Discount Rates for Cost-Effectiveness Analysis of Federal Programs, 5599-5600 [08-416]

Download as PDF 5599 Federal Register / Vol. 73, No. 20 / Wednesday, January 30, 2008 / Notices to raise safety concerns to the NRC and to Mattingly Testing’s senior management without fear of retaliation. In addition, describe the actions it has taken and plans to take to ensure its employees understand the provisions of 10 CFR 19.15, 10 CFR 30.7, and 10 CFR 30.9. Copies of this information shall also be sent to the Assistant General Counsel for Materials Litigation and Enforcement at the same address above, and to the Regional Administrator, NRC Region IV, 611 Ryan Plaza Drive, Suite 400, Arlington, Texas 76011–4005. After reviewing your response, the NRC will determine whether further action is necessary to ensure compliance with regulatory requirements. For the Nuclear Regulatory Commission. Dated this 23rd day of January, 2008. Cynthia A. Carpenter, Director, Office of Enforcement. [FR Doc. E8–1645 Filed 1–29–08; 8:45 am] BILLING CODE 7590–01–P OFFICE OF MANAGEMENT AND BUDGET Discount Rates for Cost-Effectiveness Analysis of Federal Programs AGENCY: Revisions to Appendix C of OMB Circular A–94. Appendix C SUMMARY: The Office of Management and Budget revised Circular A–94 in 1992. The revised Circular specified certain discount rates to be updated annually when the interest rate and inflation assumptions used to prepare the budget of the United States government were changed. These discount rates are found in Appendix C of the revised Circular. The updated discount rates are shown below. The discount rates in Appendix C are to be used for cost-effectiveness analysis, including lease-purchase analysis, as specified in the revised Circular. They do not apply to regulatory analysis. Discount Rates for Cost-Effectiveness, Lease Purchase, and Related Analyses ACTION: The revised discount rates are effective immediately and will be in effect through December 2008. DATES: FOR FURTHER INFORMATION CONTACT: Robert B. Anderson, Office of Economic Policy, Office of Management and Budget, (202) 395–3381. John H. Kitchen, Associate Director for Economic Policy, Office of Management and Budget. Attachment. Office of Management and (Revised January 2008) Effective Dates. This appendix is updated annually around the time of the President’s budget submission to Congress. This version of the appendix is valid for calendar year 2008. A copy of the updated appendix can be obtained in electronic form through the OMB home page at http:// www.whitehouse.gov/omb/circulars/ a094/a94lappx-c.html, the text of the main body of the Circular is found at http://www.whitehouse.gov/omb/ circulars/a094/a094.html, and a table of past years’ rates is located at http:// www.whitehouse.gov/omb/circulars/ a094/DISCHIST-2008.pdf. Updates of the appendix are also available upon request from OMB’s Office of Economic Policy (202–395–3381). Nominal Discount Rates. A forecast of nominal or market interest rates for 2008 based on the economic assumptions for the 2009 Budget are presented below. These nominal rates are to be used for discounting nominal flows, which are often encountered in lease-purchase analysis. Budget. NOMINAL INTEREST RATES ON TREASURY NOTES AND BONDS OF SPECIFIED MATURITIES [In percent] 3-Year 5-Year 7-Year 10-Year 20-Year 30-Year 4.1 4.3 4.4 4.6 4.9 4.9 Real Discount Rates. A forecast of real interest rates from which the inflation premium has been removed and based on the economic assumptions from the 2009 Budget is presented below. These real rates are to be used for discounting constant-dollar flows, as is often required in cost-effectiveness analysis. REAL INTEREST RATES ON TREASURY NOTES AND BONDS OF SPECIFIED MATURITIES [In percent] 5-Year 7-Year 10-Year 20-Year 30-Year 2.1 mstockstill on PROD1PC66 with NOTICES 3-Year 2.3 2.4 2.6 2.8 2.8 management and to the NRC without fear of retaliation, where concerns are promptly reviewed, given the proper priority, and appropriately resolved and timely feedback is provided. The NRC VerDate Aug<31>2005 18:49 Jan 29, 2008 Jkt 214001 issued a Policy Statement, ‘‘Freedom of Employees in the Nuclear Industry to Raise Safety Concerns Without Fear of Retaliation’’ on May 14, 1996 [61 FR 24336] and additional guidelines in Regulatory PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 Issue Summary 2005–18, ‘‘Guidance for Establishing and Maintaining a Safety Conscious Work Environment’’ on August 25, 2005. E:\FR\FM\30JAN1.SGM 30JAN1 5600 Federal Register / Vol. 73, No. 20 / Wednesday, January 30, 2008 / Notices Analyses of programs with terms different from those presented above may use a linear interpolation. For example, a four-year project can be evaluated with a rate equal to the average of the three-year and five-year rates. Programs with durations longer than 30 years may use the 30-year interest rate. [FR Doc. 08–416 Filed 1–29–08; 8:45 am] BILLING CODE 3110–01–M OFFICE OF MANAGEMENT AND BUDGET FY 2007 Pilot Program for Alternative Approaches to Performance and Accountability Reporting Open Forum Office of Management and Budget (OMB). ACTION: Notice of open forum. mstockstill on PROD1PC66 with NOTICES AGENCY: SUMMARY: An open forum on the FY 2007 Performance and Accountability Report (PAR) pilot will be held at the National Academy of Public Administration (NAPA) on April 14, 2008 from 10 a.m. to 12 p.m. The PAR pilot allows agencies to explore different formats to enhance the presentation of financial and performance information and make this information more meaningful and transparent to the public. As an alternative to the traditional PAR, agencies that participated in the pilot had to prepare and submit to OMB three component documents. The component documents included an Agency Financial Report (AFR), an Annual Performance Report (APR), and a Highlights document that presents performance and financial information in a summary fashion. The purpose of the forum is to obtain feedback from individual users and stakeholders regarding the results of the pilot. Those interested in participating should respond to the questions listed below by e-mail to either Regina Kearney at rkearney@omb.eop.gov, or Pat Harris at pharris@omb.eop.gov by close of business March 28, 2008. • Do the PAR pilot component documents (Annual Financial Report, Annual Performance Report, and Highlights): Æ Provide an enhanced presentation of the financial and performance information in a more transparent way (i.e., information is presented in a manner that is user friendly and easy enough for a novice reader to understand)? Æ Report financial and performance information more meaningfully (i.e., financial and performance data is VerDate Aug<31>2005 18:49 Jan 29, 2008 Jkt 214001 reliable, relevant, and include measurable results linked to strategic goals)? Æ Tailor financial and performance information to meet stakeholder needs? Æ Report performance and financial results candidly and clearly articulate remedies to performance or financial shortfalls? • Are the PAR pilot component documents easily accessible via the web and are they easy to use? • Did the development of the PAR pilot component documents: Æ Improve internal and external communications? Æ Increase/decrease the burden on preparers? • What are individuals’ recommendations for improving performance and financial reporting? DATED: April 14, 2008 from 10 a.m. to 12 p.m. ADDRESSES: The forum will be held in the National Academy of Public Administration (NAPA) building located at 900 7th Street, NW., Suite 600, Washington, DC 20001. Due to potential delays in OMB’s receipt and processing of mail sent through the U.S. Postal Service, we encourage respondents to submit comments electronically to ensure timely receipt. We cannot guarantee that comments mailed will be received before the forum date. Electronic mail comments may be submitted to: rkearney@omb.eop.gov or pharris@omb.eop.gov. Please include ‘‘PAR Pilot Open Forum’’ in the subject line and put the full body of your comments in the text of the electronic message and as an attachment. Please include your name, title, organization, postal address, telephone number, and e-mail address in the text of the message. Comments may also be submitted by mail at 725 17th St, NW., Room 6025, Washington, DC 20503. Please advise also if you will require any special accommodations in order to participate in the forum. FOR FURTHER INFORMATION CONTACT: Regina Kearney, OMB Office of Federal Financial Management, 202–395–3993 or E-mail: rkearney@omb.eop.gov. Pat Harris OMB Office of Performance and Personnel Management, at 202–395– 5018 or pharris@omb.eop.gov. SUPPLEMENTARY INFORMATION: Performance and Accountability Reports provide the public with agency financial and performance information. PARs are transparent tools Congress and the public can use to hold agencies accountable for their program performance and financial results. PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 The FY 2007 PAR pilot, conducted from May 2007 to February 2008, was established so that agencies could explore different formats and timeframes for presenting financial and performance information and make this information more meaningful and transparent to the public. The pilot adjusted the timing for more detailed performance reporting, allowing the APR to coincide with the release of the President’s Budget. The pilot further required participating agencies to produce a Highlights document, which summarized key financial and performance information from the AFR and APR. Agencies who participated in the pilot include the Department of Health and Human Services, Department of Defense, Small Business Administration, Department of State, National Aeronautics and Space Administration, Department of Homeland Security, National Science Foundation, Department of Energy, Denali Commission, Corporation for National Community Service and U.S. Agency for International Development. Dustin Brown, Deputy Assistant Director for Management. [FR Doc. E8–1573 Filed 1–29–08; 8:45 am] BILLING CODE 3110–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 611; OMB Control No. 3238–0600; SEC File No. 270–540. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. • (Rule 611 (17 CFR 242.611)—Order Protection Rule On June 9, 2005, effective August 29, 2005 (see 70 FR 37496, June 29, 2005), the Commission adopted Rule 611 of Regulation NMS under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) to require any national securities E:\FR\FM\30JAN1.SGM 30JAN1

