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e :-- :.0 -' c At May 31, 1951, the total repayable advances of $126,099,940.62, were allocated as follows: . Generating Machinery and Equipment Non-Project Works (Boulder City) All Other $ 39,200,955.68 2,760,930.96 84,138,053.98 $126,099,940.62 Public Law 841, making appropriations to the project for fiscal year 1949, reads in part as follows: "The obligation under the provision of Sec- tion 2 of the said Act to repay to the United States Treasury advances and readvances to the Colorado River Dam Fund which obligation is made the basis for computation of rates under the provisions of Section 1 of said Act, shall be diminished in the amOlmt that non-project investments or expendi- tures are or have been made from said fund and the rates computed pur- suant to said Section 1 of said Act shall reflect such diminution. " The effect given to the requirements of Public Law 841 is more fully explained on Page 14 of this report and has resulted in reducing rates charged against the power allottees and other consumers of power. How- ever, there has been no reduction granted by the United States Treasury to the project in the amounts required for the payment of interest on advances as a result of this legislation. It is now proposed to seek an appropriate ad- justment with the Treasury in order that its repayment requirements will be consistent with the formula prescribed by law for establishing the power rates and revenues accruing thereunder. Otherwise the project would be in a position of being required to pay to the Treasury amounts in excess of those which it can legally collect and to this extent would fail to meet its repayment schedule. The total income from all sources was $9, 158, 199 this year as com- pared to $9, 840, 630 last year, a decrease of almost 7%, attributed princi- pally to less favorable reservoir supply resulting in decreased production and sale of power, There were some savings in cost of all operations under last year, costs this year being approximately $2,740,000 as against $2,918,000 last year or slightly more than a 6% reduction. The surplus or excess of income over eXpenses available for retirement of long-term debt amounted to $1,214,204 this year, as compared to $1, 714,711 last year-- just a half million dollars less than last year. A summary showing the sources and disposition of all income for the years May 31, 1950 and 1951, which are normally comparable periods of operation, follows: ! I rJ~~(Ji1. tire JHCOHte IICCO<<.11t $OW/CR.~ and 'JJi~/.oH. ~ JHCOHte 7 ~-~~_~"u.. ~~""_~.o