United States General Accounting Office GAO Report to the Congress July 1997 FINANCIAL AUDIT Panama Canal Commission’s 1996 and 1995 Financial Statements GAO/AIMD-97-92 United States GAO General Accounting Office Washington, D.C. 20548 Comptroller General of the United States B-272998 July 10, 1997 To the President of the Senate and the Speaker of the House of Representatives This report presents the results of our audits of the Panama Canal Commission’s financial statements for the fiscal years ended September 30, 1996 and 1995, its assertion on internal controls, and its compliance with laws and regulations. The report also presents the results of our examination of the Commission’s September 30, 1996, financial forecast that it will be in a position to meet its financial liabilities on December 31, 1999. On October 1, 1979, the Commission was established as an executive agency to carry out the responsibilities of the United States with respect to the Panama Canal Treaty of 1977. In February 1996, the Panama Canal Amendments Act of 1995 (the 1995 Act)1 reconstituted the Commission as a wholly-owned government corporation. The Commission will operate the Canal until the Treaty terminates on December 31, 1999, when the Republic of Panama will assume full responsibility for the Canal. For fiscal year 1995, we were required by the Panama Canal Act of 1979 to conduct an annual audit of the Commission’s financial statements. For fiscal year 1996, the Board of Directors requested that GAO perform the audit.2 Our opinion states that the Panama Canal Commission’s financial statements present fairly, in all material respects, its financial position as of September 30, 1996 and 1995, and the results of its operations, changes in capital, and cash flows for the years then ended, in conformity with generally accepted accounting principles. In addition to auditing the financial statements of the Commission, we examined the Statement of Financial Viability as of September 30, 1996, in accordance with standards for an examination of a financial forecast established by the American Institute of Certified Public Accountants. Our opinion states that the underlying assumptions provide a reasonable basis for management’s assertion that the Commission will be in a position to meet its financial liabilities on December 31, 1999. However, there is no 1 Public Law 104-106, sec. 3522, 110 stat. 638 (1996). 2 Section 3526 of the 1995 Act amended section 1313 of the Panama Canal Act of 1979 to authorize the Board of Directors, at its discretion, to direct the Commission to hire independent auditors to conduct the audit in lieu of the Comptroller General. In addition to conducting the audit of the Commission’s financial statements, the auditor is to examine the Commission’s forecast that it will be in a position to meet its financial liabilities on December 31, 1999. Page 1 GAO/AIMD-97-92 Panama Canal Commission B-272998 assurance that the actual results will occur as forecasted. The ability to cover all liabilities existing now and at December 31, 1999, depends on (1) obtaining the budgeted levels of Canal operations and (2) future economic events. Also, our opinion states that management’s assertion is fairly stated that internal controls in effect on September 30, 1996, provided reasonable assurance that losses, noncompliance, or misstatements material to the financial statements would be prevented or detected. Our 1996 tests for compliance with selected provisions of certain laws and regulations disclosed no reportable instances of noncompliance with laws and regulations for the provisions tested. Our audit was conducted in accordance with generally accepted government auditing standards. The Commission operates as a rate-regulated utility. In fiscal year 1996, approximately 75 percent of its operating revenues were obtained from tolls and the remaining 25 percent, from nontoll revenues, such as navigation services and electric power sales. Early retirement, compensation benefits for work injuries, post-retirement medical care costs, and Office of Transition Administration costs are being funded from Canal revenues on an accelerated basis in order to be fully funded by 1999. During the period of these statements, the Commission was given the authority to prescribe the rules for measuring vessels and levying toll rates for the Panama Canal.3 These rules and rates must establish the tolls at a level calculated to recover the costs of operating and maintaining the Canal. In order to continue to recover all costs and fund a number of modernization and improvement projects, the Commission’s Board of Directors approved a toll rate increase in November 1996. This increase is in two phases—8.2 percent on January 1, 1997, with an additional increase of 7.5 percent on January 1, 1998. A tonnage measurement rate change to cover on-deck container capacity will also be implemented on July 1, 1997. Regarding another transition related matter, the Commission recognized a $10 million liability for severance pay in fiscal year 1995. This liability was estimated based on a proposed rule by the Office of Personnel Management (OPM) that would amend the severance pay regulations applicable to the Commission. As discussed in note 10 to the financial statements, management believes the proposed rule will be issued in final in the near future. If the regulation is not issued as drafted, the total severance pay liability could be as much as $68 million. 