The Housing and Urban Development Department is the first federal agency with procurement authority in at least a decade to have pulled back more money obligated for planned contract work than it spent with vendors over a full fiscal year, according to Bloomberg Government analysis.
Aggregate contract spending out of HUD was -$1.1 billion, with a combined $1.7 billion in deobligations linked to two expired professional services contracts countering $699.7 million in positive net obligations for all other work at the agency.
Federal agencies report obligations — the money committed to an approved contract ahead of the contract’s completion — ...