The Economics Working Group met on April 5, 2001 at the Corps of Engineers building in Savannah. Attending were Morgan Rees, William Bailey, David Kyler, Will Berson, John Shelby, Gail Krueger, Tom Wright, Larry Keegan, Teri Leffek, and this writer.

The group discussed the objective of the discussion of valuation of natural resources and finally agreed on the following provisional statement pending corroboration with agencies and other stakeholders: The objective is to ensure the translation of physical, biological, and chemical impacts of the project into their estimated and projected monetary and non-monetary values through the life of the project using economic valuation techniques, considering full mitigation.

Morgan, Will, and this writer agreed to make themselves available to meet with agencies to discuss the objective and solicit their input into the discussion of valuation of natural resources. This writer will draft a letter of invitation to meet with the agencies.

There was a discussion about whether or not the SEG should be discussing mitigation.

The next meeting was tentatively scheduled for May 4 at 11 AM.

The following comment was submitted by David Kyler on 5/2/01:

"EWG Statement:

On thinking over our objective statement drafted last week, one major condition must be made very clear, which to my knowledge was never explicitly stated at our April 5 meeting.

The distinction between that immediate objective (for evaluating natural-resource impacts only) and that of the EWG's overall task is significant: namely, the group must also ensure accurate assessment of project benefits as well as other costs not linked to natural resource conditions, values, and functions. The assessment discussed on April 5 is therefore an important segment of a larger evaluation & review of all significant costs and benefits.

According to my understanding, all such segments must be completed and reviewed before the EWG's work is done. Thoughts and/or opinions on this?"