Mr. Chairman, the cost benefit analysis on this particular project indicates that the payback period on the capital expenditures will be three and a half years. Mr. Chairman, in 1993-94, there was $82,000 in capital and in 1994-95, $114,000 in O and M and $1.685 million in capital for a total of $1.799 million. In 1995-96, there will be a reduction in O and M of $279,691 and a capital expenditure of $300,000, for a net of $20,309. In 1996-97, there will be a further reduction in O and M of $50,292, and capital spending of $300,000 for a net of $249,708. In 1997-98, there will be $145,408 in savings in O and M, capital expenditures of $50,000 and $95,408 is the residual.
The accumulated effect over those years would be a savings in O and M of $361,391, a capital expenditure of $2.417 million, for a net of $2,055,609. And, there is one PY for a three-year term commencing April 1994 and sunsetting on March 31, 1997. Thank you, Mr. Chairman.