OMB files this comment in accordance with 5 CFR 1320.11(c) of the Paperwork Reduction Act and is withholding approval of this collection at this time. This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. The agency shall examine public comment in response to the Notice of Proposed Rulemaking and will include in the supporting statement of the next ICR, to be submitted to OMB at the final rule stage, a description of how the agency has responded to any public comments on the ICR. This action has no effect on any current approvals.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
02/29/2016
36 Months From Approved
02/29/2016
332
0
332
26,989
0
26,989
0
0
0
Under the Interstate Commerce Act (ICA), (Section 20, 54 Stat. 916), the Commission is authorized and empowered to make investigations and to collect and record data to the extent the Commission may consider to be necessary or useful for the purpose of carrying out the provisions of the ICA. The information collected under the requirements of the Form 6 is used by the Commission to carry out its responsibilities in implementing the statutory provisions of the ICA, including the authority to prescribe rules and regulations concerning accounts, records and memoranda as necessary or appropriate. The Commission may prescribe a system of accounts for jurisdictional companies and, after notice and opportunity for hearing may determine the accounts in which particular outlays and receipts will be entered, charged or credited.
Financial accounting and reporting provides needed information concerning a company's past performance and its future prospects. Without reliable financial statements prepared in accordance with the Commission's Uniform System of Accounts and related regulations, the Commission would be unable to accurately determine the costs that relate to a particular time period, service or line of business. Additionally, it would be difficult to determine whether a given entity has previously been given the opportunity to recover its costs through rates, or to compare how the financial performance and results of the operations of one regulated entity relates to another.
The Form 6 also assists the Commission in overseeing and policing the regulated oil pipeline markets to assist in enforcing the ICA.
FERC proposes to modify Page 700 of FERC Form No. 6 (Form 6) to facilitate the calculation of a pipeline's actual return on equity. The Commission proposes to expand the information provided regarding rate base (line 5), rate of return (line 6), return on rate base (line 7), and income tax allowance (line 8).
The proposed modifications will facilitate the calculation of the actual rate of return on equity based upon Page 700 data. The actual rate of return on equity is particularly useful information when using Page 700 to evaluate a pipeline's rates. The additional information proposed to be reported will impose almost no additional burden on oil pipelines because pipelines already must develop cost of service supporting calculations to determine the Income Tax Allowance, Rate Base, Rate of Return, and Return on Rate Base reported on Page 700. Given these existing requirements, the Commission does not anticipate that these proposed additions to Page 700 of Form 6 will impose a significant burden on oil pipelines.
US Code:
49 USC 20
Name of Law: Interstate Commerce Act
The increase is due to the additional time necessary to report the additional data on page 700. The increase is minimal because the respondents should already have the required data on hand.
$75,358
No
No
No
No
No
Uncollected
Brian Holmes 202 219-2618
Reginfo record details
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form Form 6 (with old p FERC Form 6, Annual Report of Oil Pipeline Companies
FINAL RM12-18 (FERC-6) Supporting Statement.docx
CFR-2012-title18-vol1-sec357-2.pdf
FERC Form 6, Annual Report of Oil Pipeline Companies