Certification of Revenues for FY 1984 Panama Canal Commission

ID-83-29: Published: Mar 21, 1983. Publicly Released: Mar 21, 1983.

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GAO reported on its certification of the Secretary of Defense's estimate of the Panama Canal Commission's annual revenues to be deposited in the Panama Canal Commission Fund.

Tolls charged vessels which transit the canal will generate the majority of the commission's projected revenues. Revenues and deposits expected to be derived from supporting activities, such as navigation services or water and power production and delivery, are based on the most recent commission estimates of revenues from these sources for fiscal year (FY) 1983 adjusted for foreseeable variations. Nontoll revenues are expected to increase by $10.3 million, or 8.6 percent, between FY 1983 and 1984. The expected increase is due to higher rates rather than an increase in the sales of more services. The commission projects a substantial shortfall between estimated and actual deposits for FY 1983. Even considering the wide variances expected for FY 1983, GAO believes that the commission has been quite successful in estimating its revenues. GAO concluded that the underlying assumptions provided a reasonable basis for making the estimate of the revenue to be deposited in the fund during FY 1984. However, some of these assumptions may not materialize and unanticipated events may occur; therefore, results may vary from the forecast.

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