FCRF (Contents)
Federal Capital Revolving Fund
Section 7
SEC. 7. TRANSFERS BETWEEN FUND AND PURCHASING AGENCIES.
(a) Expenditure Transfers.—All purchase transfers to purchasing agencies, payments of the one-time administrative fee, and transfers of repayment amounts to the Fund shall be expenditure transfers and shall be recorded as such.
(b) Availability and Purpose.—Subject to subsection (c), purchase transfers to purchasing agencies shall remain available until expended solely to pay for the costs of approved projects and may not be transferred or reprogrammed for any other purpose.
(c) Return of Unused Purchase Transfer Amounts.—Any portion of a purchase transfer that is not necessary to pay for the total cost of a project shall be returned to the Fund as follows:
(1) Unobligated purchase transfer amounts shall be returned to the Fund only after the Federal facility is substantially complete and within the two year period following the date on which the most recent outlay of purchase transfer funds by the agency occurred.
(2) If, after the return of the unused purchase transfer amounts pursuant to paragraph (1) occurs, there is an upward adjustment to a previously incurred project obligation, the Fund shall provide an expenditure transfer for such upward adjustment to the appropriate agency account of the lower of the amount returned pursuant to paragraph (1) and the amount of the upward adjustment to the previously incurred obligation.
(d) Establishing New Accounts.—The Secretary of the Treasury, in consultation with the Director, may establish new accounts within each purchasing agency that receives a purchase transfer from the Fund for the purpose of facilitating budgetary and financial reporting of the transactions authorized by this Act.
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Counsel Notes
The Federal Capital Revolving Fund Act of 2018 is proposed legislation that would reform the way the Federal Government purchases capital assets.
Additional Information
Section-by-Section for the Federal Capital Revolving Fund Act of 2018
Sec. 7. Transfers Between Fund and Purchasing Agency. This section clarifies that transfers between the Fund and purchasing agencies shall be recorded in the budget as expenditure transfers, will remain available until expended solely to pay for the cost of approved projects, and unused amounts will be returned to the FCRF. Any unused portion of the purchase transfer amount, not necessary to pay for the total costs of the project shall be returned to the Fund after occupancy. New accounts may be established for the purpose of facilitating budgetary and financial reporting of the transactions authorized by this Act.
[From the Budget Process section of the Analytical Perspectives volume of the President’s Fiscal Year 2020 Presidential Submission; pp. 138-140.]
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Budget Counsel 