REPORT DIGEST

 

ILLINOIS DEVELOPMENT FINANCE AUTHORITY

 

FINANCIAL AND COMPLIANCE AUDIT

(In accordance with the Single Audit Act and OMB Circular A-133)

For the Year Ended:

June 30, 2003

 

 

Summary of Findings:

 

Total this audit                       0

Total last audit                       0

Repeated from last audit        0

 

Release Date:

February 26, 2004

 

 

 

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 TDD (217) 524-4646

 

This Report Digest is also available on

the worldwide web at

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

 

 

 

INTRODUCTION

Our report disclosed no material compliance findings. The Authority is commended for maintaining effective internal controls.

 

AUDITORSí OPINION

Our auditors state the financial statements of the Authority as of and for the year ended June 30, 2003 are fairly presented in all material respects.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

 

 

SPECIAL ASSISTANT AUDITORS

KPMG, LLP were our special assistant auditors on this audit.

 

 

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

 

ILLINOIS DEVELOPMENT FINANCE AUTHORITY

FINANCIAL AND COMPLIANCE AUDIT

For The Year Ended June 30, 2003

 

REVENUES AND EXPENSES (ENTERPRISE FUNDS)

FY 2003

FY 2002

! Total Revenues

$3,034,775

$3,487,157

Administrative Service Fees

     % of Revenues

$1,754,860

57.8%

$2,045,027

58.6%

Interest Income

     % of Revenues 9;

$458,352

15.1%

$664,076

19.0%

Interest on Loans

     % of Revenues

$413,874

13.6%

$522,111

15.0%

Other Income

     % of Revenues

$407,689

13.4%

$255,943

7.4%

! Total Expenses

$3,965,424

$4,880,226

Salaries and Benefits

     % of Expenses

$1,910,213

48.2%

$1,982,850

40.6%

Average No. of Employees

24

25

Contractual Services

     % of Expenses

Net loss on investments

     % of Expenses

$919,748

23.2%

$985,025

24.8%

$958,612

19.6%

$1,410,000

28.9%

Other Items

     % of Expenses

$150,438

3.8%

$528,764

10.9%

! Change in Net Assets

($930,649)

($1,393,069)

! Cost of Property and Equipment

$225,466

$254,383

BALANCE SHEET TOTALS

FY 2003

FY 2002

Assets

Liabilities

Net Assets

$45,547,633

$6,659,433

$38,888,200

$45,212,725

$5,393,876

$39,818,849

SELECTED ACTIVITY MEASURES (Unaudited)

FY 2003

FY 2002

! Total Number of Bond Issues and Loans Outstanding at June 30

590

594

! Total Number of New Bond Issues and Loans

50

77

! Total Bond and Loan Value Outstanding
    (in millions)

$7,001

$7,333

! Jobs Created or Retained during Year

! Construction Jobs Created during Year

245

826

930

579

AGENCY DIRECTOR

During Audit Period: Patrick E. Rea

Current: Sara Siegal