Discount Rates for Cost-Effectiveness Analysis of Federal Programs, 9284-9285 [2014-03161]

Download as PDF 9284 Federal Register / Vol. 79, No. 32 / Tuesday, February 18, 2014 / Notices material must identify the Agency name and the OSHA docket number for the ICR (Docket No. OSHA–2010–0048). You may supplement electronic submissions by uploading document files electronically. If you wish to mail additional materials in reference to an electronic or facsimile submission, you must submit them to the OSHA Docket Office (see the section of this notice titled ADDRESSES). The additional materials must clearly identify your electronic comments by your name, date, and the docket number so the Agency can attach them to your comments. Because of security procedures, the use of regular mail may cause a significant delay in the receipt of comments. For information about security procedures concerning the delivery of materials by hand, express delivery, messenger, or courier service, please contact the OSHA Docket Office at (202) 693–2350, (TTY (877) 889– 5627). 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The authority for this notice is the Paperwork Reduction Act of 1995 (44 U.S.C. 3506 et seq.) and Secretary of Labor’s Order No. 1–2012 (77 FR 3912). Signed at Washington, DC, on February 12, 2014. David Michaels, Assistant Secretary of Labor for Occupational Safety and Health. [FR Doc. 2014–03462 Filed 2–14–14; 8:45 am] BILLING CODE 4510–26–P 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. The revised discount rates will be in effect through December 2014. DATES: FOR FURTHER INFORMATION CONTACT: Gideon F. Lukens, Office of Economic Policy, Office of Management and Budget, (202) 395–3316. Dates: February 4, 2014. Aviva R. Aron-Dine, Associate Director for Economic Policy, Office of Management and Budget. Attachment OMB Circular No. A–94 Appendix C (Revised December 2013) OFFICE OF MANAGEMENT AND BUDGET Discount Rates for Cost-Effectiveness Analysis of Federal Programs Office of Management and Budget. ACTION: Revisions to Appendix C of OMB Circular A–94. AGENCY: 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 SUMMARY: Discount Rates for Cost-Effectiveness, Lease Purchase, and Related Analyses Effective Dates. This appendix is updated annually. This version of the appendix is valid for calendar year 2014. 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/. The text of the Circular is found at http://www.whitehouse.gov/omb/ circulars_a094/, and a table of past years’ rates is located at http:// www.whitehouse.gov/sites/default/files/omb/ assets/a94/dischist.pdf. Updates of the appendix are also available upon request from OMB’s Office of Economic Policy (202– 395–3316). Nominal Discount Rates. A forecast of nominal or market interest rates for calendar year 2014 based on the economic assumptions for the 2015 Budget is 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 1.0 1.9 2.5 3.0 3.6 3.9 tkelley on DSK3SPTVN1PROD with NOTICES 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 2015 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 ¥0.7 0.0 VerDate Mar<15>2010 20:58 Feb 14, 2014 Jkt 232001 PO 00000 Frm 00128 Fmt 4703 Sfmt 4703 E:\FR\FM\18FEN1.SGM 18FEN1 30-Year 9285 Federal Register / Vol. 79, No. 32 / Tuesday, February 18, 2014 / Notices REAL INTEREST RATES ON TREASURY NOTES AND BONDS OF SPECIFIED MATURITIES—Continued [in percent] 3-Year 5-Year 7-Year 10-Year 20-Year 30-Year 0.5 1.0 1.6 1.9 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. 2014–03161 Filed 2–14–14; 8:45 am] BILLING CODE P MILITARY COMPENSATION AND RETIREMENT MODERNIZATION COMMISSION Meeting of the Military Compensation and Retirement Modernization Commission Military Compensation and Retirement Modernization Commission. ACTION: Notice of Public Meetings and Town Hall Meeting. AGENCY: The Military Compensation and Retirement Modernization Commission (Commission) was established by National Defense Authorization Act, FY 2013. Pursuant to the Act, the Commission is holding public hearings and a town hall in order to solicit comments from the general public and select experts on the modernization of the military compensation and retirement systems. DATES: The hearings and town hall will be held Tuesday, February 25, 2014. ADDRESSES: The hearings and town hall will be held at the Embassy Suites Fayetteville Fort Bragg, 4760 Lake Valley Drive, Fayetteville, North Carolina 28303. FOR FURTHER INFORMATION CONTACT: Christopher Nuneviller, Associate Director, Military Compensation and Retirement Modernization Commission, PO Box 13170, Arlington VA 22209, telephone 703–692–2080, fax 703–697– 8330, email christopher.nuneviller@ mcrmc.gov. SUPPLEMENTARY INFORMATION: The Military Compensation and Retirement Modernization Commission (Commission) was established by the National Defense Authorization Act FY 2013, Public Law 112–239, § 671, (amended by National Defense Authorization Act FY 2014, Pub. L. tkelley on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 20:58 Feb 14, 2014 Jkt 232001 113–66, § 1095). The Commission will conduct public hearings and town halls across the United States and on select military installations internationally in order to solicit comments on the modernization of the military compensation and retirement systems. The Commission seeks the views of service members, retirees, their beneficiaries and other interested parties regarding pay, retirement, health benefits and quality of life programs of the Uniformed Services. The Commission will hear from senior commanders of local military commands and their senior enlisted advisors, unit commanders and their family support groups, local medical and education community representatives, and other quality of life organizations. These meetings sites will be accessible to members of the general public including individuals with disabilities. On February 25, 2014, the Commission will hold public hearings from 10:00 a.m. until 5:00 p.m., and a public town hall meeting from 7:00 p.m. until 9:00 p.m. February 25, 2014 Agenda 10:00 a.m. to 12:00 p.m. Senior Local Military Commanders and Senior Enlisted Advisors 1:30 p.m. to 3:00 p.m. Local Military/ Veteran Transition Service Organizations 3:15 p.m. to 5:00 p.m. Department of Defense and Local Schools 7:00 p.m. to 9:00 p.m. Town Hall The Panel Testimony heard on Tuesday, February 25, 2014, will consist of: a. Brief opening remarks by the Chairman and one or more of the Commissioners, b. brief opening remarks by each panelist, and c. questions posed by the Chairman and Commissioners to the panelists. On the evening of Tuesday, February 25, 2014, the Chairman and Commissioners will hear from the public. Attendees will be given an opportunity to address the Chairman and Commissioners and relay to them their experience and comments. PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 Due to the deliberative, nascent and formative nature of the Commission’s work, the Commissioners are unable to discuss their thoughts, plans or intentions for specific recommendations that will ultimately be made to the President and Congress. The public hearings will be transcribed and placed on the Commission’s Web site. In addition to public hearings, and due to the essential need for input from the beneficiaries, the Commission is accepting and strongly encourages comments and other submissions on its Web site (www.mcrmc.gov). Christopher Nuneviller, Associate Director, Administration and Operations. [FR Doc. 2014–03369 Filed 2–14–14; 8:45 am] BILLING CODE P NATIONAL TRANSPORTATION SAFETY BOARD [Docket No. NTSB–GC–2013–0001] Plan for Generic Information Collection Activity: Submission for OMB Review; Comment Request National Transportation Safety Board (NTSB). ACTION: Notice. AGENCY: In compliance with the Paperwork Reduction Act (PRA), this notice announces the NTSB is submitting an Information Collection Request (ICR), described below, to the Office of Management and Budget (OMB) for generic approval of witness and passenger questionnaires. This ICR is the second notice, as required by OMB regulations concerning approvals of information collections. This notice again describes the nature of the information collection and its expected burden and advises the public it may submit comments on this proposed generic information collection to the OMB desk officer for the NTSB. DATES: Submit written comments regarding this proposed plan for the collection of information by March 20, 2014. SUMMARY: E:\FR\FM\18FEN1.SGM 18FEN1

