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093935 1 (1973-01-22)

handle is hein.gao/gaobacxim0001 and id is 1 raw text is: 1 us -2 zr Brigadier General Richard E. McConnell Division Engineer North Pacific Division U.SC Army Corps of Engineers 210 Custom House Portland, OR 97209 095 55 UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 3086 FEDERAL OFFiCE BUILDING. 909 FIRST AVENUE SEATTLE, WASHINGTON 98104 ( 4 C C 0 -3 0 LM093935 Dear General McConnell: We have completed our review of the accounts and accounting pro- cedures for the Corps of Engineers projects included in the Federal Columbia River Power System (FCRPS) for the fiscal year ended June 30, 1972. Our review, which included an evaluation of administrative procedures and controls, was directed toward determining the reason- ableness and propriety of the project financial stataments submitted by the North Pacific Division (NPD) to the Bonneville Power Adminis- tration (EPA) for consolidation and inclusion in the fiscal year 1972 FCRPS financial statements. The review included a detailed account analysis of Walla Walla District projects and a general analysis of projects in the Portland and Seattle Districts. Although the administrative procedures and accounting controls generally were adequate, we found several discrepancies which we would like to bring to your attention. The following matters were discussed and informally resolved with District and Division personnel. 1. As noted in our May 5, 1972, letter to your office, relative to our fiscal year 1971 FCRPS audit, the Walla Walla District made several errors in computing interest expense on power plant-in-service. These errors understated interest expense for the Little Goose project by $1,038,670 and for the Lower M1onumental project by $1,333,503. In revising the respective fiscal year 1972 project accounts for the understatements, the District did not compute a full year's interest on the adjustments. Instead, the District recorded the adjustments as of June 30, 1972, and only computed a half-year's inter- est. As a result, the fiscal year 1972 interest expense was understated as follows: Little Goose Project - $12,983 Lower Monumental Project - $16,668 Ip -7 JAN

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