On April 29, 1999, the OIG issued Advisory Memorandum 99-01, Budget Execution Process. The OIG initiated this review at the request of the SBA Administrator to review the SBA’s FY 1999 budget execution process, and specifically, the Reserve Account. The objectives of the review were to determine whether: (1) the policies and procedures for estimating expenses and managing the reserve were adequate, and (2) current estimates for the reserve were reasonable. The review focused on the FY 1999 “Reserve Account” from November 4, 1998 (the date it was established) to April 1, 1999. The OIG found that there were flaws in the SBA’s FY 1999 budget execution process relating to the reserve account. Policies and procedures for estimating expenses and managing the reserve were not adequate (1) the initial reserve balance was overstated as it was based on reduced allocations to other accounts that did not materialize, and (2) procedures to document expenditures were not always followed.
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