March 31, 1999
Web posted at: 3:13 p.m. EST (2013 GMT)

WASHINGTON (March 31) -- The federal government is unable to properly account for and report how it spent billions of taxpayer dollars in fiscal year 1998, according to a government audit released today by the House Government Reform and Oversight Committee.

"Once again billions of taxpayer dollars were lost to waste fraud and mismanagement," said Rep. Stephen Horn (R-California), chairman of the committee's subcommittee on government management, information and technology.

In summary, the report states "overall, significant financial systems weaknesses, problems with fundamental record keeping and financial reporting, incomplete documentation, and weak internal controls, including computer controls, continue to prevent the government from accurately reporting a significant portion of its assets, liabilities, and costs."

Of the 24 largest federal agencies, 17 submitted the required report.

Five of those who submitted reports received a failing grade and six received "D"s for their handling of taxpayer dollars. Only two agencies got "A"s -- NASA and the National Science Foundation. Seven agencies still have not submitted a report at all.

The General Accounting Office (GAO) prepared the audit for Horn's committee under requirement of the Government Management Reform Act of 1994.

In last year's report, the GAO determined that the Defense Department was unable to locate the Avenger Missile Launcher. This year the Defense Department again received failing grades.

Wednesday, March 31, 1999

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• McCain introduces himself to New Hampshire
• Could Kosovo make Gore another Hubert Humphrey?
• Committee: Government cannot accurately report location of billions in assets
• Witness: Jim McDougal wanted his ex to cooperate with Starr
• Supreme Court to hear first of several states' rights cases
• Bush exploratory committee says it has raised $6 million
• White House, nearly half of federal agencies miss Y2K deadline
• McCain to offer Internet bill
• New Hampshire House rejects income tax plan
• Some journalists say they don't always believe the media either

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