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<br />CHAPTER I II <br /> <br />INTERIM METHODOLOGY FOR ANALYSIS OF <br />BENEFITS AND COSTS OF UDFC PROJECTS <br /> <br />This chapter contains an interim methodology for performing <br /> <br />benefit-cost analyses of UDFC projects. The methodology has undergone <br /> <br />some review and criticism but additional refinement is necessary. <br /> <br />Although it is a methodology for analysis of both minor and major <br /> <br />UDFC projects, its application should be initially restricted to those <br /> <br />projects where flood damage reduction is a principal objective. The <br /> <br />reason for this is that minor projects must currently be justified <br /> <br />mostly because of convenience and environmental management benefits <br /> <br />and acceptable techniques for quantifying these do not currently exist. <br /> <br />The methodology is based mostly on current techniques used on <br /> <br />UDFC planning projects in Denver, Colorado by the Urban Drainage and <br /> <br />Flood Control District. It is intended to serve as a starting point <br /> <br />for the development of a more refined and highly relevant benefit- <br /> <br />cost methodology. <br /> <br />The primary objective of benefit-cost analysis is to compare <br /> <br />the costs and benefits of alternative flood control measures with <br /> <br />related benefits to determine which measures maximize the return from <br /> <br />the expenditure of public funds. The k~n must be measured with <br /> <br />repsect to public goals and objectives which are normally not precisely <br /> <br />known to the analyst. The principal objective of urban flood control <br /> <br />projects is normally taken to be the reduction of flood damages to <br /> <br />public and private property but a city can specify its goals in other <br /> <br />areas if they desire. To properly carry out a BCA, however, the local <br /> <br />priorities must be known. <br /> <br />51 <br />