REPORT DIGEST

DUPAGE WATER COMMISSION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For the One Year Ended:

April 30, 2006

Summary of Findings:

Total this audit                          0

Total last audit                          2

Repeated from last audit           0

Release Date:

October 12, 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

FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

The report includes no findings of noncompliance or of reportable internal control weaknesses as a result of our audit testing.  We commend DuPage Water Commission management for maintaining a satisfactory system of internal controls. 

AUDITORS’ OPINION

Our auditors state the DuPage Water Commission’s financial statements for the year ended April 30, 2006 were fairly presented in all material respects. 

                          __________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JAF:pp

SPECIAL ASSISTANT AUDITORS

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

{Financial Operations and Account Balances are summarized on the next page}

FINANCIAL OPERATIONS

FY 2006

FY 2005

Operating revenues                                              

$48,576,351

$51,405,671

Operating expenses                                             

    62,317,561

    59,171,861

            Operating loss                                          

  ($13,741,210)

   ($7,766,190)

Nonoperating revenues (expenses)

Sales tax                                                                 

  $35,394,007

  $34,384,906

Investment income                                                   

      5,429,134

      2,856,461

Interest and other charges                                        

     (8,760,388)

     (9,262,718)

      Net nonoperating revenues                                

  $32,062,753

  $27,978,649

Change in net assets

$18,321,543

$20,212,459

Net assets

Net Assets, beginning of the fiscal year

$326,064,668

$305,852,209

Net Assets, end of the fiscal year

$344,386,211

$326,064,668

OTHER SIGNIFICANT ACCOUNT BALANCES

AT APRIL 30, 2006

AT APRIL 30,

2005

Cash and Investments                                              

Accounts and Loans receivable

Capital Assets and Construction in Progress            

Total Assets                                                          

Accounts Payable and Accrued Liabilities                

Accrued Interest Payable

Due to DuPage County                                           

Bonds Payable                                                        

Total Liabilities                                                    

Net Assets – Invested in capital assets                     

Net Assets - Restricted

Net Assets – Unrestricted                                       

Total Net Assets                                                  

$152,821,758

$19,190,756

$383,157,901

$556,683,517

$4,202,229

$3,492,452

$30,000,000

$170,743,015

$212,297,306

$232,009,827

$31,930,658

$80,445,726

$344,386,221

$166,359,906

$20,605,205

$383,980,620

$572,517,663

$4,450,156

$3,770,494

$45,000,000

$188,919,672

$246,452,995

$213,534,114

$31,551,651

$80,978,903

$326,064,668

GENERAL MANAGER

During the audit period:     Mr. Robert L. Martin

Currently:                          Mr. Robert L. Martin