REPORT DIGEST

 

KANKAKEE RIVER VALLEY AREA AIRPORT AUTHORITY

 

FINANCIAL AUDIT

AND COMPLIANCE EXAMINATION

For the Year Ended:

June 30, 2004

 

Summary of Findings:

 

Total this audit†††††††††††††             0

Total last audit†††††††††††††             1

Repeated from last audit†††††††††† 0

 

Release Date:

March 31, 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

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

 

The Kankakee River Valley Area Airport Authority was created September 10, 1990 as a result of Public Act 86-1400, the Kankakee River Valley Area Airport Authority Act.Its mission is to facilitate safe and convenient air travel and transportation to and from the Kankakee River Valley by acquisition or construction and operation of one or more airports.

 

This digest covers the financial audit and compliance examination of the Authority for the year ended June 30, 2004.The Authority received no appropriations from the Illinois General Assembly, and funds were not held in the State Treasury.The Authority was financed solely through contributions from private sources and interest income received from locally held funds.

 

There were no material findings of noncompliance disclosed during our tests.We commend the Authority for maintaining an effective system of internal control.

 

AUDITORSí OPINION

 

Our auditors stated the financial statements of the Authority as of June 30, 2004, and for the year ended, are fairly presented in all material respects.

 

†††††††††††††††††††††† ____________________________________

†††††††††† †††††††WILLIAM G. HOLLAND, Auditor General

 

WGH:TLD

 

AUDITORS ASSIGNED

 

This audit was performed by the staff of the Office of the Auditor General.

 

 

 

 

 

 

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

 

 


KANKAKEE RIVER VALLEY AREA AIRPORT AUTHORITY

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For The Year Ended June 30, 2004

 

PROPRIETARY FUND FINANCIAL OPERATIONS

FY 2004

FY 2003

PROPRIETARY FUND EXPENSES

 

 

††††† OPERATING EXPENSES

 

 

††††††††††† Contractual Services............................

$†† 200

$†† 300

††††††††††† Dues - Airport Association...................

200

200

††††††††††† Telephone Expenses............................

455

368

††††††††††† Bank Service Charge...........................

103

104

††††††††††† Other..................................................

†††††††† 0

††††††† 31

†††††††††††††† Total Operating Expenses.................

†††† 958

†† 1,003

 

 

 

††††††††††† Operating Income (Loss).....................

(958)

(1,003)

 

 

 

PROPRIETARY FUND REVENUES

 

 

††††† NONOPERATING REVENUES

 

 

††††††††††† Interest Income...................................

10

18

††††††††††††††††† Total Nonoperating Revenues.........

10

18

Change in Net Assets......................................

(948)

(985)

Net Assets, July 1............................................

3,461

4,446

Net Assets, June 30.........................................

$2,513

$3,461

CONTRIBUTED SERVICES

 

 

††††††††††† Contributed Facilities and Services........

$5,135

$5,170

 

SELECTED PROPRIETARY FUND BALANCES

JUNE 30,

2004

JUNE 30,

2003

Cash...............................................................

$2,664

$3,598

Net Assets......................................................

$2,513

$3,461

 

AGENCY CHAIRMAN

††††† During Audit Period:Mr. Robert Glade (7/1/03 through 6/30/04)

††††† Currently:Mr. David Wallace (8/5/04 through current)