GAO Says SEC Underestimated Budget By $50M

Law360, New York (October 21, 2005, 12:00 AM EDT) -- The Securities and Exchange Commission underestimated its budget needs for fiscal years 2005 and 2006 by almost $50 million, according to a report by the Government Accounting Office.

The budget for fiscal year 2005, $888 million, is expected to fall $20.2 million short of expenses. The deficit in fiscal year 2006 is projected at $28.5 million.

The report says that the SEC, plagued by administrative problems, failed to accurately assess the costs of building its new headquarters, which opened in the spring.

Costs ran far higher...
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