3 Sections 3527 and 3528 of the 1995 Act amended sections 1601 and 1604 of the Panama Canal Act of 1979, respectively, to authorize the Commission to prescribe the rules for measuring vessels and levying tolls for the Panama Canal. Page 2 GAO/AIMD-97-92 Panama Canal Commission B-272998 As provided by the Panama Canal Treaty of 1977, the Panama Canal Scheduled Commission will transfer the Panama Canal to the Republic of Panama on Termination of the December 31, 1999. At that time, the Republic of Panama will assume full Commission responsibility for the management, operation, and maintenance of the Canal. As discussed in note 14, the Republic of Panama is in the process of establishing the entity that will assume control of the Canal on December 31, 1999. The entity will be known as the Panama Canal Authority. The Treaty provides that the Canal be turned over in operating condition and free of liens and debts, except as the two parties may otherwise agree. As disclosed in the Statements of Financial Viability and in note 12 of the financial statements, as of September 30, 1996, the Commission forecasts that the present $71.5 million in unfunded liabilities should be recovered by tolls over the remaining life of the Treaty. The Commission assumes that all additional liabilities incurred between September 30, 1996, and December 31, 1999, will be funded from revenues earned during that time. The following is taken from management’s analysis of the Commission’s Analysis of the financial statements. The analysis generally explains the changes in major Commission’s financial statement line items from fiscal years 1995 through 1996. Our Financial Statements opinions on these financial statements do not extend to the analysis presented below, and, accordingly, we express no opinion on this analysis. While we do not express an opinion on the analysis, we found no material inconsistencies with the financial statements taken as a whole. Results of Operations The Commission ended fiscal year 1996 with a net operating loss of $1.9 million, compared to a breakeven operation for fiscal year 1995. The net operating loss for 1996 was deferred as unearned costs to be recovered from subsequent revenues. From fiscal years 1992 through 1996, toll and nontoll revenues increased an average of approximately 5.5 percent annually. Toll revenues increased to $486.7 million, up 5.2 percent from fiscal year 1995, due mainly to an increase in Canal traffic, principally larger vessels. Nontoll revenues, which consist primarily of navigation services and electric power sales, increased slightly to $165 million during fiscal year 1996, up less than 0.6 percent from fiscal year 1995. Page 3 GAO/AIMD-97-92 Panama Canal Commission B-272998 During fiscal year 1996, no deductions from tolls revenue were made for working capital requirements because prior years deductions through fiscal year 1995 had substantially completed the financing of the Commission’s storehouse and fuel inventories. The remaining balance to be funded is scheduled for collection before the termination of the Panama Canal Treaty of 1977. The deduction from tolls revenue for contributions for capital expenditures decreased from $30.3 million in fiscal year 1995 to $24.0 million in fiscal year 1996. At fiscal year-end 1995, as directed by the Board of Directors, the Commission increased its capital contributions for capital expenditures by $8.3 million. The additional funding was necessary in order to provide for an increase in the Commission’s 1995 capital program due to the acquisition of several unbudgeted major plant items. Fiscal year 1996 capital fund requirements did not require this level of funding. A total of $2.0 million was deducted from tolls revenue in fiscal year 1996 to provide funding for the office that will close out the affairs of the Commission after the termination of the Panama Canal Treaty of 1977. No contributions were programmed in fiscal year 1995. From fiscal years 1992 through 1996, total operating expenses increased an average of approximately 5.3 percent annually. Fiscal year 1996 total operating expenses increased to $627.2 million, up 7.0 percent over fiscal year 1995. The following were some of the highlights. • Tonnage payments to the Republic of Panama increased $4.4 million or 5.5 percent in fiscal year 1996 due to an increase in the number of Panama Canal Universal Measurement System net tons passing through the Canal. • Navigation service and control costs increased $8.0 million or 7.6 percent, due mainly to the cost of additional resources required to service the record traffic levels experienced in fiscal year 1996 as well as increased costs for contract tug assistance requirements. • The increase in locks operation and maintenance costs of $19.4 million or 28.6 percent reflected the cost of additional crews required for the increased level of traffic, additional locks maintenance and repair projects, and increased costs for locks overhaul projects. • Administrative and general costs increased 5.1 percent in fiscal year 1996. The increase was attributed principally to an increase in costs for advisory and assistance services related to treaty transition activities; employee incentive awards; and adjustments for minor items of property, originally Page 4 GAO/AIMD-97-92 Panama Canal Commission B-272998 purchased with capital funds but later determined not to meet the Commission’s capitalization criteria. • Interest expense on the interest-bearing investment of the United States decreased $3.6 