1964 actual 34 2,550 2,555 2,400 1 Selected resources as of June 30 are as follows: Unpaid undelivered orders. 1963, $7 thousand: (1964 adjustment, $1 thousand); 1964, $4 thousand; 1965, $4 thousand; 1966, $4 thousand. The Board conducts renegotiation with contractors to eliminate excessive profits in connection with procurement under the national defense program. All contractors and subcontractors who have business subject to the act, which presently extends through June 30, 1966, are required to file with the Board if such business exceeds $1 million in a year. The Board has determined or recovered $895.8 million in excessive profits from the date of its establishment through June 30, 1964. Of this total, $24.2 million was determined during 1964. 1. Executive direction. The Board is responsible for final action in all cases. This includes screening all filings involving renegotiable business over $1 million and requests for exemption. 2. Staff operations.-The headquarters staff furnishes technical advice and assistance to the Board and regional organization. Personnel compensation: Positions other than permanent. 3. Renegotiation operations (field). The two regional boards conduct renegotiation proceedings and make determinations and recommendations. They are authorized to conclude cases involving $800 thousand or less of renegotiable profits; however, their determinations in such cases may be appealed to the statutory Board. All determinations in cases involving more than $800 thousand renegotiable profits are subject to approval by the statutory Board. WORKLOAD Total personnel compensation.. 12.0 Personnel benefits... 21.0 Travel and transportation of persons. 22.0 Transportation of things..-- 23.0 Rent, communications, and utilities. 24.0 Printing and reproduction... 25.1 Other services. 2,516 2,600 245 -182 -70 182 -227 2,509 1965 1966 estimate estimate 551 502 464 521 543 524 Object Classification (in thousands of dollars) 2,600 1964 actual 1963 1964 1965 actual estimate actual 3,913 4,007 4,000 2,220 11 2 2,233 159 29 1 12 2,500 500 520 504 2,500 227 -327 2,275 6 15 2 2,298 161 45 1 40 12 15 1966 estimate 4,000 1965 1966 estimate estimate 500 500 504 2,183 15 2 2,206 1965 1964 1966 actual estimate estimate 3. Channels and canals.. 4. Roads and bridges.. 5. Navigation aids and related facili- 6. Permanent buildings and equip- 10 15 10 2,520 2,516 Total program costs, funded... Total obligations.. 223 2 215 9.5 $10,379 SAINT LAWRENCE SEAWAY DEVELOPMENT Public enterprise funds: The Saint Lawrence Seaway Development Corporation is hereby authorized to make such expenditures, within the limits of funds and borrowing authority available to such Corporation, and in accord with law, and to make such contracts and commitments without regard to fiscal year limitations as provided by section 104 of the Government Corporation Control Act, as amended, as may be necessary in carrying out the programs set forth in the budget for the current fiscal year for such Corporation, except as hereinafter provided. (Public Works Appropriation Act, 1965.) 1964 actual SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION FUND 386 591 162 388 1,527 3,058 4,585 035 11 356 290 61 41 112 871 5,456 409 5,865 10 13 2,600 2,500 2,600 205 1 196 9.6 $11,211 831 390 631 209 450 20 1,700 3,500 2,500 1965 1966 estimate estimate 5,200 10 12 190 1 186 9.6 $11,311 8 50 121 1,010 6,210 64 6,274 1,840 3,800 Identification code 14 5,640 10 70 71 Program and Financing (in thousands of dollars)—Continued Revenue.... Proceeds from sale of equipment.. 21.47 Unobligated balance available, start of 24.47 Unobligated balance available, end of New obligational authority. 72.47 72.98 74.47 74.98 90 93 94 Financing: Receipts and other reimbursements from: Relation of obligations to expenditures: Receipts and other offsets (items 11-17). Obligations affecting expenditures.. Obligated balance, end of year: receipts.. Cash transactions: 405 727 The Saint Lawrence Seaway Development Corporation, a wholly Government-owned enterprise, is responsible for the construction, operation, and maintenance of that part of the Saint Lawrence Seaway within the territorial limits of the United States (33 U.S.C. 981). The seaway has been constructed and is being operated and maintained jointly by the Saint Lawrence Seaway Development Corporation and the Saint Lawrence Seaway Authority of 490 Canada, in conjunction with the related power development works provided by the Power Authority of the State of New York and the Hydroelectric Power Commission of Ontario. 218 1 Balances of selected resources are identified on the statement of financial condition. Operating costs and interest.