Status of Information Needed to Complete Financial Audit of the District of Columbia's Dedicated Highway Fund for Fiscal Year 1996

AIMD-97-73R: Published: Apr 3, 1997. Publicly Released: Apr 3, 1997.

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Gregory M. Holloway
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Pursuant to a legislative requirement, GAO reviewed the District of Columbia's implementation of requirements to: (1) expeditiously process and execute federal-aid highway contracts; (2) establish a revolving fund account; and (3) ensure that the necessary resources and expertise are available for Highway projects. GAO also audited the Highway Fund's financial condition and results of operations for fiscal years ended September 30.

GAO noted that: (1) the District's Chief Financial Officer (CFO) indicated that significant parts of the information needed to complete the audit would not be available until the end of January 1997; (2) as of March 31, 1997, however, GAO still had not received all the required data from the District to perform the audit work, including critical information on the accounting procedures for the Highway Fund, detailed Highway Fund expenditure transactions, and the Highway Fund's expenditure forecast and related assumptions for the succeeding 5 fiscal years (fiscal years 1997 to 2001); (3) District officials have advised GAO that they are in the process of compiling this information; and (4) therefore, GAO is currently targeting completion of this audit and issuance of GAO's report no earlier than July 31, 1997.

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