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REPORT DIGEST DEPARTMENT OF EMPLOYMENT
SECURITY FINANCIAL AUDITFor the Year Ended: June 30, 2004 Release Date: February 10, 2005
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 Attn: Records Manager 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 |
INTRODUCTION
This report covers our
financial audit of the Department of Employment Security’s Non-shared
Funds for the year ended June 30, 2004. A State compliance examination covering
the two years ended June 30, 2005, will be performed next year. AUDITORS’ OPINION
Our auditors stated that the
financial statements present fairly, in all material respects, the
financial position of the Non-shared Funds of the Department of
Employment Security as of June 30, 2004, and the changes in
financial position thereof for the year then ended.
Subsequent Event
Due to the
depletion of the Unemployment Trust Fund in early March 2003 and the
continued borrowing from the Federal Government to pay unemployment benefits,
the State of Illinois, acting by and through the Department, is authorized to
issue Series 2004 Bonds pursuant to Public Act 93-0634. On July 1, 2004, bonds for $712 million
were issued.
___________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KMC:drh SPECIAL ASSISTANT AUDITORS
Our special assistant
auditors for this audit were McGladrey & Pullen, LLP. {Expenditures and Activity Measures are summarized on the reverse page.} |
ILLINOIS DEPARTMENT OF EMPLOYMENT SECURITY
FINANCIAL AUDIT
For the Year Ended June 30, 2004
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UNEMPLOYMENT
COMPENSATION TRUST FUND |
FY 2004 |
FY 2003 |
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OPERATING
REVENUES: Unemployment taxes.............................................................. Federal government................................................................ Total Operating Revenues............................................ OPERATING EXPENSES Benefit Payments and Refunds............................................ Operating Loss................................................................ NONOPERATING
REVENUES: Interest and investment income........................................... Other revenue.......................................................................... Total.................................................................................. Income (loss) before transfers........................................ TRANSFERS OUT Decrease in net assets................................................... |
$1,922,129,000
414,058,000 $2,336,187,000 $2,672,436,000 $
(336,249,000) $
332,000
135,000 $
467,000 $
(335,782,000)
(286,631,000) $
(622,413,000) |
$1,367,760,000 641,944,000 $2,009,704,000 $3,054,290,000 $(1,044,586,000) $ 28,664,000 114,000 $ 28,778,000 $(1,015,808,000)
(10,045,000) $(1,025,853,000) |
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STATEMENT
OF NET ASSETS (at June 30) Unemployment
Compensation Trust Fund |
FY 2004 |
FY 2003 |
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ASSETS: Cash and cash equivalents................................................... Investments............................................................................. Receivables, Net: Taxes................................................................................. Intergovernmental.......................................................... Others...............................................................................
Due from other State funds and Component Units.... Restricted Assets........................................................... Total Assets...................................................... LIABILITIES Benefits payable..................................................................... Intergovernmental payables................................................. Due to other State Funds...................................................... Notes Payable, Current.......................................................... Total Liabilities.................................................. NET ASSETS Restricted for Notes Payable, Current.................................. Restricted for Unemployment Benefits............................... Total Net Assets.......................................... |
$ 907,000 - 0 - $ 398,256,000
31,317,000
74,384,000
14,197,000 4,884,000 $ 523,945,000 $
48,339,000 7,003,000 74,572,000 $
585,175,000 $
715,089,000 $
585,175,000
(776,319,000) $ (191,144,000) |
$8,355,000
97,319,000
288,208,000
51,093,000 62,204,000
15,044,000 - 0 - $522,223,000
$75,385,000
12,439,000
3,130,000 - 0 -
$90,954,000 - 0 - $431,269,000 $431,269,000 |
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AGENCY
DIRECTOR |
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During Audit Period: Brenda Russell Currently: Brenda Russell |
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