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RED-76-57 1 (1975-12-19)

handle is hein.gao/gaobaaayi0001 and id is 1 raw text is: 0%Q / C¢, COMPTROLL, GENERAL OF THE UNITO STATE5 , .2 ,J WASI.LNGTON. D.C0 .4S ~-1l 4 s aDEC 19 1975 LM096880 The Hon': rble 2 The Secretary of the Interior Dear Mr. Secretary; w-, haze examined the statement of assets and liabilities of the Federel .olumbia Rivec Power System (see note 1 to the financial statemenLs) as of June 30, 1975, and the related statements of revenues and exnenses and of chanqes in financial nosition tor Aiiscal year 1975. We made our examination in accordanca with generallv accepted auditing standards and included tests of the account:.na records of the Corns of Enqineers, the Bureau of Reclama- tion, end the Bonneville Power Adminictration and 5uch other iuditina Procedures as we ccnsicered necessary in the circumstances. The accomoanvina financial statements were oredared on a ,snst-accountinu basis which included deoreciation. 1he statements do not oresent the financial results on a basis designed to show whether nower rates are adecuate to repay the Federal investment in tre System, for the fiscal ypar or cumulatively, on t:-. basis of established reoavmnt oeriods. (See note I to the financial statements.) In our ooinion, the accomuanying financial statements (exhibits 1, 2, and 3), subject to the financial effects of future adjustments related to the adootion cf firm cost allczations, as explained in note 3, oresent fairly the financial position of the System at June 30, 1973, the financial results of its nower operations, and the changes in financial nosition for the ear then enied, in conformity with accounting princioles and standards orescribed by the Comptroller ;eneral of the United States. BEST DOCUMENT AVAILABLE RED-76-Z7 7 0 4i

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