-Operating expenses for 1966 are estimated at $1.8 million consisting of administrative expenses of the Corporation of $0.5 million (subject to congressional limitation) and $1.3 million for operations of locks and canals, control of traffic, and 383 related maintenance of the facilities. 22 150 75 630 6,270 5,770 Interest charges on borrowings is estimated at $5 million for 1966, of which $3.8 million is expected to be earned and deposited with the U.S. Treasury. Capital outlay.-The Corporation's construction program consists of a 10-mile canal, two locks and navigation channels in the 46-mile International Rapids Section of the St. Lawrence River between Ogdensburg and Massena, and certain channel and related navigation works in the 68-mile Thousand Islands Section between Lake Ontario and Ogdensburg. SAINT LAWRENCE SEAWAY DEVELOPMENT Public enterprise funds-Continued SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION FUND-Continued The total cost of the U.S. share of the seaway is estimated at $131.2 million. Work in place at the end of 1965 is estimated at $130.6 million. The 1966 program to complete construction is estimated at $0.6 million and will consist principally of completing the extension of the upstream guide wall of the Eisenhower lock, commissioning of additional aids to navigation and other minor improvements. Operating results.-The Corporation is self-supporting through tolls assessed shippers using the seaway facilities. All operating costs are paid from toll revenues and net operating income returned to the Treasury in payment of interest and principal. During the developmental period, all interest charges not earned will continue to be deferred as agreed to with the Treasury Department. Assets: Treasury balance. Accrued tolls receivable, unbilled.. Selected assets: Supplies 1. Total assets. For 1966 the Corporation's net operating income is estimated at $3.9 million. The deficit at the end of the budget year is estimated at $22.3 million consisting principally of unpaid interest of $13.6 million and depre- Liabilities: ciation and amortization of land assets of $8.7 million. Current.. Financing. The Corporation has authority to borrow $140 million from the Treasury for financing the costs of the seaway and to provide for working capital and claims of which $124 million will have been used by the end of 1965. It is estimated that $0.6 million will be used to finance the construction program during the budget year 1966. Capitalized interest amounting to $6.7 million is not charged against the borrowing authority limitation. Through an exchange of notes, dated June 30, 1964, between the United States and Canada, the review of the Saint Lawrence Seaway Tariff of Tolls has been extended for 2 years and a report to the respective Governments as to the sufficiency of authorized tolls to meet statutory requirements is due July 1, 1966. Revenue, Expense, and Retained Earnings (in thousands of dollars) Revenue, Expense, and Retained Earnings (in thousands of dollars)—Continued 5,050 -6,750 -2,890 Analysis of deficit: Deficit, start of year.. Adjustment of prior years transactions: Deficit, end of year... Government equity: net.. End of year.. Deferred interest: Deficit, net.... Financial Condition (in thousands of dollars) Total Government equity. Unpaid, undelivered orders 1. Subtotal... 1963 actual Undrawn authorizations.......... 174 344 154 124 124,000 124,796 Total Government equity... 2,570 121,147 1,400 122,547 11,220 204 -204 1964 -13,892-16,441 -19,441 -18 -16,441 -19,441 -22,331 140 15,362 124,124 13,571 15,261 16,661 13,571 Total interest-bearing capital. 136,118 137,937 140,337 142,187 Non-interest-bearing capital: Total investment re- 1964 actual 150 317 207 137 123,634 122,226 150 300 200 137 122,914 124,445 123,701 Analysis of Government Equity and Undrawn Authorizations (in thousands of dollars) 1965 1966 estimate estimate 2,949 2,805 536 14,189 24 123,771 150 300 122,547 122,676 123,676 122,676 123,676 124,276 -13,892-16,441-19,441 -22,331 122,226 121,496 120,896 119,856 200 137 121,814 122,601 2,745 121,496 600 120.896 119,856 100 13,205 121,951 1 The changes in these items are reflected on the program and financing schedule. 886 Limitation.. Proposed increase in limitation due to civilian pay increases. 