BPLA (Contents)
Budget Process Law Annotated (1993)
Section 503
Congressional Budget and Impoundment Control Act of 1974
[PAGES 285-287]
[Page 285]
SEC. 503.768 OMB AND CBO ANALYSIS, COoRDINATION, AND REVIEW.
(a) In General.—For the executive branch, the Director769 shall be responsible for coordinating the estimates required by this title. The Director shall consult with the agencies that administer direct loan770 or loan guarantee771 programs.
768. Section 503 is codified at 2 U.S.C. § 661b (Supp. IV 1992). For legislative history of section 503, see infra note 783.
769. Section 502(9) defines “Director” as “the Director of the Office of Management and Budget”. See supra p. 284.
770. Section 502(1) defines “direct loan”. See supra p. 280.
771. Section 502(3) defines “loan guarantee”. See supra p. 280.
(b) Delegation.—The Director772 may delegate to agencies authority to make estimates of costs.773 The delegation of authority shall be based upon written guidelines, regulations, or criteria consistent with the definitions in this title.
772. Section 502(9) defines “Director” as “the Director of the Office of Management and Budget”. See supra p. 284.
773. Section 502(5) defines “cost”. See supra p. 281.
(c) Coordination With the Congressional Budget Office.—In developing estimation guidelines, regulations, or criteria to be used by Federal agencies, the Director774 shall consult with the Director of the Congressional Budget Office.
774. Section 502(9) defines “Director” as “the Director of the Office of Management and Budget”. See supra p. 284.
(d) Improving Cost775 Estimates.—The Director776 and the Director of the Congressional Budget Office shall coordinate the development of more accurate data on historical performance of direct loan777 and loan parantee778 programs. They shall annually review the performance of outstanding direct loans and loan guarantees to improve estimates of costs. The Office of Management and Budget and the Congressional Budget Office shall have access to all agency data that may facilitate the development and Improvement of estimates of costs.
775. Section 502(5) defines “cost”. See supra p. 281.
776. Section 502(9) defines “Director” as “the Director of the Office of Management and Budget”. See supra p. 284.
777. Section 502(1) defines “direct loan”. See supra p. 280.
778. Section 502(3) defines “loan guarantee”. See supra p. 280.
(e) Historical Credit Program Costs.779—The Director780 shall review, to the extent possible, historical data and develop the best possible estimates of adjustments that would convert aggregate historical budget data to credit reform accounting.
779. Section 502(5) defines “cost”. See supra p. 281.
780. Section 502(9) defines “Director” as “the Director of the Office of Management and Budget”. See supra p. 284.
(f) Administrative Costs.781—The Director782 and the Director of the Congressional Budget Office shall each analyze and report to Congress on differences in long-term administrative costs for credit programs versus grant programs by January 31, 1992. Their reports shall recommend to Congress any changes, if necessary, in the treatment of administrative costs under credit reform accounting.783
781. Section 502(5) defines “cost”. See supra p. 281.
782. Section 502(9) defines “Director” as “Director of-the Office of Management and Budget”. See supra p. 284.
783. Section 13201(a) of the Budget Enforcement Act of 1990 created the new title V on credit reform, including section 503. See infra p. 713. Public Law 97 258 repealed what used to be section 503. See “An Act to Revise, Codify, and Enact Without Substantive Change Certain General and Permanent Laws, Related to Money and Finance, as Title 31, United States Code, ‘Money and Finance’”, Pub. L. 97 258, 96 Stat. 877, 1082 (1982). Section 503 was codified in section 1552 of title 31. As originally enacted in 1974, section 503 read as follows:
accounting procedures
Sec. 503. (a) Subsection (a)(1) of the first section of the Act entitled “An Act to simplify accounting, facilitate the payment of obligations, and for other purposes”, approved July 25, 1956, as amended (31 U.S.C. 701) is amended to read follows:
“(1) The obligated balance shall be transferred, at the time specified in subsection (b)(1) of this section, to an appropriation account or the agency or subdivision thereof responsible for the liquidation of the obligation, in which account shall be merged the amounts so transferred from all appropriation accounts for the same general purposes; and”.
(b) Subsection (b) of such section is amended to read as follows:
“(b)(1) Any obligated balance referred to in subsection (a)(1) of this section shall be transferred as follows:
“(A) for any fiscal year or years ending on or before June 30, 1976, on that June 30 which falls in the first month of June which occurs twenty-four months after the end or such fiscal year or years; and
“(B) for the period commencing on July 1, 1976, and ending on September 30, 1976, and for any fiscal year commencing on or after October 11 1976, on September 30 of the second fiscal year following that period of the fiscal years or years as the case may be, for which the appropriation is available for obligation.
“(2) The withdrawals required by subsection (a)(2) of this section shall be made—
“(A) for any fiscal year ending on or before June 30, 1976, not later than September 30 of the fiscal year immediately following the fiscal year in which the period of availability for obligation expires; and
“(B) for the period commencing on July 1, 1976, and ending on September 30, 1976, and for any fiscal year commencing on or after October 1, 1976, not later than November 15 following such period or fiscal year, as the case may be, in which the period of availability for obligation expires.”
Counsel Notes
SECTION 503, in Current Law
Section 503, as in the current Congressional Budget Act of 1974 (Pub. L. 97-344).
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