REPORT DIGEST

ILLINOIS DEVELOPMENT FINANCE AUTHORITY
FINANCIAL AND COMPLIANCE AUDIT

(In accordance with the Single Audit Act and OMB Circular A-133)

For the Year Ended:
June 30, 2002

Summary of Findings:

Total this audit 0
Total last audit 1
Repeated from last audit 0

Release Date:
March, 4, 2003

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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
Attn: Records Manager
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

Our report disclosed no material compliance findings. The Authority is commended for maintaining effective internal controls.

 

 

AUDITORS’ OPINION

Our auditors state the financial statements of the Authority as of and for the year ended June 30, 2002 are fairly presented in all material respects.

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

 

 

SPECIAL ASSISTANT AUDITORS

KPMG LLP were our special assistant auditors on this audit.

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

ILLINOIS DEVELOPMENT FINANCE AUTHORITY
FINANCIAL AND COMPLIANCE AUDIT
For The Year Ended June 30, 2002
REVENUES AND EXPENSES (ENTERPRISE FUNDS)

FY 2002

FY 2001
Total Revenues

$3,487,157

$4,430,175
Administrative Service Fees
% of Revenues

$2,045,027
58.6%

$1,992,816
45.0%
Interest Income
% of Revenues

$664,076
19.0%

$1,545,272
34.9%
Interest on Loans
% of Revenues

$522,111
15.0%

$524,776
11.8%
Other Income
% of Revenues

$255,943
7.4%

$367,311
8.3%
Total Expenses

$4,880,226

$3,326,700
Salaries and Benefits
% of Expenses

$1,982,850
40.6%

$1,818,274
54.7%
Average No. of Employees

25

24
Contractual Services
% of Expenses
Net loss on investments
% of Expenses

$958,612
19.6%
$1,410,000
28.9%

$859,321
25.8%
$346,424
10.4%
Other Items
% of Expenses

$528,764
10.9%

$302,681
9.1%
Change in Net Assets

($1,393,069)

$1,103,475
Cost of Property and Equipment

$254,383

$261,949
SELECTED ACTIVITY MEASURES (Unaudited)

FY 2002

FY 2001
Total Number of Bond Issues and Loans Outstanding at June 30,

594

623
Total Number of New Bond Issues and Loans

77

83
Total Bond and Loan Value Outstanding (in millions)

$7,333

$7,105
Jobs Created or Retained during Year

930

1,689
AGENCY DIRECTOR
During Audit Period: Patrick E. Rea
Currently: Patrick E. Rea