In response to a congressional request and in compliance with the
John F. Kennedy Center Act, GAO reviewed aspects of the Kennedy
Center's financial operations for fiscal years (FY) 1979 through
1982 and data for 1983 to assess the Center's ability to meet its
operating costs and bond indebtedness. GAO found that the Kennedy
Center has not met its bond interest debt to the U.S. Treasury,
which totaled about $28.6 million at the end of FY 1983, nor has it
been able to set aside funds to repay the principal, which totals
$20.4 million and is due in the year 2017. Further, GAO found that
the Center pays less than its full share of the building operating
costs shared with the National Park Service. GAO stated that the
number and the interrelation of issues involved in financial
management of the Center require a comprehensive solution.
Officials of the Department of the Treasury, the Office of
Management and Budget, and the Center formed a working group and
developed a proposal to address these problems and issues. The
proposal is being discussed with appropriate congressional
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