million or 83.6 percent in fiscal year 1996 primarily because the investment became fully amortized during the year. The larger average cash balances maintained by the Commission in its U. S. Treasury revolving fund account and lower interest rates also contributed to the decrease. Assets, Liabilities, and By the end of fiscal year 1996, total assets of the Commission increased by Capital 2.8 percent to $875 million, and total liabilities and reserves increased by 3.0 percent to $271 million. Capital increased by 2.7 percent to $604 million. The most significant changes in individual account balances by the end of fiscal year 1996 were the following. • Property, plant, and equipment (excluding depreciation and valuation allowances) increased by a net $32.2 million to $1,174 million. This increase was due primarily to net capital expenditures of $50.2 million offset in part by certain retirements and the transfer of assets to the Republic of Panama and other U. S. Government agencies. Major capital additions to plant from capital expenditures included $14.1 million for the Gaillard Cut widening and straightening program; $13.1 million for the replacement and addition of floating equipment; $5.3 million for improvements to electric power, communication, and water systems; $4.6 million for the replacement and addition of miscellaneous equipment; $4.1 million for the replacement of motor vehicles; $3.6 million for the replacement and improvement of facilities and buildings; $3.0 million for the replacement and addition of tugboats; and $1.1 million for the replacement of launches and launch engines. • Current assets increased by a net $35.4 million to $297 million due principally to an increase in cash. Cash increased by $36.9 million as a result of the net cash provided by operating activities exceeding the net cash used in investing activities. • Deferred charges decreased by a net $21.2 million to $66 million. This was due principally to the amortization of deferred charges for early retirement, compensation benefits for work injuries, and post-retirement medical care costs. These decreases were offset in part by the recognition of the $5.0 million unfunded portion of the Office of Transition Administration costs and the $1.9 million of unrecovered costs from fiscal year 1996 operations. Page 5 GAO/AIMD-97-92 Panama Canal Commission B-272998 • Liabilities and reserves increased by a net $8.0 million to $271 million primarily due to increases of $4.2 million in accounts payable, $4.2 million in the liability for employee’s leave, $7.0 million for the recognition of the estimated cost for the Office of Transition Administration, $8.8 million in the reserve for lock overhauls, and $10.0 million for the establishment of a reserve for additional 1999 payroll costs. Offsetting these increases, in part, was the amortization of $28.1 million for various employee benefits. • Capital increased by a net $15.7 million to $604 million, principally because of a $15.4 million net increase in capital contributions for capital expenditures being amortized. The Panama Canal Act of 1979 requires that we include in our annual audit Treaty Related Costs report to the Congress a statement listing (1) all direct and indirect costs incurred by the United States in implementing the 1977 Treaty, net of any savings, and (2) the cost of any property transferred to the Republic of Panama. The act also provides that direct appropriated costs of U.S. Government agencies should not exceed $666 million, adjusted for inflation over the life of the Treaty. As of September 30, 1996, the inflation-adjusted target was $1,408 million. U.S. Government agencies that provided services to the former Panama Canal Company and Canal Zone Government provided the direct and indirect cost information including the cost of property transferred to the Republic of Panama as required under the 1977 Treaty. This information is presented in unaudited supplementary schedules to the Commission’s financial statements, and, accordingly, we express no opinion on these schedules. From fiscal years 1980 through 1996, the net reported costs to the U.S. Government under the Treaty amounted to $865 million, which is less than the act’s inflation-adjusted target. Page 6 GAO/AIMD-97-92 Panama Canal Commission B-272998 As required by the Panama Canal Act of 1979, we are sending copies of this report to the President of the United States and the Secretary of the Treasury. We are also sending copies to the Director of the Office of Management and Budget; the Secretaries of State, Defense, and the Army; the Chairman of the Board of Directors of the Panama Canal Commission; and the Administrator of the Panama Canal Commission. James F. Hinchman Acting Comptroller General of the United States Page 7 GAO/AIMD-97-92 Panama Canal Commission Contents Letter 1 Opinion Letter 10 Financial Statements 18 Statements of Financial Position 18 Statements of Operations 20 Statements of Changes in Capital 21 Statements of Cash Flows 22 Statements of Financial Viability 23 Notes to Financial Statements 24 Supplementary 34 Schedules of Treaty Related Costs 34 Information Schedule of Property, Plant, and Equipment 38 (Unaudited) Abbreviations FECA Federal Employees’ Compensation Act FMFIA Federal Managers’ Financial Integrity Act of 1982 GAAP generally accepted accounting principles OPM Office of Personnel Management PCA Panama Canal Authority Page 8 GAO/AIMD-97-92 Panama Canal Commission Page 9 GAO/AIMD-97-92 Panama Canal