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Highlights

GAO evaluated the economy and efficiency of the banking, cash management, and short-term investment operations of the District of Columbia government.

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Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
District of Columbia 1. The Mayor of the District of Columbia should require the District cash managers to maintain balances only as needed to compensate banks and to maximize the use of surplus funds for investment purposes.
Closed - Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
District of Columbia 2. The Mayor of the District of Columbia should expedite the deposit of afternoon Treasury receipts to increase the available deposit funds.
Closed - Not Implemented
The District has made some progress in terms of studying this issue. Although the recommendation is still valid, GAO must close the case because there is no longer a D.C. audit site staff available to perform followup work, and such a staff is not expected to be available in the future.
District of Columbia 3. The Mayor of the District of Columbia should require all agency controllers to furnish daily information concerning anticipated receipts and disbursements to the cash manager for more effective cash flow forecasting and management.
Closed - Not Implemented
Althought the recommendation is still valid, GAO must close the case because there is no longer a D.C. audit site staff available to perform followup work, and such a staff is not expected to be available in the future.
District of Columbia 4. The Mayor of the District of Columbia should bring the four bank accounts maintained for collection of delinquent payments into the District's cash management system under the control of the cash managers.
Closed - Not Implemented
Although the recommendation is still valid, GAO must close the case because there is no longer a D.C. audit site staff available to perform followup work, and such a staff is not expected to be available in the future.

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