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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.

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.

-10,771 -10,620 -10,650

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Total obligations.-

Personnel Summary

dertified 2-304

1,056

Pre

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1,042

7.3 $7,719

WORKLOAD

RENEGOTIATION BOARD

1963 actual

3,913

1964 actual 4,007

1965 1966 estimate estimate 4,000

4,000

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Object Classification (in thousands of dollars)

For necessary expenses of the Renegotiation Board, including bire of passenger motor vehicles and services as authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), [$2,600,000] $2,500,000. (Act of March 23, 1951, Public Law 82-9, as amended; Independent Offices Appropriation Act, 1965.)

Program and Financing (in thousands of dollars)

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2,183

6 15

2

2

Program by activities:

1. Executive direction..
2. Staff operations.
3. Renegotiation operations (field).

Total program costs, funded.
Change in selected resources

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Personnel compensation: 11.1 Permanent positions... 11.3 Positions other than permanent. 11.4

Special personal service payments. 11.5 Other personnel compensation...

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..

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72.47

Relation of obligations to expenditures:
Total obligations. -

5,865 Receipts and other offsets (items 11–17)- -4,963

Obligations affecting expenditures.. 902 Obligated balance, start of year: Authorization to spend public debt receipts.

2,038 Fund balance.

174 Obligated balance, end of year: Authorization to spend public debt receipts..

-2,810 Fund balance..

-150

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72.98

74.47

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.)

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74.98

-150

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Saint LAWRENCE SEAWAY DEVELOPMENT CORPORATION FUND

Program and Financing (in thousands of dollars)

1 Balances of selected resources are identified on the statement of financial condition.

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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 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, 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 related maintenance of the facilities.

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.

5,640

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Capital outlay, funded:

1. Land, land rights, and relocations 2. Locks... 3. Channels and canals.. 4. Roads and bridges.5. Navigation aids and related facili

ties. 6. Permanent buildings and equip

ment (including replacements).

Total capital outlay, funded...

Total program costs, funded... Change in selected resources

Total obligations......

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1964 actual

1965 estimate

1966 estimate

1963 actual

1964 actual

24. 3. 26. 31. 32.

1965 estimate

1966 estimate

93.

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Start of year.

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SAINT LAWRENCE SEAWAY DEVELOPMENT Revenue, Expense, and Retained Earnings (in thousands of dollars) - Continued

CORPORATION—Continued
Public enterprise funds-Continued
SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION
FUND-Continued

Analysis of deficit:
Deficit, start of year..

-13,892 – 16,441 -19,441
The total cost of the U.S. share of the seaway is esti- Adjustment of prior years transactions:
mated at $131.2 million. Work in place at the end of

Reclassification of major repairs to Eisen1965 is estimated at $130.6 million. The 1966 program

hower lock..

-18 to complete construction is estimated at $0.6 million and

Deficit, end of year.

-16,441 -19,441 -22,331 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

Financial Condition (in thousands of dollars) 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 Assets: interest and principal. During the developmental period, Treasury balance....

174 150 150 150 all interest charges not earned will continue to be deferred

Accounts receivable, net.

344 317

300 Accrued tolls receivable, unbilled..

154 as agreed to with the Treasury Department.

207 200 200 Selected assets: Supplies 1

124 137 137 137 For 1966 the Corporation's net operating income is Fixed assets, net..

124,000 123,634 122,914 | 121,814 estimated at $3.9 million. The deficit at the end of the

Total assets.. budget year is estimated at $22.3 million consisting

124,796 124,445 123,701 122,601 principally of unpaid interest of $13.6 million and depre- Liabilities: ciation and amortization of land assets of $8.7 million.

Current...

2,570 2,949 2,805

2,745 Financing.The Corporation has authority to borrow $140 million from the Treasury for financing the costs of

Government equity: the seaway and to provide for working capital and claims

Interest-bearing capital:

Revenue bonds: of which $124 million will have been used by the end of

121,147 122,547 122,676 123,676 1965. It is estimated that $0.6 million will be used to Borrowings from Treasury, finance the construction program during the budget year

net..

1,400 129 1,000 600 1966. Capitalized interest amounting to $6.7 million is

122,547 122,676 123,676 124,276 not charged against the borrowing authority limitation.

Through an exchange of notes, dated June 30, 1964, Deferred interest: between the United States and Canada, the review of the

11,220 13,571 15,261 Saint Lawrence Seaway Tariff of Tolls has been extended

Deferred during year, net.

2,351 1,690 1,400 1,250 for 2 years and a report to the respective Governments

13,571 15,261

17,911 as to the sufficiency of authorized tolls to meet statutory requirements is due July 1, 1966.

Total interest-bearing capital. 136,118 137,937

140,337 142,187 Revenue, Expense, and Retained Earnings (in thousands of dollars)

Non-interest-bearing capital:
Revenue bonds redeemed:
Start of year.---

204
Repayment of capitalized in-
estimate

terest and adjustments to
deficit for 1963.-----

- 204
Operating program:
Revenue:

Total investment re. Shipping tolls. 4,909 5,250 5.650

deemed.. Other...

25
50

50 Total revenue

4,934 5,300

Deficit, net. 5,700

-13,892 – 16,441 -19,441 | --22,331

Total Government equity-.Expense:

122,226 121,496 Operation and maintenance.

1,139 1,230 1,350 Administrative...

388 470 490 Total expense.

1,527 1,700 1,840

Analysis of Government Equity and Undrawn Authorizations Net operating income... 3,407 3,600 3,860

(in thousands of dollars)
Nonoperating income or loss:
Proceeds from sale of equipment.

29
30

Unpaid, undelivered orders 1
30

536

140 Net book value of assets sold..

-29 -30 -30
Unobligated balance...

