Recent advances in time series analysis provide alternative models for
river flows in which the innovations have heavy tails, so that some o
f the moments do not exist. The probability of large fluctuations is m
uch larger than for standard models. We survey some recent theoretical
developments for heavy tail ti:me series models and illustrate their
practical application to river flow data from the Salt River near Roos
evelt, Arizona. We also include some simple diagnostics that the pract
itioner can use to identify when the methods of this paper may be usef
ul.