94-109. Change in Discount Rate for Water Resources Planning

[Federal Register Volume 59, Number 3 (Wednesday, January 5, 1994)]
[Notices]
[Pages 592-593]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-109]


[[Page Unknown]]

[Federal Register: January 5, 1994]


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DEPARTMENT OF THE INTERIOR

Bureau of Reclamation

 

Change in Discount Rate for Water Resources Planning

AGENCY: Bureau of Reclamation, Interior.

ACTION: Notice of change.

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SUMMARY: This notice sets forth that the discount rate to be used in 
Federal water resources planning for fiscal year 1994 is 8 percent. 
Water Resources Planning Act and Water Resources Development Act of 
1974 requires an annual determination of a discount rate. Federal water 
resources planning for fiscal year 1994 is 8 percent. Discounting is to 
be used to convert future monetary values to present values.

DATES: This discount rate is to be used for the period October 1, 1993, 
through and including September 30, 1994.

FOR FURTHER INFORMATION CONTACT:
Mr. Norbert S. Ries, Special Programs Manager, Investigations and 
Oversight Branch, U.S. Bureau of Reclamation, Attention: D-5110, 
Building 67, Denver Federal Center, Denver CO 80225-0007; telephone: 
[phone], extension 233.

SUPPLEMENTARY INFORMATION: Notice is hereby given that the interest 
rate to be used by Federal agencies in the formulation and evaluation 
of plans for water and related land resources is 8 percent for fiscal 
year 1994.
    This rate has been computed in accordance with section 80(a), 
Public Law 93-251 (88 Stat. 34) and 18 CFR 704.39, which: (1) Specify 
that the rate shall be based upon the average yield during the 
preceding fiscal year on interest-bearing marketable securities of the 
United States which, at the time the computation is made, have terms of 
15 years or more remaining to maturity (average yield is rounded to 
nearest one-eighth percent); and (2) provide that the rate shall not be 
raised or lowered more than one-quarter of 1 percent for any year. The 
Treasury Department calculated the specified average yield to be 7.08 
percent. However, application of the above mentioned limitation to the 
fiscal year 1993 rate of 8.25 percent limits the change in the fiscal 
year 1994 rate to 8 percent.
    The rate of 8 percent shall be used by all Federal agencies in the 
formulation and evaluation of water and related land resources plans 
for the purpose of discounting future benefits and computing costs, or 
otherwise converting benefits and costs to a common time basis.

    Dated: December 28, 1993.
Donald R. Glaser,
Deputy Commissioner.
[FR Doc. 94-109 Filed 1-4-94; 8:45 am]
BILLING CODE 4310-94-M