Commission United States GAO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-272998 To the Board of Directors Panama Canal Commission In our audits of the Panama Canal Commission, we found • the fiscal years 1996 and 1995 financial statements were reliable in all material respects; • the underlying assumptions used to prepare the Statement of Financial Viability as of September 30, 1996, provide a reasonable basis for management’s assertion that the Commission will be in a position to meet its financial liabilities on December 31, 1999; • management fairly stated that internal controls in place on September 30, 1996, were effective in safeguarding assets from material loss, assuring material compliance with laws governing the use of budget authority and with selected provisions of other relevant laws and regulations, and assuring that there were no material misstatements in the financial statements; and • there was no reportable noncompliance with the selected provisions of laws and regulations we tested for the fiscal year ended September 30, 1996. Described below are significant matters considered in performing our audit and forming our conclusions. Significant Matters Estimated Severance Pay The Commission recognized a $10 million liability for estimated severance Liability pay in fiscal year 1995. This liability was calculated based on a proposed amendment to the severance pay regulation issued by OPM and was unchanged as of September 30, 1996. As described in note 10 to the financial statements, OPM has not yet issued the amendment as a final regulation. Management believes the amendment will be issued in the near future. The total liability could be as much as $68 million if the severance pay regulation applicable to the Commission is not amended. This additional liability would require the Commission to reprogram its budgetary resources. Liquidation of Liabilities The Panama Canal Treaty requires that the Commission transfer the Canal to the Republic of Panama on December 31, 1999, free of liens and debts, Page 10 GAO/AIMD-97-92 Panama Canal Commission B-272998 except as the two parties may otherwise agree. To comply with this provision, the Commission is required to identify and fully fund its liabilities by that date. The Statement of Financial Viability and accompanying note 12 are presented in accordance with the American Institute of Certified Public Accountants standards for a partial presentation of a financial forecast, and are intended to demonstrate the Commission’s status in funding its liabilities. As of September 30, 1996, the Commission had total liabilities and reserves of $271 million and total resources of $199 million. The Commission forecasted that the net difference of $72 million will be collected from future toll revenues over the remaining life of the Treaty. The Commission assumes that any additional liabilities incurred between September 30, 1996, and December 31, 1999, will be funded from revenues earned during that time. Dissolution Costs of the During fiscal year 1996, the Commission completed a study to determine Commission the costs associated with the dissolution of the Commission and, as a result, established the Panama Canal Commission Dissolution Fund as required by the Act. The Commission will establish the Office of Transition Administration, which will be responsible for managing the dissolution costs and liabilities. As discussed in note 8, the Commission estimated the liability for the costs of dissolution at $7 million and has deposited $2 million into the fund as of September 30, 1996. The Commission programmed the remaining $5 million to be collected from toll revenues before 1999. The Commission’s estimate for the dissolution fund is based on the accomplishment of certain critical actions. These actions include (1) statutory and regulatory changes to limit the time frames for some activities that are necessary to close out the affairs of the Commission, (2) the use of successor agency personnel, and (3) outsourcing to other U.S. Government agencies. Management believes these actions will be accomplished. However, if these planned actions do not occur, management does not believe any additional costs will be significant. In addition to the Dissolution Fund, the Commission has begun funding both current and future liabilities as allowed by accounting principles for regulated industries. In addition to the severance pay liability discussed above, in fiscal year 1996, the Commission funded the first $10 million of a total expected $30 million reserve for additional payroll costs anticipated in 1999. As discussed in note 11, Commission management believes that many employees will not take their normal leave during 1999 due to the anticipated lump sum payout of annual leave balances early in the year Page 11 GAO/AIMD-97-92 Panama Canal Commission B-272998 2000. If employees do not use their accrued leave, additional payroll expense will be incurred. In order to normalize expenses, the Commission will fund the remaining $20 million reserve for this 1999 expense over a 2-year period and has programmed this reserve into its budgets. The following sections provide our opinions on the Commission’s financial statements, Statement of Financial Viability, assertion on internal controls, and our report on the Commission’s compliance with laws and regulations we tested. This section also discusses the information presented in the Commission’s unaudited supplemental schedules and the scope of