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Monday, September 18, 2006

GSA official: Revolving funds merger will help offset losses (9/15/06)

"The General Services Administration anticipates that congressional permission to merge its two revolving funds will help ensure that financial shortfalls do not occur during the next fiscal year, a top agency official said Friday.

Congress is close to approving a bill (H.R.2066) that would combine the Federal Technology Service and Federal Supply Service revolving funds into a Federal Acquisition Service fund - a step in an ongoing agency reorganization. House members could approve a modified Senate version before the House's target adjournment day of Oct. 6, according to a House staff member.

With the two funds combined, the agency would be able to use FSS-generated surpluses to cover FTS losses, said Jim Williams, commissioner of FAS. "

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