15,362 14,189
Invested capital -

124, 124 123,771 Net gain from sale of equipment..

Subtotal...

139,626 Interest expense. 4,749 4,900 5,050 Undrawn authorizations..

-17,400 Provision for depreciation...

1,189 1,700 1,700 Net nonoperating loss. -5,938 -6,600 -6,750

Total Government equity... 122,226

Avera Avera

End of year

Start of year.

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1966 estimate

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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.)

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, 800180021; 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)

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SECURITIES AND EXCHANGE COMMISSION--

Continued

of securities is prevented or minimized by prompt investi-
gation. For 1966, the broker-dealer inspection cycle is
estimated at 3 years. These inspections include the
inspection of non-NASD members. Inspections of invest-
ment advisers is estimated on a 7-year cycle.

General and special funds-Continued

R

SALARIES AND EXPENSES—Continued

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1963 actual

1964 actual

1965 estimate

1966 eslimate

12.0 21.0 22.0 3.0 24.0 3.1

31.0

99.0

10

Program and Financing (in thousands of dollars)--Continued

SELECTED WORKLOAD DATA

1963 1964 1965 Identification code

1966 1965 1966

actual actual estimate estimate 32-35-0100-0-1--508 estimate estimate Investigations closed..

523 612 607 620

Cases referred to the Department of JusFinancing:

tice for criminal prosecution....

49 50 50 50 25 Unobligated balance lapsing

3

Administrative proceedings closed to deny

or revoke registrations of brokers and New obligational authority....

13,936 15,442 17,400
dealers and investment advisers..

126 146 169 175
Injunction actions concluded..

105 109 106 110 Broker-dealers registered.

5,482 4,871 5,000 5,100 New obligational authority:

Broker-dealer inspections.

1,534 1,422 1,553 1.700 40 Appropriation...

Applications for broker-dealer registration

13,938 14,830 17,400 41. Transferred to “Operating expenses, Public

processed

701 457 500 600

Investment advisers registered. Buildings Service" General Services

1,564 1,613 1,700 1.800 Administration (77 Stat. 436).

Investment adviser inspections.. -2

219 239 235 235

Applications for investment adviser regis43 Appropriation (adjusted)

tration processed. 13,936 14,830 17,400

275 276 293 320 44 Proposed supplemental due to pay increases.

612

3. Supervision and regulation of securities markets.

National securities exchanges and over-the-counter marRelation of obligations to expenditures:

kets are regulated in the interest of maintaining just and 71 Total obligations (affecting expenditures).- 13,932 15,442 17,400 equitable principles of trade for the protection of the 72 Obligated balance, start of year.

887
468

710 public investors. 74 Obligated balance, end of year..

- 468 -710 -1,110 77 Adjustments in expired accounts. -14

SELECTED WORKLOAD DATA 90 Expenditures excluding civilian pay increase supplemental...

14,337 14,620 16.968 91 Expenditures from civilian pay increase

Inspections of exchange operations and supplemental...

580

32

investigations of exchange practices...- 86 140 172 175
Plans for stabilizing securities offerings
examined...

437 428 500 500
1 Includes capital outlay as follows: 1964. $23 thousand; 1965, $38 thousand; NASD disciplinary decisions and applica-
1966, $158 thousand.

tions reviewed.. Selected resources as of June 30 are as follows:

641

393 400 400 1963 1964 1965 1966

Review of changes in the rules and proceStores --10 10 10 dures of exchanges...

50 149 250 250 Unpaid undelivered orders..

75 20 20 20 Total selected resources..

85 30 30

30

4. Regulation of investment and public utility holding The primary purpose of the Commission is to protect interstate public utility holding companies engaged in

companies. Financing and other corporate matters of the interests of the investing public.

the electric utility business or in the retail distribution of 1. Full disclosure provisions.- Issuers of securities for public sale are required to file a registration statement

gas are regulated. A total of 24 holding company sysand related prospectus containing significant information companies with assets of $12.8 billion, are registered

tems of which 16 are active, comprising 143 separate about the issuer and the offering with the Commission. This is to insure that investors will be provided with the Foreign and domestic investment companies are regis;

under the Public Utility Holding Company Act of 1935. material facts concerning security offerings. Certain

tered also and their activities supervised. The assets of provisions of the Securities Acts Amendments enacted August 20, 1964, extend to investors in certain over-the

these companies have increased from $2.5 billion in 1941 counter securities the same protections now afforded to

to an estimate of $41 billion on June 30, 1964. In 1966,

the investment company inspection program will continue those in listed securities: namely, registration of classes

on a 4-year cycle. of securities; annual and periodic company reporting; regulation of proxy solicitation; and restrictions upon

SELECTED WORKLOAD DATA "insider” trading. SELECTED WORKLOAD DATA

Applications examined for approval of fi

nancing transactions, asset acquisitions,
1963

inter-company loans, dividends, and
actual
eslimate other related matters under the 1935

100 Registration statements and applications

Act...

117 86 examined..

650
2,029 1,481 2,205 3,400
Examination of periodic reports.

654 608 Preliminary proxy statements and state

Number of registered investment comments to stockholders examined. 2,422 2,630 2.878 4,250

panies..-

727

731 Periodic reports examined.. 67,183 67,524 75,961 90,000 Investment company inspections...

85 146 Administrative actions closed. 77 41 60 75

48 Registration of new investment companies.

55

52 Regulation A filings examined..

634 459

630

5. Corporate reorganizations.--Independent expert as2. Prevention and suppression of fraud.-Suspected sistance to the Federal courts is provided in proceedings fraud, deceit, and manipulation in the sale and trading under the Bankruptcy Act.

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1963 actual

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1965 estimate

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