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089073 1 (1977-03-09)

handle is hein.gao/gaobacvbz0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE ROOM 201 415 FIRST AVENUE NORTH SEATTLE, WASHINGTON 98109 MAR 9 1977 xr. Rodney J. Vissia Bureau of Reclamation Department of the Interior Box 43, 550 West Fort Street Boise, Idaho 83702 Dear Mr. Vissia: We have completed our review of the Bureau of Reclamation project financial statements for the fiscal year ended June 30, 1976. The purpose of our review was to determine the reasonableness andpropriety of the project financial statements submitted to the Bonneville Power Administration (BPA) for inclusion in the 1976 Federal Columbia River Power System (FCRPS) consolidated statements. We included such tests of accounting records, financial procedures, and controls as we considered necessary in the circumstances We are pleased to report that the procedures and controls were generally found to be adequate However, we found five items which resulted in corrections to the project financial statements. In addition, we believe there is an opportunity to improve the management of shop stocks. Minor matters noted during our review were discussed and resolved with your staff and are not described in this letter. CEANGES REQUIRED TO THE FfIANCIAL STATEMENTS The five items requiring changes to the financial statements involved construction work in progress, contractor holdback payments held in escrow, contingent liabilities, interest during construction, and unexpended funds 1. The Teton Project construction work in progress was reported on the Statement of Assets and Liabilities under fixed assets On June 5, 1976, prior to being classified as in service, the Teton Dam failed. For financial statement purposes, the $13,089,776 of construction work in progress allocated to power as of June 30, 1976, was reclassified as a deferred charge pending final determina- tion of the future of the project. Bureau officials agreed to the reclassification as a deferred charge.

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