SUMMARY OF BUDGET ESTIMATES 1. SUMMARY OF BUDGET REQUEST     The expenses of the Revolving Fund (Liquidating Programs) are financed from repayments of loans and advances; therefore, no appropriation is requested. 2. CHANGES FROM 1997 ESTIMATES INCLUDED IN 1998 BUDGET     Receipts and repayments were $5.9 million more than anticipated. In addition Budget outlays (net receipts) were $27.4 million more than anticipated due to the higher than expected receipts from borrowers in the Section 312, Rehabilitation Loan program as well as the lower than expected expenses within the overall Revolving Fund account. 3. CHANGES FROM ORIGINAL 1998 BUDGET ESTIMATES     The only changes from the original 1998 Budget estimates are a $2.9 million downward reestimate of Budget outlays (net receipts) and assets are lower by $26 million as a result of a greater liquidation rate than originally projected. EXPLANATION OF INCREASES AND DECREASES The changes reflect the continued liquidation of the available balances of the Fund. Projected receipts and repayments continue to decline as Section 312, Rehabilitation loans are repaid. PROGRAM DESCRIPTION AND ACTIVITY 1. Legislative Authority. The Revolving Fund (Liquidating Programs) was established by the Independent Offices Appropriation Act, 1955, to provide a single fund to assist in the efficient liquidation of assets acquired under various housing and urban development programs. The assets of certain war and emergency housing constructed under the Lanham and Related Acts, Alaska Prefabricated Housing, War Public Works, Defense Community Facilities and Reconstruction Finance Corporation Public Agency Loan programs initially were included in this Fund. At the end of 1970, the Public Works Planning Advances, Grants to Aid Advance Acquisition of Land, and the Alaska Housing Grants and Loans programs were terminated and the assets were transferred to this Fund for liquidation. 2. Program Area Organization. In 1975, the assets and liabilities of four community development categorical programs comprised of Basic Water and Sewer Facilities, Neighborhood Facilities, Open Space Land, and Public Facility Loans were included in the Fund pursuant to Section 117(b) of the Housing and Community Development Act of 1974, which provided for such transfers to facilitate liquidation of the programs. In 1984, the New Communities program was transferred to the Revolving Fund; and, on October 1, 1986, the Urban Renewal Program was transferred to the Fund.     The National Affordable Housing Act repealed the Rental Rehabilitation Grants and Rehabilitation Loan (Section 312) programs. Both programs were transferred to the Revolving Fund (Liquidating Programs), effective October 1, 1991, pursuant to P.L. 102-27 and P.L. 102-139.     Starting in 1994, income exceeded operating expenses and disbursements of obligations, resulting in net receipts. This income is mostly from the repayments of active loans from the Section 312, Rehabilitation Loan program. STATUS OF FUNDS Balances Available Unobligated Balances. The following table shows the status of the Revolving Fund for fiscal years 1997-1999. SUMMARY OF OBLIGATED BALANCES WITHIN THE REVOLVING FUND