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REPORT DIGEST ILLINOIS SPORTS FACILITIES AUTHORITY FINANCIAL AUDIT OF THE SCHEDULE OF
LAKEFRONT IMPROVEMENT PROJECT PAYMENTS FROM THE SPORTS FACILITIES BONDS
(STATE TAX SUPPORTED), SERIES 2001 For the Period: October 4, 2001 (inception) to August 20, 2004 Release Date:
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 |
SYNOPSIS Pursuant to Public Act 91-0935 the Office of the Auditor General was mandated to conduct a financial audit of the Illinois Sports Facilities Authority’s (Authority) expenditures of public funds in connection with the redevelopment of a 97-acre parcel of Chicago lakefront park land (Project). On October 4, 2001, the Authority issued $398,998,040 Series 2001 Bonds to provide financial assistance to the Project. The Project included the restoration of Soldier Field; construction of a new 2,500 space underground parking structure; the construction of a two-story above-ground parking structure; the reconstruction and landscaping of a surface parking lot; and the creation of 17 new acres of park facilities. The scope of the audit only included those expenditures made from the Series 2001 Bonds and earnings from the bonds and was not an audit of the Authority’s financial statements taken as a whole and is not intended to present fairly the financial position of the Authority. The audit period began with the sale of the Series 2001 Bonds and concluded with the last payment from the Series 2001 Bond proceeds and any earnings derived from the Series 2001 Bond proceeds. The expenditures from the Series 2001 Bonds and related earnings are presented in the Schedule of Lakefront Improvement Project Payments From the Sports Facilities Bonds (State Tax Supported), Series 2001. AUDITORS' OPINION Our auditors state that the Schedule of
Lakefront Improvement Project Payments From the Sports Facilities Bonds
(State Tax Supported), Series 2001is
fairly presented. ____________________________________ WILLIAM
G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL ASSISTANT AUDITORS Nykiel – Carlin & Co. were our
special assistant auditors for this audit. |
