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Issues Resolution Committee (IRC) Meeting Minutes

April 28, 2011

GENERAL ITEMS:

This meeting was held on April 28, 2011, at the White House Conference Center, 726 Jackson Place, NW., Washington, DC.

Kathy Winchester (FMS) opened the meeting by reviewing the agenda. Introductions were made.

HANDOUTS:

  • Changes to USSGL Accounts for Appropriations – re: Continuing Resolutions (CRs), dated April 28, 2011

  • Proposed Revision to USSGL Account 4120, “Appropriations Anticipated – Indefinite,” dated April 28, 2011

  • Proposed/Revised USSGL Accounts for Trust Fund Transfers of Contract Authority, dated April 28, 2011

  • Proposed USSGL Accounts for the Exchange Stabilization Fund (ESF), dated Fiscal 2012

AGENDA ITEMS:

Trust Funds With Contract Authority Guidance Specific to the Highway Trust Fund (69X8102) and Recipient Trust Funds (69X8083 and 69X8350)

Karen Metler (FMS) discussed the accounting and reporting of contract authority activity pertaining to Department of Transportation’s Highway Trust Fund (HTF). The HTF consists of a Treasury Appropriation Fund Symbol (TAFS) “corpus” account (managed by the Bureau of Public Debt (BPD)), and several recipient accounts (managed by the Department of Transportation (DOT)). BPD and its "corpus" account are responsible for recording the collection and investment of receipts. In addition, the "corpus" account does not have budget authority, and it does not maintain, track, or record contract authority. Instead, it is the primary funding source for the recipient accounts.

All contract authority and appropriations to liquidate contract authority reside with the recipient accounts 69X8083 (FHA Trust Fund A) and 69X8350 (FTA Trust Fund B). The recipients report contract authority and can obligate; however, when they are ready to disburse, they have to send a request to the "corpus" account. Recipients also have the authority to transfer contract authority and appropriations to liquidate contract authority between one another. All of the nonexpenditure transfers that occur between these fund symbols are classified as nonallocation. That is what distinguishes this situation from other transfers of contract authority, which are between allocation accounts.

Teresa Tancre (OMB) added that the liquidating appropriations granted to the recipient trust funds do not give them the authority to obligate. It is the contract authority that gives them the authority to obligate. Teresa also mentioned that there is a “chain of command” for the recipients request to disburse. Trust Fund B (FTA 69X8350) must send a request to Trust Fund A (FHA 69X8083) for disbursement. Trust Fund A sends a request to the “corpus” account for the authority to obligate for Trust Fund B.

Charles Matthews (DOT-FHWA) inquired about transferring prior year contract authority within the funds. (Teresa responded by having a brief discussion with DOT after the IRC meeting.)

Proposed Revisions to USSGL Accounts 4118, 4119, 4120, and 4138

Melinda Pope (FMS) discussed the proposed modifications to the following USSGL account definitions:

4118 – Reestimated Loan Subsidy Appropriation
The amount of budget authority appropriated for direct loan and loan guarantee subsidies based upon reestimates as specified in the Credit Reform Act of 1990.

4119 – Other Appropriations Realized
The amount of budget authority appropriated as specified in the appropriation language for all other appropriations not otherwise classified.

4120 – Anticipated Indefinite Appropriation
The current estimate of anticipated indefinite amounts to become available under either a standing provision of law or a new appropriation that provides budget authority.

4138 – Appropriation to Liquidate Contract Authority
The amount of liquidating appropriations received during the fiscal year to fund contract authority as specified in the appropriation language.

ROUNDTABLE:

CLOSING REMARKS:

Kathy adjourned the meeting for all participants that were not interested in the remaining Exchange Stabilization Fund (ESF) working group discussions.

The next IRC meeting will be held on May 5, 2011, at the Government Accountability Office (GAO).

Exchange Stabilization Fund (ESF)

Attendees: Kathy Winchester, Christine Chang, Edwin Walker, Gwen Marshman, Teresa Tancre, Marilyn Evans, Jason Popeye, Karen Miller, Derek Tinsley, Brian McNutt, Dominique McCreary, Karen Stewart, Ken Campbell.

Marilyn Evans (Treasury) led the discussion on the proposed scenario. The group discussed each individual accounting transaction/event of the scenario, which included but was not limited to, the FMS 224 reporting, the impact on the Monthly Treasury Statement, and the budgetary impact (if any) of each event.

Kathy was concerned with:

  • The use of USSGL account 5921, “Valuation Change in Investments – ESF,” instead of a 7XXX series gain/loss account to capture the revaluation of investments for foreign exchange rate revalue. Marilyn and Jason Popeye (Treasury) stated that they would research the specifics with their auditors (KPMG).


  • When does ESF realize a gain/loss?


  • Only revaluations of Special Drawing Rights (SDR) will have realized gains/losses?

Teresa advised the group to remove the budgetary entries from transaction #16, “To record the IMF requested SDR purchase to assist a country that has a need for convertible currency.”

Christine Chang (FMS) did not agree with the receipt account posting logic for entries 17 and 18. She would like Marilyn to be consistent with the USSGL account 1010 reporting for the receipt accounts and ESF. Currently, ESF does not post USSGL account 1010, “Fund Balance With Treasury,” in any of its reporting.

Marilyn agreed to incorporate the changes from the meeting into the scenario. Further discussions will take place at a time and place to be determined.

ATTENDEES:

Kathy Winchester, FMS
Edwin Walker, FMS
Gwen Marshman, FMS
Christine Chang, FMS
Melinda Pope, FMS
Karen Metler, FMS
Leon Fleischer, SBA
Charles Matthews, DOT-FHWA
Webster Coleman, DOL
Susan Lee, OPM
Micky Chopra, DOD
Marilyn Evans, Treasury
Carol Gower, State
Amy Chen, VA
Katherine Lambert, FTA
Dena McDaniel, DOT
Teresa Lampkin, DOT
Cindy Scharf, LOC
YuFen Sunahara, NSF
Yong Sun, FHA/AUD
Boris Lyubovitsky, USDA
Yu Chen Yeh, NASA
Mark Garland, USPTO
Rita Cronley, FMS
Karen Stewart, FMS
Derek Tinsley, FMS
Ken Campbell, FMS
Brian McNutt, FMS
Dominique McCreary, FMS
Karen Miller , Treasury
Jason Popeye, Treasury
Debra Carey, SEC
S. Henderson-Glass, FTA
Teresa Tancre, OMB
Susan Stengel, NRC
Patrick McHugh, USDA
Diane Washington, DOI
Eric Jackson, BPD
Terri Rollins, BPD
Carol Berg, BPD
Gerald Davenport, DOD-DFAS
Mark Graham, SSA
Letha Holliday, SSA
Junghee Gogue, SSA
Briana Yoho, SSA
Barbara Ricks, SSA
Kim Klein, DOE
Bethany Williams, DOE

 


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