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DOCUMENT RESUME
00171 - (A0751186]
Examination of Financial Statements of the Tennessee Valley
Authority for Fiscal Year 1976. FOD-77-1; B-114850. February 7,
1977. 27 pp. enclosures (20 pp.).
Report to the Congress; by Elmer B. Staats, Ccmptroller General.
Issue Area: Accounting and Financial Reporting (2800).
Contact: Field Operations Div.
Budget Function: Natural Resources, EnvironmeLt, and Energy:
Water Resources and Power (301).
Organization Concerned: Tennessee Valley Authority.
congressional Relevance: Congress.
Authority: Government Corporation Control Act (31 U.S.C. 850).
Tenneasee Valley Authority Act of 1933 (48 Stat. 58; 16
U.S.C. 831). Fiscal Year Adjustment Act (P.L. 94-273).
Financial statements of the Tennessee Valley Authority
(TVA) for fiscal year 1976 were examined and the results of its
operations and the changes in the financial position of its
several programs for the years ending on June 30, 1975 and 1976
were reviewed. Findings/Conclusions: The financial statements
were found to present fairly the Tennessee Valley Authorityso
financial position at June 30, 1976 and 1975 and the results of
its operations and the changes in the financial position of its
several programs for the years then ended, in conformity with
gnerally accepted accounting principles applied on a consistent
basis. TVA's operating revenue from the sale of electric energy
increased 45% in fiscal year 1976 over 1975 and its net income
increased 22%. Fuel and purchased power cost TVA $950 million in
fiscal year 1976 and accounted for 56 cents cf each revenue
dollar, as compared to 33 cents 5 years ago. Coal inventory
shortages increased considerably in the last 3 years. As a
result of energy shortages, rising production and construction
costs, and increasing environmental concerns, TVA is studying
alternatives to its current rate structure. In fiscal year 1975,
TVA began adjusting power rates monthly based on changes in the
actual costs of fuel and purchased power. In fiscal year 1976,
TVA spent $35 million on research programs which included
environmental quality projects, advanced coal combustion
techniques, solar ene'rgy, and the Clinch River Breeder Reactor
project. (Author/SC)](ViewImageLocal?handle=hein.gao/gaobaabsr0001&div=1&collection=&method=preview&ext=.png&size=3)