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[Federal Register Volume 79, Number 32 (Tuesday, February 18, 2014)]
[Notices]
[Pages 9284-9285]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03161]


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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 will be in effect through December 
2014.

FOR FURTHER INFORMATION CONTACT: Gideon F. Lukens, Office of Economic 
Policy, Office of Management and Budget, (202) 395-3316.

    Dates: February 4, 2014.
Aviva R. Aron-Dine,
Associate Director for Economic Policy, Office of Management and 
Budget.

Attachment

OMB Circular No. A-94

Appendix C

(Revised December 2013)

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

    Effective Dates. This appendix is updated annually. This version 
of the appendix is valid for calendar year 2014. 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/. The text of the Circular is found at http://www.whitehouse.gov/omb/circulars_a094/, and a table of past years' 
rates is located at http://www.whitehouse.gov/sites/default/files/omb/assets/a94/dischist.pdf. Updates of the appendix are also 
available upon request from OMB's Office of Economic Policy (202-
395-3316).
    Nominal Discount Rates. A forecast of nominal or market interest 
rates for calendar year 2014 based on the economic assumptions for 
the 2015 Budget is 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
----------------------------------------------------------------------------------------------------------------
           1.0
           1.9
           2.5
           3.0
           3.6
           3.9
----------------------------------------------------------------------------------------------------------------

    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 2015 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
----------------------------------------------------------------------------------------------------------------
          -0.7
           0.0

[[Page 9285]]

 
           0.5
           1.0
           1.6
           1.9
----------------------------------------------------------------------------------------------------------------

    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. 2014-03161 Filed 2-14-14; 8:45 am]
BILLING CODE P