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<br />-7- <br /> <br />b. Retain existing grant and loan legislation but <br /> <br />revise Federal administrative procedures to show <br /> <br />project impacts as required by the P&S. <br /> <br />c, Convert all water resource programs now implemented <br /> <br />directly by Federal agencies to programs implemented <br /> <br />by non-Federal interests through Federal grants and <br /> <br />loans. Coordination would be through a regional <br /> <br />clearinghouse as presently required for grant and <br /> <br />loan programs. <br /> <br />d. -Convert all grant and loan programs to programs <br /> <br />implemented by Federal agencies. The P&S would then <br /> <br />apply to all Federal water resource programs. <br /> <br />B. Plannin~ and Evaluation Procedures <br /> <br />This category contains the more technical problems with water <br /> <br />resource' planning and evaluation that have been identified by (1) agencies <br /> <br />in applying the P&S, (2) reviewers of agency projects developed prior to <br /> <br />the P&S, and (3) the general public, <br /> <br />1. Problem: The accuracy, propriety, and integrity of water resource <br /> <br />project cost estimation and benefit derivation are being <br /> <br />challenged. <br /> <br />Options: a. <br /> <br />Include projections of inflation to ",",r of initial <br /> <br />construction in estimates of economic COJts and <br /> <br />benefits to reduce the appearance of l~rge cost <br /> <br />overruns, <br /> <br />2562 <br />, , <br /> <br />,(""" <br />