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B-114858 1 (1971-12-30)

handle is hein.gao/gaobaafcr0001 and id is 1 raw text is: ObER COMPTROLLER GENERAL OF T NIT D STAT WASHINGTON. D.C. 20548 II/III/IlII/IihIl/I~lII LM095443 B-114858 Dear Mr. Secretary: )D 3 The General Accounting Office has examined the _Statement of Assets and Liabilities of the Commercial Power Program of theFederal Columbia River Power Systiem (see note 1 to the ) financial statements) as of June 30, 1971, and the related Statements of Commercial Power Revenues and Expenses and Sour-c-nd Application of Funds for fiscal year 1971. Our ex-if-fiatioffwas made in accordance with generally accepted auditing standards and included tests of the accounting rec- ords of the Corps of Engineers, the Bureau of Reclamation, and the Bonneville Power Administration and such other auditing procedures as we considered necessary in the circumstances. On February 9, 1971, the Los Angeles earthquake severely damaged the Sylmar Converter Station owned by several public and private agencies in Los Angeles, California. The damaged Sylmar facility has temporarily made inoperable Bonneville's Celilo Converter Station and 800-kilovolt direct-current line which runs to the southern Oregon border. Bonneville antici- pates that its facilities, which cost $74,000,000, will resume 40-percent operation in April 1972 and 100-percent operation in September 1972. The accompanying financial statements for the System were prepared on a cost-accounting basis which included deprecia- tion. They do not present the financial results on a basis designed to show whether power rates are adequate to repay the Federal investment in the System, either for the fiscal year or cumulatively. (See note 2 to the financial statements.) The accounts and financial statements are subject to retroactive adjustment, because firm allocations of the cost of joint-use facilities to power and other purposes have not been made for three projects recently placed in service and for five projects under construction as of June 30, 1971. (See note 3 to the financial statements.) At these eight projects, total joint-use costs are $934,000,000, of which $731,000,000 tentatively is allocated to power. Changes in allocations sometimes have resulted in significant adjustments 03 50TH ANNIVERSARY 1921-197110

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