REPORT DIGEST

 

ILLINOIS STATE TOLL HIGHWAY AUTHORITY

 

 

FINANCIAL AUDIT

For the Year Ended:

December 31, 2005

 

Release Date:

October 26, 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

 

      This digest covers our financial audit of the Tollway for the year ended December 31, 2005.  A compliance examination covering the year ending December 31, 2005 is being issued separately.

 

 

 

AUDITORS' OPINION

 

      Our auditors state the December 31, 2005 financial statements of the Tollway are fairly presented. 

 

 

 

 

 

                      ____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:TLK:pp

 

SPECIAL ASSISTANT AUDITORS

 

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

 

 

 

 

 

 

ILLINOIS STATE TOLL HIGHWAY AUTHORITY

FINANCIAL AUDIT

For The Years Ended December 31, 2005 and 2004

 

 

 

FINANCIAL OPERATIONS (GAAP BASIS)

2005

2004 

Operating Revenue

  Toll Revenue..................................................

  Toll Evasion Recovery....................................

  Concessions...................................................

  Miscellaneous................................................

   Total Operating Revenue..............................

 

Operating Expenses

  Depreciation and Amortization.......................

  Services and Toll Collection...........................

  Insurance and Employee Benefits..................

  Engineering and Maint. of Roadway & Structures

  Traffic Control, Safety Patrol, & Radio Commun.

  Procurement, IT, Finance & Administration.....

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

 

$580,441,697

26,737,437

2,790,847

      2,266,957

$612,236,938

 

 

$152,195,010

96,196,860

44,659,657

34,886,799

18,034,485

  22,018,346

$367,991,157

 

$391,586,232

21,034,678

2,654,668

      3,445,212

$418,720,790

 

 

$165,623,349

83,913,805

47,756,919

32,579,707

15,340,985

  20,933,265

$366,148,030

SIGNIFICANT ACCOUNT BALANCES
(GAAP Basis)

2005

2004

Cash & Cash Equivalents (Unrestricted).........

Cash & Cash Equivalents Restricted for Debt Svc.

Cash & Cash Equivalents IPASS Accounts..

Cash & Cash Equivalents Construction.........

Accounts Receivable (net)..............................

Investments Restricted for Debt Service..........

Capital Assets (net)........................................

Revenue Bonds Payable.................................

$425,153,914

114,014,999

96,320,201

573,019,093

38,444,129

88,496,433

2,262,248,823

1,473,114,718

$366,674,672

59,151,196

71,110,876

0

31,738,214

29,571,262

1,805,709,188

656,974,338

 

EXECUTIVE DIRECTOR

During Audit Period: Mr. Jack Hartman Through February 23, 2006

Acting Executive Director: Ms. Marilyn Johnson February 24, 2006 through March 29, 2006

Currently: Acting Executive Director Mr. Brian McPartlin - March 30, 2006 to Present