OCR Text |
Show The project is still in the initial stages of construction and no income-producing facilities were in operational status during the year. The report, therefore, deals primarily with the construction progress to June 30, 1960. Limited comments are furnished with respect to the remaining items required to be reported upon. 1. STATUS OF REVENUES There were no revenues from water rental, water sales, or from sales of electric energy during the fiscal year. Revenues to date have been limited to nonoperating income derived from grazing leases and other miscellaneous nonoperating income, and at June 30, 1960, aggregated $38,567. 2. COST OF CONSTRUCTING, OPERATING, AND MAINTAINING THE PROJECT The cost of constructing the project to June 30, 1960, is reflected on the following attached financial exhibits: Exhibit A-Comparative balance sheets at June 30, 1960, and June 30, 1959. Exhibit B-Statement of source and application of funds and other credits as of June 30, 1960. Exhibit A sets forth comparatively the financial condition of the project at June 30, 1960, and June 30, 1959. The cumulative funds and other credits available to the project at June 30, 1960, and how such funds and credits were used or applied, are set forth on exhibit B by storage units, participating projects, transmission division, and the advance planning activity. During the fourth fiscal year of the project, which ended June 30, 1960, activities were directed mainly to (1) construction work on the Flaming Gorge, Glen Canyon, and Navajo storage units; the Hammond and Paonia participating projects; and the Vernal unit of the central Utah participating project; (2) preconstruction activities on the transmission division and the Seedskadee and Smith Fork participating projects; (3) completion of advance planning on the Blue Mesa and Morrow Point features and continued advance planning on the Crystal features of the Curecanti storage unit and on the central Utah, Emery County, Florida, LaBarge, Lyman, and Silt participating projects; and (4) acquisition and construction of service facilities. Costs incurred for these activities constitute the principal items of cost of constructing the project to June 30, 1960, and are summarized as follows: 113 |