Fiscal Year 1993 Budget Estimates and Actual Results
AIMD-94-68: Published: Feb 4, 1994. Publicly Released: Feb 17, 1994.
- Full Report:
Pursuant to a congressional request, GAO compared the Office of Management and Budget's (OMB) original and revised budget estimates with actual fiscal year (FY) 1993 results, focusing on the: (1) reasons for major differences between OMB original estimates and actual FY 1993 results; (2) OMB estimation difficulties; and (3) receipt estimates reported by the Congressional Budget Office (CBO).
GAO found that: (1) OMB did not forecast the $95 billion decline in the federal deficit; (2) outlays for deposit insurance were lower than originally estimated because of the improved health of the bank and thrift industries and the delay in appropriations for the Resolution Trust Corporation; (3) lower-than-estimated Medicaid outlays were partially offset by high outlays for Medicare; (4) lower-than-estimated receipts from individual and social insurance taxes and contributions were partially offset by high corporate income tax receipts; (5) varying conditions in unemployment, inflation and economic growth contributed to the offsetting differences between OMB budget estimates and actual FY 1993 results; (6) the largest differences between OMB estimates and actual results were for mandatory program outlays for fiscal years 1992 and 1993; and (7) OMB economic assumptions for FY 1993 were generally consistent with CBO forecasts.