Federal debt collection and discount evaluation; Treasury current value of funds rate,
[Federal Register: October 30, 1998 (Volume 63, Number 210)]
[Notices]
[Page 58457-58458]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30oc98-148]
DEPARTMENT OF THE TREASURY
Fiscal Service
Treasury Current Value of Funds Rate
AGENCY: Financial Management Service, Fiscal Service, Treasury.
ACTION: Notice of rate for use in Federal debt collection and discount evaluation.
SUMMARY: Pursuant to Section 11 of the Debt Collection Act of 1982 (31 U.S.C. 3717), the Secretary of the Treasury is responsible for computing and publishing the percentage rate to be used in assessing interest charges for outstanding debts on claims owed the Government. Treasury's Cash Management Regulations (I TFM 6-8000) also prescribe use of this rate by agencies as a comparison point in evaluating the cost-effectiveness of a cash discount. Notice is hereby given that the applicable rate is 5 percent for calendar year 1999.
DATES: The rate will be in effect for the period beginning on January 1, 1999 and ending on December 31, 1999.
FOR FURTHER INFORMATION CONTACT: Inquiries should be directed to the Program Compliance Division, Financial Management Service, Department of the Treasury, 401 14th Street, SW, Washington, DC 20227 (Telephone: (202) 874-6630).
SUPPLEMENTARY INFORMATION: The rate reflects the current value of funds to the Treasury for use in connection with Federal Cash Management systems and is based on investment rates set for purposes of Pub. L. 95-147, 91 Stat. 1227. Computed each year by averaging investment rates for the 12-month period ending every September 30 for
[[Page 58458]]
applicability effective January 1, the rate is subject to quarterly revisions if the annual average, on the moving basis, changes by 2 per centum. The rate in effect for calendar year 1999 reflects the average investment rates for the 12-month period ended September 30, 1998.
Dated: October 26, 1998. Bettsy H. Lane, Acting Assistant Commissioner, Federal Finance.
[FR Doc. 98-29095Filed10-29-98; 8:45 am]
BILLING CODE 4810-35-M
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