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Report No: 525
Date: 11/16/2000

OMB COST ESTIMATE
FOR PAY-AS-YOU-GO CALCULATIONS

  1. LAW NUMBER: P.L.106-375 (H.R. 4259)

  2. BILL TITLE: National Museum of the American Indian Commemorative Coin

    3. Act of 2000

  3. BILL PURPOSE: Requires the Secretary of the Treasury to mint coins in commemoration of the National Museum of the American Indian of the Smithsonian Institution.

  4. OMB ESTIMATE: P.L. 106-375 requires the Secretary of the Treasury to mint and issue $1 silver coins in 2001 to commemorate the opening of the National Museum of the American Indian. The law requires the Government to incur no net cost. The sale price of the coin will include a surcharge of $10, the face value, and the cost of producing and issuing the coin. The surcharge receipts will be transferred to the museum. OMB estimates that surcharges of about $2 million will be collected in FY 2001 and transferred to the museum in FY 2002. In addition, the law authorizes the Secretary to obtain silver from a defense stockpile. OMB estimates that the sale of silver from the stockpile will increase offsetting collections by $1 million in FY 2001 and reduce the same amount of collections in a later year when the stockpile is depleted.
    5. (Fiscal years; in millions of dollars)
    2000 2001 2002 2003 2004 2005
    Net costs............... 0 -3 2 0 0 0

     

  5. CBO ESTIMATE:
    6. (Fiscal years; in millions of dollars)
    2000 2001 2002 2003 2004 2005
    Net costs............... 0 -3 2 0 0 0

     

  6. EXPLANATION OF DIFFERENCES BETWEEN OMB AND CBO ESTIMATES:

    7. OMB and CBO have the same estimates.

  7. CUMULATIVE EFFECT OF DIRECT SPENDING AND REVENUE LEGISLATION ENACTED TO DATE:
    8. (Fiscal years; in millions of dollars)
    2000 2001 2002 2003 2004 2005
    Outlay effect.............. 34 358 1,158 1,292 1,815 1,759
    Receipt effect............ -8 -620 -699 -747 -786 -775
    Net costs.................... 42 978 1,857 2,039 2,601 2,534

    NOTE: The cumulative effect of direct spending and revenue legislation enacted to date is currently estimated to result in an end-of-session sequester. The Administration looks forward to working with the Congress to ensure that an unintended sequester does not occur.