Audit of Saint Lawrence Seaway Development Corporation Financial Statements, Calender Year 1979

Gao ID: CED-80-117 August 21, 1980

The results of an audit of the financial statements for the year ended December 31, 1979 are presented for the Saint Lawrence Seaway Development Corporation, a wholly-owned Government corporation.

During the calendar year, the Corporation reduced its indebtedness, and its actual administrative expenses were well within the statutory limit. Using existing toll levels, the Corporation has projected that beginning in 1983 it will not be able to meet its revenue bond redemption schedule as currently structured. Its debt will need restructuring for the third time since 1970 to meet its obligations. The Department of Transportation has responsibility for auditing the Corporation's financial operation but has not done so since the GAO last audit of December 31, 1976. This financial statement presented fairly the financial position of the corporation at the end of December 31, 1979.



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