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The attached report presents the results of our audit of the Department of Energys̀ Alaska Power Administration (APA) financial statements as of September 30, 1994. In our opinion, the APA statements are fairly presented in all material respects in accordance with generally accepted accounting principles. our reports on the APA internal control structure and on its compliance with laws and regulations are also provided. The US Government, through the Department of Energy, operates APA at two sites to provide hydroelectric power to Juneau and Anchorage, Alaska. Additional information about APA is provided in the notes to the financial statements. The 1994 financial statement audit was made under provisions of the Inspector General Act (5 USC. App.), as amended, the Chief Financial Officers (CFO) Act (31 USC 1500) and the Office of Management and Budget implementing guidance to the CFO Act. The auditors̀ work was conducted in accordance with generally accepted government auditing standards.
The Alaska Power Administration (APA) will continue to encourage economic and industrial development in Alaska through implementing the sale of APA assets in a manner consistent with the authorizing legislation while balancing all the stakeholders' interests. Alaska Power Administration will provide their employees opportunities for successful career transitions and conduct an efficient transfer of assets and closeout of APA, while continuing to provide customers reliable, low-cost hydroelectric energy during the transition. The attached report presents the results of the independent certified public accounts' audit of the Alaska Power Administration's (APA) combined power system statements of assets; Federal investment and liabilities; and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors' reports on APA's internal control structure and compliance with laws and regulations disclosed no reportable conditions or instances of noncompliance. Based on the unqualified opinion of the independent public accounting firm of KPMG Peak Marwick LLP and review of their audit work, the authors believe the financial statements fairly present the financial condition and results of the operations of APA for the period under audit.
The mission of the Alaska Power Administration is to operate and maintain Alaskas̀ Federal hydroelectric generation and transmission facilities in an efficient, reliable, safe, and environmentally sensitive manner. The power from the facilities is marketed in a manner so as to repay their federal debt and provide widespread use of the power resources at the lowest cost to consumers consistent with sound business principles. This document presents fiscal 1993 accomplishments, future plans, results of operations, sales and revenues, expenses, debt service, repayment status, net cash flow, system reliability, and a report of independent accountants.