Pentagon Reservation Maintenance Revolving Fund
Abstract
We performed the audit to support the requirements of the Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994. DoD real property, valued at $100.9 billion in FY 2000, represented 90 percent of the $112.5 billion investment made by DoD in property, plant, and equipment. Real property also represented 16 percent of the total assets reported on the FY 2000 DoD Agency-Wide Consolidated Balance Sheet. Consequently, the DoD must accurately report property, plant, and equipment in order for the Government to achieve a favorable opinion on the consolidated financial statements of both the DoD and the Federal Government. The DoD incorporates the Pentagon Reservation Maintenance Revolving Fund into the Other Defense Organizations in its financial statements. The Washington Headquarters Services manages this fund, which has financed at least $878.7 million of construction. Congress has specified that the total cost for the planning, design, construction and installation of equipment for the renovation of the Pentagon Reservation could not exceed $1.2 billion. However, the Office of the Deputy Secretary of Defense tasked the Pentagon Renovation Program with ancillary projects outside of its original scope of work. This requires the program to distinguish between renovation projects that fall within the $1.2 billion spending limit set by Congress and Nonrenovation projects that fall outside the congressional limitation.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jul 02, 2001
- Accession Number
- ADA392091
Entities
Organizations
- Office of the Inspector General, U.S. Department of Defense