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B-114858 1 (1970-12-21)

handle is hein.gao/gaobabkqy0001 and id is 1 raw text is: COMPROLLER GENERAL OF THE UNITED STATES WASHINGTON. b.C. 2O4 DEC 2 1 1970 -114858 I IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII LM087826 Dear Mr. Secretary: The General Accounting Office has examined the accompanying financial statements prepared by the Bonneville Power Administration, Department of the Interior, for the Federal Columbia River Power Sys- tem for fiscal year 1970. Our examination was made pursuant to the Budget and Accounting Act, 1921 (31 U.S.C. 53), and the Accounting and Auditing Act of 1950 (31 U.S.C. 67). The designation Federal Columbia River Power System (System) is used to describe the integrated Federal power system in the Pacific Northwest comprising the (1) power generating facilities of the Corps of Engineers (Civil Functions), Department of the Army, and of the Bureau of Reclamation, Department of the Interior, and (2) transmission facili- ties of the Bonneville Power Administration. The Bonneville Power Ad- ministration markets the power generated by the integrated System. The statements present the financial results of operations and the source and application of funds in the generating, transmitting, and mar- keting of electric power for fiscal year 1970 and the financial position of the System at June 30, 1970. Our examination of the financial statements was made in accordance with generally accepted auditing standards and included tests of the ac- counting records of the Corps of Engineers, the Bureau of Reclamation, and the Bonneville Power Administration and such other auditing proce- dures as we considered necessary in the circumstances. Our preceding examination of financial statements of the System was made for fiscal year 1969. The accompanying financial statements for the System were pre- pared on a cost-accounting basis. 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.) A separate analysis is prepared by the Bonneville Power Administration for the Sys- tem for repayment purposes. The period over which fixed assets are

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