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