Cash Management Improvement Act of 1987 (S. 1381)

T-AFMD-87-17: Published: Jul 22, 1987. Publicly Released: Jul 22, 1987.

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GAO discussed its views on proposed legislation that would improve federal cash management. GAO noted that the legislation would help ensure that neither the federal government nor the states benefit from the timing of program funds transfers by requiring: (1) agency heads to minimize the elapsed time between Treasury fund transfers and state program payments; (2) states to pay interest on federal funds they receive in advance of their needs; and (3) the federal government to execute timely grant awards. GAO also noted that the legislation would: (1) improve federal disbursements by reducing early and late bill payments; and (2) require increased use of lockbox systems for federal payments. GAO fully supported the proposed legislation.

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