Lease-Purchase: Corps of Engineers Acquisition of Building in New Orleans District

In response to a congressional request, GAO reviewed the Army Corps of Engineers' acquisition of a district office building in New Orleans, Louisiana, specifically the: (1) interest rate it used to determine the lease payments; (2) total cost to the government of the lease-purchase compared to the outright purchase of the building; (3) legislation pertaining to expenditure controls in purchasing capital items through the Corps' revolving fund; and (4) year in which the Corps would report the principal portion of the lease payments to Congress as a capital expenditure.