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B-114858 1 (1972-12-15)

handle is hein.gao/gaobaagaj0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STAIES WASHINGTON. D.C. 20548 B-114858 DEC 15 1972 LM096214 Dear Mr. Secretary: We have examined the Statement of Assets and Liabilities of the FedIera-l.Columbi'.,. -e5s (see not1 tbthe financial statements) as of June 30, 1972, and the related Statements of Revenues and Expenses and of Changes in Finan- cial Position for fiscal year 1972. Our examination was made in accordance with generally accepted auditing standards and included tests of the accounting records of the Corps of En- gineers, the Bureau of Reclamation, and the Bonneville Power Administration and such other auditing procedures as we con sidered necessary in the circumstances. The accompanying financial statements were prepared on a cost-accounting basis which included depreciation. The state- ments 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 cumu- latively. (See note 1 to the financial statements.) Subject to the financial effects of future adjustments related to the adoption of firm cost allocations as explained in note 2 and of the resolution of the matters involving in- terest credit and irrigation assistance as explained in notes 3 and 4, the accompanying fimancial statements, in our opinion, present fairly the assets and liabhiiisof the Federal Comia Rt PoWrtTJy iem 9faZJune 30, 1972, the fi- nancial results of its power operations, and the changes in financial position for the year then ended, in conformity with accounting principles and standards prescribed for exec- utive agencies of the Federal Government by the Comptroller General of the United States. These accounting principles and standards were applied on a basis consistent with that of the preceding year. Copies of this report are being sent to the Director, Office of Management and Budget; the Chairman, Federal Power

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