our audit. The financial statements including the accompanying notes present fairly, Opinion on Financial in all material respects, in conformity with generally accepted accounting Statements principles, the Commission’s • assets, liabilities, and capital; • operating revenue and expenses; • changes in capital; and • cash flows. We have examined the accompanying Statement of Financial Viability as Opinion on Statement of September 30, 1996 (the forecasted statement). Our examination was of Financial Viability made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included such procedures as we considered necessary to evaluate both the assumptions used by management and the preparation and presentation of the forecasted statement. To the best of management’s knowledge and belief, resources from future operations will permit the funding of current and future liabilities by December 31, 1999, as shown on the forecasted statement. The forecasted statement is not intended to be a forecast of financial position, results of operations, or cash flows. The accompanying forecasted statement and this report are required by the Panama Canal Amendments Act of 1995 (Public Law 104-106) for the purpose of demonstrating that the Commission will be in a position to meet its financial liabilities on December 31, 1999, and should not be used for any other purpose. Page 12 GAO/AIMD-97-92 Panama Canal Commission B-272998 In our opinion, the Statement of Financial Viability as of September 30, 1996, is presented in conformity with the guidelines for presentation of forecasted information established by the American Institute of Certified Public Accountants, and the underlying assumptions provide a reasonable basis for management’s forecasted statement. However, there will usually be differences between forecasted and actual results because events and circumstances frequently do not occur as expected, and those differences may be material. We have no responsibility to update this report for events and circumstances occurring after the date of this report. The Statement of Financial Viability as of September 30, 1995, is presented for comparative purposes. We did not examine this forecasted statement and, accordingly, express no opinion on the statement. We evaluated management’s assertion about the effectiveness of its Opinion on internal controls designed to Management’s Assertion About the • safeguard assets against loss from unauthorized acquisition, use, or disposition; Effectiveness of • assure the execution of transactions in accordance with laws governing Internal Controls the use of budget authority and with other selected provisions of laws and regulations that have a direct and material effect on the financial statements or that are listed in the Office of Management and Budget audit guidance and could have a material effect on the financial statements; and • properly record, process, and summarize transactions to permit the preparation of reliable financial statements and to maintain accountability for assets. Management of the Commission fairly stated that those controls in place on September 30, 1996, provided reasonable assurance that losses, noncompliance, or misstatements material in relation to the financial statements would be prevented or detected on a timely basis. Management made this assertion based on criteria established under the Federal Managers’ Financial Integrity Act of 1982 (FMFIA) and the Office of Management and Budget Circular A-123, Revised, June 21, 1995, Management Accountability and Control. Our tests for compliance with selected provisions of certain laws and Compliance With regulations disclosed no instances of noncompliance that would be Laws and Regulations reportable under generally accepted government auditing standards. Page 13 GAO/AIMD-97-92 Panama Canal Commission B-272998 However, the objective of our audit was not to provide an opinion on overall compliance with laws and regulations. Accordingly, we do not express such an opinion. The Treaty related cost schedules are presented as required by the Unaudited Panama Canal Act of 1979, and the schedule of property, plant, and Supplementary equipment is presented for purposes of additional analysis. This Information information has not been subjected to the auditing procedures applied in the audit of the financial statements, and, accordingly, we express no opinion on these schedules. While we do not express an opinion on the detailed schedule of property, plant, and equipment, we found no material inconsistencies with the financial statements taken as a whole. Management is responsible for Objectives, Scope, and Methodology • preparing the annual financial statements in conformity with generally accepted accounting principles; • preparing the Statement of Financial Viability in accordance with the American Institute of Certified Public Accountants standards for a partial presentation of prospective financial information; • establishing, maintaining, and assessing the internal control structure to provide reasonable assurance that the broad control objectives of FMFIA are met; and • complying with applicable laws and regulations. We are responsible for obtaining reasonable assurance about whether (1) the financial statements are reliable (free of material misstatement and presented fairly, in all material respects, in conformity with generally accepted accounting principles), (2) management’s assertion that the assumptions underlying the Statement of Financial