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(discounted at 3 percent to yield a present value) yield a positive impact of $167.20 million <br />(1982$). These results hold for earnings impacts, for tax revenue impacts, and for <br />employment impacts. The present value of net earnings impacts for the basin is $49.70 <br />million, the value of the combined tax revenue impacts, $16.16 million. Present value is the <br />worth of a future stream of impacts expressed in terms of todays value. <br />Table I-E-1 reports the differences between the present values of the without fish projections <br />and the with fish projections expressed as a percentage of the without fish projections. The <br />percentage difference for the total output in the Basin is 0.0006 percent (i.e., six ten <br />thousandths of a percent). The figures for the remaining aggregate measures are. similar in <br />magnitude. Table I-E-1 also reports annualized values. The annualized value transforms a <br />fluctuating stream of impacts into a levelized equivalent present value. For the Basin <br />economy the annualized value of the output impact is a positive $8.36 million (1982$). <br />The State-level entries in Table I-E-1 demonstrate the second basic conclusion. The impacts <br />of proposed critical habitat designations are not distributed evenly over the individual States <br />in the Basin. In fact, during the study period impacts range from a positive $262.60 million <br />(California) to a negative $63.39 million (Utah). The reasons for these differences lie in the <br />nature of proposed recovery efforts for the endangered fishes. Streamflow requirements and <br />operational changes at Federal reservoirs may negatively impact recreation, electric power <br />production, and future consumptive water uses in some geographic areas, while these same <br />recovery efforts may enhance economic activity in others. This phenomenon is particularly <br />notable for the State of California, <br />vi <br />