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" ~ ("'I f" ~ \)(]':.\D la. Cost-Benefit Ratio - Interest and Extensions , The Bureau of Reclamation has a tendency to exaggerate the recrea- . tional, irrigation, and flood control benefits of their projects. For instance, the Bureau of Reclamation uses the method of "double counting" the recreational man-hour days and dollars of projects. In many cases the Bureau of Reclamation systematically underestimates the value of recreation benefits which already exist without their projeccs. Irrigation benefits are derived in much the same way. The flood \ control benefits of the Narrows must be re-evaluated. Actually, the flood control benefits of the Narrows are minimal. The Bijou Creek will not be controlled by Narrows and is the one tributary that by and large causes the most damage in the Lower South Platte River Basin. Upstream flood control above Denver and other metropolitan areas has been largely controlled on the South Platte River: and when the need arises, there will be other flood control projects constructed upstream whether the Narrows Dam is constructed or not. It would appear that the flood control benefits of the Narrows must be greatly reduced and the cost-benefit ratio brought far downward to a more realistic figure. One of the many interesting questions is what interest rate will have to be figured for the Narrows Project - the low rate of ;-1/4% or the newer rate of 7-1/8%. We also wonder how the Bureau of Reclamation continues to get exten- sions on the Narrows Project when the deadline is past. A complete re- evaluation with the resultant re-authorization must be. considered. 2..