Fiscal Year 1994 Budget Estimates and Actual Results
AIMD-95-109: Published: Apr 5, 1995. Publicly Released: Apr 5, 1995.
- 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) 1994 results, focusing on the reasons for major differences between OMB estimates and actual FY 1994 results.
GAO found that: (1) the FY 1994 budget deficit was $60.9 billion lower than OMB estimated, mainly as a result of better-than-expected economic performance; (2) OMB estimates were similar to those of the Congressional Budget Office and the Blue Chip consensus of forecasters; (3) the FY 1994 economy was stronger than predicted because the Gross Domestic Product grew faster than expected and unemployment was lower than expected; (4) lower-than-estimated receipts from individual income and social insurance taxes were partially offset by higher-than-expected corporate income tax receipts; (5) although budget outlays were $54.4 billion less than the President's budget estimate, no single activity accounted for the difference in outlays; and (6) revolving funds presented perennial estimating problems, partly due to financial management problems and the overall nature of revolving funds.