Pursuant to a congressional request, GAO reviewed Air Force stock fund pricing and refund practices to determine: (1) whether the stock fund could operate at less than the currently required 11-day operating cash balance; (2) how refunds made to stock fund customers affected the 11-day cash balance; and (3) how customers used the refunds.
Recommendations for Executive Action
|Department of the Air Force||1. The Secretary of the Air Force should improve the stock fund accounting system so that it produces accurate and reliable reports on both the appropriated and operating cash balances. Until this system deficiency is corrected, this deficiency, together with planned corrective actions, should be included in the Air Force FMFIA reports to the Secretary of Defense.|
|Department of the Air Force||2. The Secretary of the Air Force should prepare future budget submissions to Congress using an operating cash target of approximately 3 days as long as appropriated funds are available to cover temporary operating cash shortages.|