REPORT DIGEST

 

OFFICE OF THE

STATE TREASURER

THE ILLINOIS FUNDS

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2003

 

Release Date:

February 18, 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

The Illinois Funds was established under the name Illinois Public Treasurers' Investment Pool ("IPTIP") in 1976 to supplement and enhance the investment opportunities available to custodians of public agency funds throughout the State of Illinois. The management, custodianship and operation of The Illinois Funds are under the supervision of the Office of the Treasurer - State of Illinois.

To administer The Illinois Funds, the Treasurer has established a division entitled "The Illinois Funds Administrative Office". The revenues and expenditures of the Division were recorded in a fund maintained by the Treasurer entitled The Illinois Funds Administrative Trust Fund.

An investment trust fund was used to account for assets held by The Illinois Funds in a trustee capacity for public treasurers throughout the State of Illinois. At June 30, 2003, assets in this fund totaled $4,934,228,922. The custodian for this fund was U.S. Bank of Illinois.

AUDITORS' OPINION

Our special assistant auditors stated that The Illinois Fundsí financial statements, as of and for the year ended June 30, 2003, are fairly stated in all material respects.

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JSC:pp

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors on this audit were Kerber, Eck & Braeckel LLP.

 

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

 

                                                  OFFICE OF THE STATE TREASURER

                                                              THE ILLINOIS FUNDS

                                                                 FINANCIAL AUDIT

                                                                    At June 30, 2003

 

STATEMENTS OF FIDUCIARY NET ASSETS

FY 2003

FY 2002

Money Market Mutual Funds

Repurchase Agreements

Certificates of Deposit

Commercial Paper

Direct U.S. Treasury Obligations:

                Treasury Bills

                Treasury Strips

                Treasury Notes

 

U.S. Agency Obligations:

                Federal Home Loan Banks discount notes

                Federal Home Loan Mortgage Corporation discount notes

                Federal National Mortgage Association discount notes

                Farm Credit discount notes

                Student Loan Marketing Association discount notes

 

Accrued Interest Receivable

                Total Assets

 

Bank Custodial Fees Payable

State Management Fees Payable

                Total Liabilities

 

Net Assets Available to Participants

$ 368,333,402

4,043,141,333

4,034,465

199,430,188

 

174,524,351

0

101,601,275

 

 

0

14,930,796

27,669,979

0

0

 

563,133

$4,934,228,922

 

$ 149,350

228,809

$ 378,159

 

$4,933,850,763

$ 261,917,019

3,300,530,000

8,371,653

154,897,562

 

479,032,386

25,207,525

268,199,699

 

 

14,589,942

87,486,469

65,199,283

2,445,158

6,867,480

 

3,824,557

$4,678,568,733

 

$ 147,660

226,830

$ 374,490

 

$4,678,194,243

SELECTED ACTIVITY MEASURES

FY 2003

FY 2002

Administrative Fees Received

Administrative Expenditures

Total Number of Participants

Number of State of Illinois Participants

Balance of State of Illinois Investments

Number of Employees

$2,694,389

$3,259,000

1,932

29

$1,493,216,802

34

$2,966,000

$3,362,000

1,935

29

$995,295,900

38

STATE TREASURER

During Audit Period: Honorable Judy Baar Topinka

Currently: Honorable Judy Baar Topinka