U.S. Government Standard General Ledger Issues Resolution Committee (IRC) Meeting Minutes
January 19, 2006
Judy Yuran (FMS) opened the meeting by stating that the purpose of this meeting is to discuss issues concerning Cash and Investments Held Outside of Treasury (CIHO).
Karen Metler (FMS) went through the draft IRC Working Document for CIHO transactions. Judy stated that all mutual funds are considered non-Federal investments regardless of what their holdings are, even if the mutual funds are holding Federal securities. This is stated in OMB Circular No. A-11.
While discussing transaction number 4 on the working document, Kathy Winchester (FMS) raised the question of whether the funds should go into USSGL account 1010, "Fund Balance With Treasury," and then be reclassified to USSGL account 1130, "Funds Held by the Public." Karen Stewart (FMS) stated that there is no cash coming in, so it should not hit USSGL account 1010.
While discussing transaction number 8b, Kathy suggested showing only USSGL accounts 7211, "Losses on Dispositions of Investments" and 1620, "Investments in Securities Other Than the Bureau of the Public Debt Securities," and not USSGL account 1130. The group agreed that if this was done, there would need to be comments added to the transaction or an additional entry.
While discussing transaction numbers 11 and 12, the committee agreed to delete transactions using USSGL account 1010.
Judy closed the meeting by suggesting that the participants take some time back at their agencies to review and discuss the scenario and provide any additional comments. She also said revisions will be included in the June revision of the TFM.
Judy Yuran, FMS