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Summary

In our opinion, except for depreciation expense ($751 million) and net book value of property ($11.5 billion), the FAA balance sheet, statement of net cost, statement of changes in net position, statement of budgetary resources, and statement of financing as of, and for the year ended, September 30, 2000, were fairly presented, in all material respects, in conformance with generally accepted accounting principles. The property issue caused a qualified audit opinion on the FAA Financial Statements. We identified two areas involving weaknesses in internal controls and compliance with laws and regulations. While these issues are important, they did not affect our audit opinion.