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FOD-75-11 Examination of Financial Statements of the Tennessee Valley

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FOD-75-11 Examination of Financial Statements of the Tennessee Valley REPQRT TO THE CONGRESS I11111111lllllIllIll11 111111111111111111111111 Ill1 LM097068 Examination Of Financial Statements Of The Tennessee Valley Authority For Fiscal Year 1974 BY THE COMPTROLLER GENERAL OF THE UNITED STATES FOD-75-1 1 COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C. PO5448 B-114850 To the President of the Senate and the c! Speaker of the House of Representatives /' This is our report on the examination of the Tennessee Valley Authority's financial statements for fiscal year 1974, pursuant to the Government Corporation Control Act (31 U.S.C. 851). We are sending copies of this report to the Director, Of- fice of Management and Budget; the Secretary of the Treasury; and the Chairman, Board of Dir ey Authority. Comptroller General of the United States Contents Page DIGEST i CHAPTER 1 INTRODUCTION 1 2 GENERAL COMMENTS ON PROGRAMS AND ACTIVITIES 2 Power program 2 Operating results 2 Rate adjustments 4 Proprietary capital and payments to the Treasury 5 Borrowing authority 7 Construction activities 8 Coal procurement 12 Fertilizer program 18 Developmental production 19 Other matters 20 3 SCOPE OF EXAMINATION 22 4 OPINION ON FINANCIAL STATEMENTS 23 EXHIBIT I Balance sheets, June 30, 1974 and 1973 24 II Power program, net income and retained earnings for the years ended June 30, 1974 and 1973 26 III Nonpower programs, net expense and accumu- lated net expense for the years ended June 30, 1974 and 1973 27 IV Changes in financial position for the years ended June 30, 1974 and 1973 29 Notes to financial statements 31 SCHEDULE Page A Completed plant, June 30, 1974 34 B Construction and investigations in progress, June 30, 1974 35 C Details of power expense for the year ended June 30, 1974 36 D Details of nonpower net expense for the year ended June 30, 1974 37 E Operating expenses of multiple-use f acili- ties for the year ended June 30, 1974 41 F Administrative and general expenses for the year ended June 30, 1974 42 ABBREVIATIONS GAO General Accounting Office TVA Tennessee Valley Authority 1 I * I I I COMPTROLLERGENERAL'S EXAMINATION OF FINANCIAL STATEMENTS I REPORTX0 XHE CONGRESS OF THE TENNESSEE VALLEY AUTHORITY r FOR FISCAL YEAR 1974 I I DIGEST I ------ I I WHYXHE EXAMINATIONWAS MADE Of the $106.1 million net income, I TVA paid $63.4 million into the I This examination was made in accord- Treasury as a return on the Govern- I ance with the Government Corporation ment's investment in power facilities 1 Control Act which requires the Comp- and the remaining $42.7 million in- I I troller General to audit financial creased retained earnings. (See p. transactions of the Tennessee0 Valley 3.1 i I Authority (TVA). I.2 ; t A” In addition to the $63.4 million, TVA I paid $20 million of power proceeds to I I OPINION ON FINANCIAL SXAXEMENTS the Treasury as partial repayment of I the Government's investment in power I I In GAO's opinion, TVA's financial facilities. The TVA Act required I statements present fairly its finan- both payments. The Congress passed I cial position at June 30, 1974 and and the President vetoed a bill to i I 1973, and the results of its opera- allow TVA to credit its expenditures tions and the changes in the finan- for certified pollution control I I cial position of its several pro- facilities against these payments. I grams for the years then ended, in (See p. 6.) I I conformity with generally accepted I accounting principles applied on a To assist in financing its power I consistent basis. (See p. 23.) program, TVA issued $450 million in I i bonds, bringing its outstanding notes I and bonds to $2.795 billion at June I I OXHERId4TXERS OF INTEREST 30, 1974. This is within limitations I of the act which permit a maximum Power pro,gmm I outstanding concurrent debt of $5‘bil- lion. (See p. 7.) 