Viability provide a reasonable basis for the forecasted statement, and (3) management’s assertion about the effectiveness of internal controls is fairly stated, in all material respects, based on criteria established under FMFIA and the Office of Management and Budget Circular A-123, Revised, June 21, 1995, Management Accountability and Control. We are also responsible for testing compliance with selected provisions of certain laws and regulations and for performing limited procedures with respect to unaudited supplementary information appearing in this report. In order to fulfill these responsibilities, we Page 14 GAO/AIMD-97-92 Panama Canal Commission B-272998 • examined, on a test basis, evidence supporting the amounts and disclosures in the financial statements and the Statement of Financial Viability; • assessed the accounting principles used and significant estimates made by management; • evaluated the overall presentation of the financial statements and the Statement of Financial Viability; • examined, on a test basis, evidence supporting the assumptions used in the preparation of the Statement of Financial Viability; • obtained an understanding of the internal control structure related to safeguarding of assets, compliance with laws and regulations, and financial reporting; • tested relevant internal controls over safeguarding, compliance, and financial reporting and evaluated management’s assertion about the effectiveness of internal controls; • tested compliance with selected provisions of the following laws and regulations: • Panama Canal Act of 1979, • Panama Canal Commission Authorization Act for Fiscal Year 1996, • Panama Canal Amendments Act of 1995, • Antideficiency Act, • Prompt Payment Act, • Civil Service Reform Act of 1978, as amended, • Fair Labor Standards Act, and • Law relating to severance pay and implementing regulations; • considered compliance with the process required by FMFIA for evaluating and reporting on internal control and accounting systems; • prepared treaty related costs schedules using unaudited information obtained from other federal agencies; and • compared the unaudited detailed schedule of property, plant, and equipment for consistency with the information presented in the financial statements. We did not evaluate all internal controls relevant to operating objectives as broadly defined by FMFIA, such as those controls relevant to preparing statistical reports and ensuring efficient operations. We limited our internal control testing to those controls necessary to achieve the objectives outlined in our opinion on management’s assertion about the effectiveness of internal controls. Because of inherent limitations in any internal control structure, losses, noncompliance, or misstatements may nevertheless occur and not be detected. We also caution that projecting our evaluation to future periods is subject to the risk that controls may Page 15 GAO/AIMD-97-92 Panama Canal Commission B-272998 become inadequate because of changes in conditions or that the degree of compliance with controls may deteriorate. We did our work in accordance with generally accepted government auditing standards. In commenting on a draft of this report, Commission management Commission concurred with the facts and conclusions in our report. Comments Robert W. Gramling Director, Corporate Audits and Standards January 24, 1997, except for note 14, as to which the date is June 11, 1997 Page 16 GAO/AIMD-97-92 Panama Canal Commission Page 17 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Statements of Financial Position Page 18 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 19 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Statements of Operations Page 20 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Statements of Changes in Capital Page 21 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Statements of Cash Flows Page 22 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Statements of Financial Viability Page 23 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Notes to Financial Statements Page 24 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 25 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 26 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 27 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 28 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 29 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 30 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 31 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 32 GAO/AIMD-97-92 Panama Canal Commission Financial Statements Page 33 GAO/AIMD-97-92 Panama Canal Commission Supplementary Information (Unaudited) Schedules of Treaty Related Costs Page 34 GAO/AIMD-97-92 Panama Canal Commission Supplementary Information (Unaudited) Page 35 GAO/AIMD-97-92 Panama Canal Commission Supplementary Information (Unaudited) Page 36 GAO/AIMD-97-92 Panama Canal Commission Supplementary Information (Unaudited) Page 37 GAO/AIMD-97-92 Panama Canal Commission Supplementary Information (Unaudited) Schedule of Property, Plant, and Equipment (917666) Page 38 GAO/AIMD-97-92 Panama Canal Commission Ordering Information The first copy of each GAO report and testimony is free. 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Financial Audit: Panama Canal Commission's 1996 and 1995 Financial Statements
Published by the Government Accountability Office on 1997-07-10.
Below is a raw (and likely hideous) rendition of the original report. (PDF)