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B-114858 1 (1974-12-17)

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EXAMINATION OF FINANCIAL STATEMENTS OF              B-114858   Oq  2-O   7_
THE FEDERAL COLUMBIA RIVER POWER SYSTPEM            12-17-79
0FISCAL YEAR 1974

      We examined the Statements of Assets and Liabilities of
 the Federal Columbia River Power System as of June 30, 1974,
 and the related Statements of Revenues and Expenses and of

 changes in Financial Position for fiscal year 1974. In our
 opinion, the financial statements, subject to the financial
 effects of future adjustments related to the adoption of

 firm cost allocations, present fairly the financial position
 of the system at June 30, 1974, the financial results of its

 power operations, and the changes in financial position for the
lyear endeduin conformity with accounting principles and

standards prescribed by'the Comptroller General of the United
States.


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