secretary, working in coordination with the Controller of OMB, to establish and implement policies and procedures for accounting for and reporting all significant General Fund activity and balances, obtaining assurance on the reliability of the amounts, and reconciling the activity and balances between the General Fund and federal entities.

    Agency: Department of the Treasury
    Status: Open
    Priority recommendation

    Comments: As of the completion of our fiscal year 2016 consolidated financial statements (CFS) audit, Treasury and OMB agreed that this recommendation remained open. Treasury has established the General Fund as a federal reporting entity. In fiscal year 2017, the focus will be on preparing for the first financial audit of the General Fund. We will follow-up on progress made by Treasury and OMB as part of our fiscal year 2017 CFS audit, which is ongoing as of March 2017.
    Recommendation: The Secretary of the Treasury should direct the Fiscal Assistant Secretary, working in coordination with the Controller of OMB, to establish a formalized process to require the performance of additional audit procedures specifically focused on intragovernmental activity and balances between federal entities to provide increased audit assurance over the reliability of such information.

    Agency: Department of the Treasury
    Status: Open
    Priority recommendation

    Comments: As of the completion of our fiscal year 2016 consolidated financial statements (CFS) audit, Treasury and OMB agreed that this recommendation remained open. As a result of multiple initiatives over the past few years, Treasury and OMB have seen a significant decrease in elimination differences of intragovernmental data submitted by federal entities. Therefore, Treasury and OMB have determined at this time there is not a justified need for the additional cost and burden on federal entities to implement additional audit procedures specifically focused on intragovernmental activity and balances. We will follow-up on progress made by Treasury and OMB as part of our fiscal year 2017 CFS audit, which is ongoing as of March 2017.
    Director: Engel, Gary T
    Phone: (202)512-8815

    2 open recommendations
    including 2 priority recommendations
    Recommendation: To improve the reliability of the information presented in the CFS budget statements, the Secretary of the Treasury should direct the Fiscal Assistant Secretary, working in coordination with the Controller of OMB's Office of Federal Financial Management, to establish and implement effective procedures for reporting amounts in the CFS budget statements that are fully consistent with the underlying information in significant federal entities' audited financial statements and other financial data.

    Agency: Department of the Treasury
    Status: Open
    Priority recommendation

    Comments: As of the completion of our fiscal year 2016 consolidated financial statements (CFS) audit, Treasury and OMB agreed that this recommendation remained open. Treasury partnered with the Federal Accounting Standards Advisory Board (FASAB) to develop a Statement of Federal Financial Accounting Standards exposure draft that identifies items needed to reconcile net cost to outlays at the entity level, with a focus on demonstrating consistency with significant entities' audited financial statements. We will follow-up on progress made by Treasury and OMB as part of our fiscal year 2017 CFS audit, which is ongoing as of March 2017.
    Recommendation: To improve the reliability of the information presented in the CFS budget statements, the Secretary of the Treasury should direct the Fiscal Assistant Secretary, working in coordination with the Controller of OMB's Office of Federal Financial Management, to establish and implement effective procedures for identifying and reporting all items needed to prepare the CFS budget statements.

    Agency: Department of the Treasury
    Status: Open
    Priority recommendation

    Comments: As of the completion of our fiscal year 2016 consolidated financial statements (CFS) audit, Treasury and OMB agreed that this recommendation remained open. Treasury has improved its process for preparing the budget statements over the past three years and is continuing to do so. For example, Treasury has developed a reconciliation process to ensure that all cash related amounts reconcile on a monthly basis. We will follow-up on progress made by Treasury and OMB as part of our fiscal year 2017 CFS audit, which is ongoing as of March 2017.
    Director: Irving, Susan J
    Phone: (202) 512-6806

    1 open recommendations
    Recommendation: Treasury should build the capacity for a buyback program that could be used to respond to potential changes in market conditions during times of deficit. Such a program should allow for broader direct participation beyond the primary dealers. In conducting any buyback operations Treasury should (1) clearly articulate the purpose of the buyback program, (2) conduct the buyback reverse auctions on a regular and predictable schedule consistent with the purpose of the buyback program, and (3) target a few securities in narrow maturity bands at each reverse auction.

    Agency: Department of the Treasury
    Status: Open

    Comments: In October 2014, Treasury conducted a small-scale buyback operation to test the information technology infrastructure to ensure that its buyback functionality remains operational. In the reverse auction operation, Treasury bought back $22 million of a note maturing on 2/29/2016. In November 2014, Treasury announced that the operation was successful. Treasury conducted small-value buyback operations in April 2015, April 2016, November 2016, and April 2017 to ensure operational readiness of its buyback infrastructure. In announcing the buyback operations, Treasury noted that they should not be viewed by market participants as a precursor or signal of any pending policy changes regarding Treasury's use of buybacks. In June 2016, Treasury officials told us that eligibility to participate in buyback operations is limited to primary dealers because of constraints of the current trading systems. They also said that Treasury is continuing to examine the costs and benefits of buybacks as a debt management tool. As of August 2017 we asked Treasury officials for an update on the implementation status of this recommendation and are awaiting their response.
    Director: Engel, Gary T
    Phone: (202)512-8815

    1 open recommendations
    including 1 priority recommendation
    Recommendation: The Secretary of the Treasury should direct the Fiscal Assistant Secretary, in coordination with the Controller of OMB's Office of Federal Financial Management, to develop and implement effective processes for monitoring and assessing the effectiveness of internal control over the processes used to prepare the CFS.

    Agency: Department of the Treasury
    Status: Open
    Priority recommendation

    Comments: As of the completion of our fiscal year 2016 consolidated financial statements (CFS) audit, Treasury and OMB agreed that this recommendation remained open. Treasury designed and implemented an OMB Circular No. A-123 internal control review for the CFS compilation processes. In fiscal year 2017, Treasury plans to use the internal control review to support its assessment on the effectiveness of internal controls over the processes used to prepare the CFS. We will follow-up on progress made by Treasury and OMB as part of our fiscal year 2017 CFS audit, which is ongoing as of March 2017.