REPORT DIGEST

 

 

ILLINOIS FINANCE AUTHORITY

 

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2007

 

 

 

Release Date:

February 14, 2008

 

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 and Full Report are also available on

the worldwide web at

www.auditor.illinois.gov

 

 

 

 

 

 

 

INTRODUCTION

 

      This digest covers our financial audit of the Illinois Finance Authority for the year ended June 30, 2007.  A State and Federal compliance examination covering the year ended June 30, 2007 will be issued separately.

 

 

 

 

 

AUDITORS’ OPINION

 

      The auditors stated the financial statements for the Illinois Finance Authority as of and for the year ended June 30, 2007 are fairly presented in all material respects. 

 

 

 

 

 

                        ___________________________________

                        WILLIAM G. HOLLAND, Auditor General

 

 

WGH:JAF:pp

 

SPECIAL ASSISTANT AUDITORS

 

      Our special assistant auditors for this audit were McGladrey & Pullen, LLP.

 

 

 

 

 

 

 

ILLINOIS FINANCE AUTHORITY

FINANCIAL AUDIT

YEAR ENDED JUNE 30, 2007

 

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS

For The Year Ended June 30, 2007

For The Year Ended June 30, 2006

Operating revenues:

      Administrative service fees..........................

      Interest on loans..........................................

      Annual fees................................................

      Other operating revenue..............................

            Total operating revenues.......................

Operating expenses:

      Employee related expenses..........................

      Interest expense..........................................

      Professional services...................................

      Other operating expense..............................

             Total operating expenses......................

             Operating income ................................

Nonoperating revenues (expenses):

      Appropriations from the State......................

      Interest and investment income....................

      Net appreciation (depreciation) in the fair value of investments..................................

             Total nonoperating revenues, net...........

Change in net assets.....................................

Net assets – beginning of year...........................

Net assets – end of year................................

 

$6,632,365

3,666,594

1,154,011

       314,436

$11,767,406

 

$3,638,102

2,767,195

2,642,074

    1,702,371

$10,749,742

  $1,017,664

 

$              -

2,793,615

 

     178,070

$2,971,685

$3,989,349

  88,049,882

$92,039,231

 

$4,370,470

3,591,255

1,299,441

     308,958

$9,570,124

 

$3,030,627

3,088,416

1,782,438

  1,185,327

$9,086,808

   $483,316

 

$3,800,000

2,600,275

 

       80,163

$6,480,438

$6,963,754

  81,086,128

$88,049,882

Selected Statement of Net Asset Accounts

·        Cash and investments...................................

·        Receivables, net...........................................

·        Bonds payable and long-term debt.................

·        Net assets....................................................

 

$60,122,840

$90,230,190

$56,178,060

$92,039,231

 

$66,802,520

$83,920,128

$60,977,906

$88,049,882

AGENCY EXECUTIVE DIRECTOR

During Audit Period: Ms. Jill Rendleman (Interim) (7/1/06-5/21/07); Ms. Kym Hubbard (5/21/07-current)

Currently: Ms. Kym Hubbard