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should the Government's financial planning provide for surpluses during periods of high economic activity?

• The excess of expenses over revenues in 1974 on an accrual basis was over $95 billion.

Should the Government develop a five- or ten-year plan to phase in a program to overcome such increases in accumulated deficits?

Assets are valued at cost in conventional balance sheets. A committee of the House of Representatives reported as of June 30, 1972, that the estimated current value of the public domain lands was approximately $30 billion. No similar reports were available estimating current values for other land, mineral resources or the outer continental shelf. The accumulated deficit as of June 30, 1974, on an accrual basis was in excess of $800 billion.

Would the increase in values from cost for properties not required for public purposes have a significant offsetting influence on the accumulated deficit?

The United States dollar has been devalued twice in recent years. A flexible exchange rate is now in effect.

Would the availability of consolidated financial statements have an impact on the value of the dollar in world markets?

CONCLUSIONS AND RECOMMENDATIONS

For United States Government

• Financial management systems and functions of the Federal Government should be strengthened and integrated to achieve financial accountability at all levels.

• A strong and well-staffed central accounting department should be established in the Executive Branch.

• The accounting system should contain internal checks and balances to assure reliability of the data produced. Such internal controls should be supplemented by annual financial audits.

• Accrual accounting should be adopted. This was recommended by both Hoover Commissions and is required by Public Law 84-863, which was passed in 1956.

• The Federal Government should take the leadership now in developing fiscal responsibility by preparing and publishing consolidated financial statements.

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• Expenditures on income and product account. They are on an accrual basis, include trust account transactions with the public, and exclude capital transactions that do not represent current production, etc.

b Federal data include expenditures for grants-in-aid to state and local governments. These amounts have been excluded from state and local expenditures to avoid duplication.

• Projected using straight-line interpolation of actual 1974 expenditures and projected 1977 expenditures. Sources: Facts and Figures on Government Finance, 1973, Tax Foundation, p. 33.

Survey of Current Business Statistics, U. S. Department of Commerce, February 1975, pp. 15 and 16.
Economic Report of the President, U. S. Government Printing Office, February 1975, pp. 249 and 328.

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