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Report No: 536
Date: 12/07/2000

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

  1. LAW NUMBER: P.L.106-435 (H.R. 3679)


  2. BILL TITLE: 2002 Winter Olympic Commemorative Coin Act


  3. BILL PURPOSE: Requires the Secretary of the Treasury to mint commemorative coins in support of the 2002 Salt Lake Olympic Winter Games and the programs of the United States Olympic Committee.

  4. OMB ESTIMATE: P.L. 106-435 requires the Secretary of the Treasury to mint and issue $5 gold coins and $1 silver coins in 2002 to commemorate the 2002 Winter Olympic Games. The Government will incur no net cost. The sales price will include a surcharge of $35 for the gold coin and $10 for the silver coin, the face value, and the cost of producing and issuing the coin. The surcharge receipts will be transferred equally to the Salt Lake Organizing Committee for the Olympic Winter Games of 2002 and the United States Olympic Committee. OMB estimates that surcharges of about $6 million will be collected in FY 2002 and transferred to the recipients in FYs 2002 and 2003. 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 $2 million in FY 2002 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 0 -5 3 0 0

     

  5. CBO ESTIMATE:
    6. (Fiscal years; in millions of dollars)
    2000 2001 2002 2003 2004 2005
    Net costs............... 0 0 -5 3 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 1,397 2,456 7,094 7,824 8,019
    Receipt effect............ -8 -689 -808 -870 -922 -924
    Net costs.................... 42 2,086 3,264 7,964 8,746 8,943


    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.