Manufacturing Industry
DOD overestimated base-closing $
Corps Report, November, 1994
The Pentagon grossly overestimated property-sales revenue from closing military bases in the 1988 and 1991 closure rounds, because 89% of the land was either retained by DOD or transferred at no cost to other agencies, concluded a General Accounting Office report released last week.
GAO said the Pentagon initially projected revenue from property sales at $4.1 billion but lowered the figure to $1.2 billion this year. Proceeds from base sales are expected to reduce the federal deficit. Property sales so far have produced only $91.6 million - and that includes pending sales and $19 million transferred between agencies.
The report, which inspected 192,000 acres available on 37 bases, said 110,000 acres were either kept by DOD or transferred to other federal...
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