REPORT DIGEST

 

ENVIRONMENTAL PROTECTION AGENCY

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2005

 

 

 

 

 

Release Date:

February 16, 2006 

 

 

 

State of Illinois

Office of the Auditor General

WILLIAM G. HOLLAND

AUDITOR GENERAL

 

 

 

 

 

To obtain a copy of the Report contact:

Office of the Auditor General

Iles Park Plaza

740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TTY (888) 261-2887

 

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

 

INTRODUCTION

 

We performed a financial audit of the Environmental Protection Agency Fund 270 Water Revolving Fund for the year ended June 20, 2005. A two-year compliance examination and a one-year financial statement audit of the Fund 270 will be performed for the period ended June 30, 2006.

 

 

 

 

 

AUDITORS' OPINION

 

Our special assistant auditors stated that the Water Revolving Fund financial statements of the Illinois Environmental Protection Agency as of and for the year ended June 30, 2005 are fairly stated in all material respects.

 

 

 

__________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:JSC:pp

 

 

SPECIAL ASSISTANT AUDITORS

 

Our special assistant auditors on this audit were Crowe Chizek and Company LLC.

 

 

 

 

 

 

 

{Expenditures and Activity Measures are summarized on the reverse page.}

 

 


ENVIRONMENTAL PROTECTION AGENCY

FINANCIAL AUDIT WATER REVOLVING FUND

For The Year Ended June 30, 2005

 

STATEMENTS OF NET ASSETS (Amounts in thousands)

FY 2005

Assets

Current Assets

Cash and Cash Equivalents......................................................................................

Short Term Investments...........................................................................................

Loan support receivable and accrued interest on loans......................................

Loans receivable, net.................................................................................................

Due from federal government....................................................................................

Restricted assets pledged loans receivables......................................................

Total current assets

 

Noncurrent Assets

Long Term Investments............................................................................................

Loans and notes receivable, net long-term.............................................................

Capital assets being depreciated, net.........................................................................

Unamortized bond issuance costs..............................................................................

Restricted assets pledged loans receivable..........................................................

Total noncurrent assets................................................................................

TOTAL ASSETS

 

Liabilities

Current liabilities

Accounts payable and accrued liabilities

Due to other funds.......................................................................................................

Current portion of long-term obligations..................................................................

Compensated absences, current.................................................................................

Total current liabilities.....................................................................................

 

Noncurrent liabilities

Noncurrent portion of long-term obligations........................................................

Compensated absences, long-term..........................................................................

Total noncurrent liabilities..............................................................................

TOTAL LIABILITIES.....................................................................................

 

Net Assets

Invested in capital assets...............................................................................................

Restricted for

Debt Service................................................................................................................

Other purposes.............................................................................................................

Unrestricted.......................................................................................................

TOTAL NET ASSETS.................................................................................

 

Operating Revenues....................................................................................................

Operating Expenses....................................................................................................

Operating Income.......................................................................................................

Total Non-operating Revenues (Expenses)..............................................................

Income before transfers..............................................................................................

Transfers to other funds.............................................................................................

Transfers from other funds.........................................................................................

Changes in net assets..................................................................................................

Total net assets, July 1...............................................................................................

Total net assets, June 30...........................................................................................

 

 

$391,162

71,083

43,743

59,845

3,878

34,245

$603,956

 

 

$57,797

919,740

35

1,241

431,110

1,409,923

$2,013,879

 

 

 

$4,357

72

18,105

461

$22,995

 

 

$248,435

688

249,123

$272,118

 

 

$35

 

127,245

1,457,652

156,829

$1,741,761

 

$49,833

11,897

$37,936

54,718

$92,654

(8)

4,830

97,476

1,644,285

$1,741,761

 

AGENCY DIRECTOR

 

During Audit Period and Currently: Douglas P. Scott