: Oct. 17, 2017
LAKEWOOD, Colorado - The Western Area Power Administration recently made its annual return to the U.S. Treasury on time and in full. The total return was $378 million for fiscal year 2017, which includes $338 million returned to the Reclamation Fund. WAPA has returned $1.65 billion over the last five years.
"The latest return demonstrates WAPA's commitment to sound fiscal management, benefiting our customers and the U.S. taxpayers at large," said Dennis Sullivan, Chief Financial Officer.
In addition to the U.S. Treasury return, WAPA lowered its unobligated balances from $767 million to $708 million, including the revolving fund. WAPA committed to finalizing and managing to its unobligated balances strategy with the Government Accountability Office last year.
"In addition to reducing the total balance, we also made progress executing our reserve strategy, which includes increasing purchase power and wheeling and reducing annual and capital balances," Sullivan said.
WAPA manages unobligated balances, in concert with customers, to help effectively meet its core mission requirements. The strategy aligns with legislative mandates to secure customer funding and control funds for annual operations and maintenance, capital construction and purchase power and wheeling.
Annual O&M allows WAPA to sustain operations during emergencies, continuing resolutions or lapses in appropriations.
Capital funding allows funding in advance of starting capital construction projects and provides flexibility with schedule and priority changes.
PPW improves both WAPA and customer cash management to better manage PPW program needs during a drought.
Read more about WAPA's Unobligated Balances strategy.
About WAPA: Western Area Power Administration annually markets and transmits more than 25,000 gigawatt hours of clean, renewable power from 57 federal hydroelectric powerplants owned and operated by the Bureau of Reclamation, U.S. Army Corps of Engineers and International Boundary and Water Commission in 15 western and central states. It is part of the Department of Energy. Follow us on Twitter @WesternAreaPowr or visit the website at www.wapa.gov.