4 1964 actual 3,058 388 5,456 409 5,865 135 131 8.0 388 41 429 1965 1966 estimate estimate 910 9 4 43 966 78 20 10 40 10 50 207 49 800 10 3,500 470 $7,472 $8,323 $6,835 $7,171 6,210 64 6,274 128 125 8.7 LIMITATION ON ADMINISTRATIVE EXPENSES, SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION Not to exceed [$450,000 $490,000 shall be available for administrative expenses which shall be computed on an accrual basis, including not to exceed [$4,000] $2,000 for official entertainment expenses to be expended upon the approval or authority of the Administrator, hire of passenger motor vehicles, uniforms or allowances therefor for operation and maintenance personnel, as authorized by law (5 U.S.C. 2131), and services as authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), at rates for individuals not to exceed $100 per day: Provided, That not to exceed $5,000 may be expended for services of individuals employed at rates in excess of $50 per day. (Public Works Appropriation Act, 1965.) Program and Financing (in thousands of dollars) 984 5 64 470 1,053 90 20 10 450 20 1965 1966 estimate estimate 40 10 60 210 77 26.0 Supplies and materials.. 400 10 490 490 12.0 21.0 persons. 22.0 Transportation of things....... 23.0 Rent, communications, and utilities. 24.0 Printing and reproduction... 25.1 Other services.. 25.2 Services of other agencies. 41.0 Grants, subsidies, and contributions.. 93.0 Administrative expenses included in schedule for fund as a whole.. Total obligations.......... 284 4 2 Total program costs, funded 1 Change in selected resources 2. 10 Total obligations.... 290 21 22 1 15 19 5 1964 actual 1,413 1,001 1965 1966 estimate estimate 317 6 3 11 13,987 -55 13,932 337 SECURITIES AND EXCHANGE COMMISSION General and special funds: 1 -470 33 1 32 9.0 $9,817 $5,741 341 SALARIES AND EXPENSES For necessary expenses, including uniforms or allowances therefor, as authorized by law (5 U.S.C. 2131), and services as authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), at rates for individuals not to exceed $100 per diem, [$14,680,000 $17,400,000. [For an additional amount for “Salaries and expenses", $150,000.] (15 U.S.C. 77a-77bbbb, 78a-78jj, 79-792-6, 80a1-80a52, 80b180621; 11 U.S.C. 501–676; 5 U.S.C. 1001-1011; 60 Stat. 810; Independent Offices Appropriation Act, 1965; Supplemental Appropriation Act, 1965.) Program and Financing (in thousands of dollars) 352 27 30 4 28 14 18 12 -490 6 3 2 33 1 32 9.0 $9,994 $5,741 3,447 3,832 4,482 5,852 6,227 6,258 415 514 616 1,316 1,150 379 1.341 441 441 330 357 391 1965 1966 estimate estimate 1,656 1,060 1,706 1,099 1,105 15,442 17,400 15,442 17,400 Registration statements and applications examined.... 13,938 Preliminary proxy statements and state- -2 13,936 13,932 887 -468 -14 14.337 SELECTED WORKLOAD DATA 1965 1966 estimate estimate 15,442 2,422 67,183 77 634 14,830 14,830 612 15,442 468 -710 14,620 580 2,630 67,524 41 459 1 Includes capital outlay as follows: 1964, $23 thousand; 1965, $38 thousand; 1966, $158 thousand. * Selected resources as of June 30 are as follows: 17,400 17,400 17,400 Total selected resources.. The primary purpose of the Commission is to protect the interests of the investing public. 17,400 710 -1,110 1. Full disclosure provisions.-Issuers of securities for public sale are required to file a registration statement and related prospectus containing significant information about the issuer and the offering with the Commission. This is to insure that investors will be provided with the material facts concerning security offerings. Certain provisions of the Securities Acts Amendments enacted August 20, 1964, extend to investors in certain over-thecounter securities the same protections now afforded to those in listed securities: namely, registration of classes of securities; annual and periodic company reporting; regulation of proxy solicitation; and restrictions upon "insider" trading. 16,968 32 1963 1964 1965 1966 10 10 10 10 20 30 75 20 20 30 85 30 1963 1964 1965 1966 actual actual estimate estimate 2,029 1,481 2,205 3,400 2,878 4,250 75,961 90,000 60 75 543 630 2. Prevention and suppression of fraud.-Suspected fraud, deceit, and manipulation in the sale and trading 4. Regulation of investment and public utility holding interstate public utility holding companies engaged in companies.-Financing and other corporate matters of the electric utility business or in the retail distribution of gas are regulated. A total of 24 holding company systems of which 16 are active, comprising 143 separate companies with assets of $12.8 billion, are registered Foreign and domestic investment companies are regis under the Public Utility Holding Company Act of 1935. tered also and their activities supervised. The assets of these companies have increased from $2.5 billion in 1941 to an estimate of $41 billion on June 30, 1964. In 1966, the investment company inspection program will continue on a 4-year cycle. 86 608 731 146 52 500 1,700 235 1964 1965 actual estimate 175 110 600 1.800 235 293 320 5,100 1,700 1965 1966 estimate eslimate 172 175 500 500 400 400 250 250 635 731 150 55 94 100 650 1966 estimate 736 160 60 5. Corporate reorganizations.-Independent expert assistance to the Federal courts is provided in proceedings under the Bankruptcy Act. |
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