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B-114858 1 (1973-12-28)

handle is hein.gao/gaobabkuf0001 and id is 1 raw text is: 4 COMPTROLLER GENERAL OF THE UNITED STATES ) 3 WASHINGTON D C 20548 B-1 14858 The Honorable The Secretary of the Interior QEC 28 197 Dear Mr. Secretary r- We have examined ih-eStatement of Assets and Liabilities of the Federal Columbia River Power Sy tem (see note 1 to the financial - statementsj.&s of June 30, 1973J and the related Statements of Revenues and Expenses and of Clhanges in Financial Position for fiscal year 1973. Our examination was made in accordance with generally accepted auditing standards and included tests of the accounting rec- ords of the Corps ot Engineers, the Bureau of Reclamation, and the Bonneville Power Administration and such other auditing procedures as we considered necessary in the circumstances. The accompanying financial statements were prepared on a cost- accounting basis which included depreciation. The statements 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. Subject to the financial effects of future adjustments related to the adoption of firm cost allocations, as explained in note 2, the accompanying financial statements, in our opinion, present fairly the assets and liabilities of the System at June 30, 1973, the financial results of its power operations, and the changes in financial position for the year then ended, in conformity with accounting principles and standards prescribed by the Comptroller General of the United States. Copies of this report are being sent to the Director, Office of Management and Budget, the Chairman, Federal Power Commission, the Administrator, Bonneville Power Administration, the Commissioner of Reclamation, the Secretary of the Army, and the Chief of Engineers. Sincerely yours, DOP:tMY Comptroller General of the United States Enclosures - 5

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