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DCCUMENT RESUME
03455 - [A25S3729]
Audit of Financial Statements cf Saint Lawrence Seaway
Development Ccrporation, Calendar Year 1976. FOD-77-13;
B-12!007. September 13, 1977. 9 pp. + 7 enclosures (9 pp.) + 2
appendices (3 pp.).
Report to the Congress; by Elmer B. Staats, Comptroller General.
Issue Area: Accounting and Financial Reporting (2800).
Contact: Field Operations Div.
Budget function: Commerce and Transportation: Water
Transportation (406).
Organizaticn Concerned: Derartment of the Interior; Saint
Lawrence Seaway Development Corp.
Congressional Relevance: House Ccmmittee on Public Works and
Tranportatior; reuate Committee on Public Works; Congress.
Authority: Merchant Marine Act of 1970 (33 U.S.C. 985).
Government Corporation Control Act (31 U.S.C. 850 (Supp.
V)). (68 Stat. 92; 33 U.S.C. 981). River and Harbor Act of
1970 (84 Stat. 1818; 84 Stat. 1820). Water Resources
revelopment Act of 1976. Water Resources Development Act of
1974. 88 Stat. 12. 88 Stat. 32. 90 Stat. 2917. 90 Stat.
2922.
The Saint Lawrence Seaway Development Corporation is
tLe vholly-cuned Government corporation created in 1959 to
provide for construction, operation, and development-- jointly
betwoen the United States and Canada--3f the 27-foot-deep seaway
between Montreal and Lake .rie. The Corpoi-ation has projected
that beginnig in 1978 it will not be able to meet its revenue
bond redemption schedule as currently structured. The
Governments of Canada and the United States are negotiating a
toll increase, but it is unlikely that, even with the increase,
enough revenues will be generated to resolve the Corporation's
financial situation. Findings/Conclusions: The corporation has
considered several options, including asking the Secretary of
the Treasury to alter the bond maturity dates, seeking
legislative cancellation of the debt, or asking the Congress for
appropriated funds. towever, the Corporation does not plan to
act on these opticns until the toll. increase negotiations are
concluded. Review of the Ccrporation's financial statements
indicates that they present fairly the Corporation's financial
position at December 31, 1976 and 1975, the results of its
operations, and the surce and application of its funds for the
years then erded in cenformity with principles and standards of
accounting prescribed by the Ccmptroller General of the United
States. Recommendations: The Corporation should begin analyzing
and ranking its options for resolving its financial situation so
that an effective &ction can be started as soon as the toll
negotiations are complete. (Author/SC)](ViewImageLocal?handle=hein.gao/gaobaavyk0001&div=1&collection=&method=preview&ext=.png&size=3)