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[Federal Register Volume 73, Number 20 (Wednesday, January 30, 2008)]
[Notices]
[Pages 5599-5600]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 08-416]


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OFFICE OF MANAGEMENT AND BUDGET


Discount Rates for Cost-Effectiveness Analysis of Federal 
Programs

AGENCY: Office of Management and Budget.

ACTION: Revisions to Appendix C of OMB Circular A-94.

-----------------------------------------------------------------------

SUMMARY: The Office of Management and Budget revised Circular A-94 in 
1992. The revised Circular specified certain discount rates to be 
updated annually when the interest rate and inflation assumptions used 
to prepare the budget of the United States government were changed. 
These discount rates are found in Appendix C of the revised Circular. 
The updated discount rates are shown below. The discount rates in 
Appendix C are to be used for cost-effectiveness analysis, including 
lease-purchase analysis, as specified in the revised Circular. They do 
not apply to regulatory analysis.

DATES: The revised discount rates are effective immediately and will be 
in effect through December 2008.

FOR FURTHER INFORMATION CONTACT: Robert B. Anderson, Office of Economic 
Policy, Office of Management and Budget, (202) 395-3381.

John H. Kitchen,
Associate Director for Economic Policy, Office of Management and 
Budget.
Attachment.

Appendix C

(Revised January 2008)

Discount Rates for Cost-Effectiveness, Lease Purchase, and Related 
Analyses

     Effective Dates. This appendix is updated annually around the time 
of the President's budget submission to Congress. This version of the 
appendix is valid for calendar year 2008. A copy of the updated 
appendix can be obtained in electronic form through the OMB home page 
at http://www.whitehouse.gov/omb/circulars/a094/a94_appx-c.html, the 
text of the main body of the Circular is found at http://
www.whitehouse.gov/omb/circulars/a094/a094.html, and a table of past 
years' rates is located at http://www.whitehouse.gov/omb/circulars/
a094/DISCHIST-2008.pdf. Updates of the appendix are also available upon 
request from OMB's Office of Economic Policy (202-395-3381).
     Nominal Discount Rates. A forecast of nominal or market interest 
rates for 2008 based on the economic assumptions for the 2009 Budget 
are presented below. These nominal rates are to be used for discounting 
nominal flows, which are often encountered in lease-purchase analysis.

                   Nominal Interest Rates on Treasury Notes and Bonds of Specified Maturities
                                                  [In percent]
----------------------------------------------------------------------------------------------------------------
      3-Year             5-Year             7-Year             10-Year            20-Year            30-Year
----------------------------------------------------------------------------------------------------------------
           4.1                4.3                4.4                4.6                4.9                4.9
----------------------------------------------------------------------------------------------------------------

     Real Discount Rates. A forecast of real interest rates from which 
the inflation premium has been removed and based on the economic 
assumptions from the 2009 Budget is presented below. These real rates 
are to be used for discounting constant-dollar flows, as is often 
required in cost-effectiveness analysis.

                     Real Interest Rates on Treasury Notes and Bonds of Specified Maturities
                                                  [In percent]
----------------------------------------------------------------------------------------------------------------
      3-Year             5-Year             7-Year             10-Year            20-Year            30-Year
----------------------------------------------------------------------------------------------------------------
           2.1                2.3                2.4                2.6                2.8                2.8
----------------------------------------------------------------------------------------------------------------


[[Page 5600]]

     Analyses of programs with terms different from those presented 
above may use a linear interpolation. For example, a four-year project 
can be evaluated with a rate equal to the average of the three-year and 
five-year rates. Programs with durations longer than 30 years may use 
the 30-year interest rate.

[FR Doc. 08-416 Filed 1-29-08; 8:45 am]
BILLING CODE 3110-01-M