1 Operating results--At June 30, 1974, i power program assets totaled $4.809 In July 1974, TVA's Board of Directors I billion, or about 87 percent of TVA's approved issuing short-term notes of total assets. Operating revenues I up to $350 million to the Federal Fi- I increased by $134.2 million, or 18 nancing Bank. TVA issued a $300 mil- I percent, in fiscal year 1974. This lion bond to the bank in October 1974. I I increase, however, and a $11.6 mil- (See p. 8.) I lion increase in other income were I more than offset by higher expenses, I Rate adjustments--TVA raised its power I particularly higher cost fossil fuels rates by an average of 20 percent in I and larger interest charges. As a January 1974 because of rising power I I result, net income of $106.1 million system costs, particularly the cost I in fiscal year 1974 was slightly less of coal. Because of large and unpre- I than that of the preceding year. dictable variations in fuel costs, TVA ; (See p. 2.) adopted a fuel adjustment policy in I I I Tear Sheet Upon removal, the report i FOD-75-11 I cover date*should be noted hereon. I I I I I June 1974. Under this policy, TVA may prices were due to an imbalance of i adjust power rates monthly on the basis supply and demand and delinquent coal I of month-to-month changes in the actual shipments. I cost of fuel burned at its power plants. On the basis of actual fuel cost in About three-fourths of TVA's electric 1 June 1974, TVA raised its rates by about power was generated by 12 steam plants i 3 percent, effective August 1974. (See that burned 37.7 million tons of coal,1 pp. 4 and 5.) ._ costing about $324 million, during the year. (See pp. 12 and 14.) Nuclear power developments--TVA's power generating capacity was 23.3 million In August 1973, in response to a re- kilowatts at June 30, 1974, an increase quest for offers sent to 162 coal of 1.4 million kilowatts over the pre- suppliers, TVA received 27 bids. TVA ceding year. A second unit of the awarded contracts to 20 of the sup- Cumberland steam plant became operational pliers for delivery of 18.4 million on November 1, 1973, and accounted for tons, but this was not enough to meet most of the increase. (See p. 9.) projected needs. TVA plans to more than double its gen- In October 1973 TVA began exercising erating capacity over the next 10 years. its emergency authority to purchase If the six nuclear plants are completed coal without advertising; however, by 1984, they will provide additional the response continued to be poor. generating capacity of about 21.4 million (See pp. 14 and 15.) kilowatts. TVA's first nuclear unit, at the Browns Ferry nuclear plant, began com- Coal deliveries to steam plants were mercial operations on August 1, 1974. as much as 24 percent short of that (See p. 9.) scheduled under TVA's long-term con- tracts. A variety of reasons were Scheduled operational dates of TVA's cited for the shortages. (See p. nuclear units continue to slip. Unit 1 16.) at Browns Ferry was delayed by about 4 years. Units 2 and 3, initially In fiscal year 1974, TVA purchased scheduled to begin commercial operation coal at the highest price it had by October 1971 and October 1972, re- ever paid--l66 percent above the spectively, were rescheduled for Decem- previous year's average price. ber 1974 and September 1975. Overall the (See p. 17.) delay of the seven units under construc- tion ranged from 5 to 8 months in fiscal TVA's objective was to maintain year 1974. (See p. 11.) enough coal at its steam plants for 60- to go-day continuous operation According to TVA's estimates, about at the normal burn rate. However, $5.9 billion will be required to by June 30, 1974, the supply had complete the major projects under dropped to 23 days at two plants and construction or planned. (See p. 37 days at another plant. 12.) Because of the declining coal stock- piles, TVA announced in August 1974 Coal procurement--Coal stockpiles at that electric power might be curtailed: TVA's steam plants declined sharply, during the winter season and later i and prices rose to unprecedented asked that customers voluntarily re- I levels in fiscal year 1974. TVA's duce their use of electricity by 20 ; short supply of coal and higher percent. (See p. 17.) I ii A coal miners' strike from November 12 TVA-produced, electric-furnace acid as through December 5, 1974, further ag- a source of phosphates and to shift its gravated TVA's coal supply situation. production of fertilizer ingredients Even though TVA took steps to lessen from solid nitrates to urea. (See pp. the impact of the strike, its system- 18 to 20.) wide coal supply dropped from 45 to 34 days during the strike period. However, TVA had increased its stock- RECOMk'ENDATIONSOR SUGGESTIONS I piles to a 38-day supply at the end of 7974. (See p. 18.) This report contains no recommendations I or suggestions. FwtiZiser program I I I Development production--Implementation I of an operating plan--which TVA esti- MATTERSFOR CONSIDERATION I I mated would save about $6 million--will BY THE CONGRESS I not proceed on schedule because of the I fluctuating fertilizer market conditions. This report, required by law, informs the J Eventually, TVA plans to substitute com- Congress of the operations and financial I mercial, wet-process phosphoric acid for condition of TVA.
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