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DOCUBENT RESUME
00170 - ( A07511681
[TVA Expenses and Deductions]. END-77-14; B-114850. February 2,
1977. Released February 7, 1977. 5 pp.
Report to Rep. Clifford Allen; by Elmer B. Staats, Comptroller
General.
Issue Area: Accounting and Financial Reporting (2800).
Contact: Snergy and Minerals Div.
Budget Function: Natural Resources, Environment, and En*.rgy:
Energy (305); General Government: Central Fiscal Operations
(803).
organization Concerned: Tennessee Valley Authority.
Congressional Relevance: Rep. Clifford Allen.
Authority: T1YA Act (16 U.S.C. 831n-4(c)).
The accuracy and integrity of TVA*s accounting
procedures and financial statements for fiscal year 1976 were
questioned, and the reasons why TVA's net income dropped from
$163.2 million on March 31, 1976, to $126.1 million by yearend
were investigated. Findings/Conclusions: TVA's fuel expense
exceeded budget expenses by about $15.9 billion. The unit cost
of power generated was higher than budgeted, accounting for
about $5.3 million of the overrun. Another 410.6 million of
unbudgeted fuel expense resulted from a higher than anticipated
coal inventory shortage. Purchased powet, expensee exceeded
budgeted expense by $50.7 million. Maintenance expenses during
the fourth quarter exceeded budget estimates by about $20.9
million. This overrun was attributable to difficulties in
estimating repair costs and stepped-up maintenance at coal fired
steamplants. It was noted that increases in the cost cf fuel and
purchased power are billed to consumers two months after costs
are incurred. (RRS)](ViewImageLocal?handle=hein.gao/gaobaabsq0001&div=1&collection=&method=preview&ext=.png&size=3)