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Article: Navy budgeting practices need some sprucing up ; A GAO report said that future projects suffer because of poor cost estimates.
- Article from:
- Portland Press Herald (Portland, ME)
- Article date:
- March 15, 2005
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Portland Press Herald (Maine)
03-15-2005
Navy budgeting practices need some sprucing up ; A GAO report said that future projects suffer because of poor cost estimates.
Edition: FINAL
Section: Editorial
Column: Our Views
A report by the investigative arm of Congress has illuminated a problem that should concern taxpayers and lawmakers alike: poor budgeting for naval ship construction.
A General Accounting Office report shows that the U.S. Navy hasn't done a good job estimating the cost of building new ships, resulting in more than $2.1 billion in cost overruns for just eight vessels.
That means money for new ships is instead being used to pay off the cost of these vessels, leaving less money ...