REPORT DIGEST

 

DEPARTMENT OF EMPLOYMENT SECURITY

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

Release Date:

April 3, 2007

 

 

 

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 and Full Report are also available on

the worldwide web at

http://www.auditor.illinois.gov

 

 

 

 

 

INTRODUCTION

 

This report covers our financial audit of the Department of Employment Security’s Non-Shared Funds for the years ended June 30, 2006.  A State compliance examination covering the two years ended June 30, 2007 will be performed next year.

 

 

 

AUDITORS’ OPINION

 

Our auditors stated the financial statements present fairly, in all material respects, the financial position of the Non-Shared Funds of the Department of Employment Security as of June 30, 2006, and the changes in financial position and cash flows, where applicable, thereof for the year then ended.

 

 

 

 

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

 

 

WGH:JAF:pp

 

SPECIAL ASSISTANT AUDITORS

 

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

 

 

 

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

 

 

 

 

 

 

 

ILLINOIS DEPARTMENT OF EMPLOYMENT SECURITY

FINANCIAL AUDIT

For the Year Ended June 30, 2006

 

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

Unemployment Compensation Trust Fund (in thousands)

 

 2006

 

 2005

OPERATING REVENUES:

        Unemployment taxes..............................................................

        Federal government................................................................

Total Operating Revenues............................................

 

OPERATING EXPENSES:

        Benefit Payments and Refunds............................................

Operating Income...........................................................

 

NONOPERATING REVENUES (EXPENSES):

        Interest and investment income...........................................

        Other revenue..........................................................................

        Interest and investment expenses........................................

        Other expenses........................................................................

                Total nonoperating revenues (expenses)...................

 

Income (loss) before transfers........................................    

 

TRANSFERS IN (OUT)

                Increase (Decrease) in net assets.................................

 

 $       2,647,627

               31,013

          2,678,640

 

 

         1,719,571

            959,069

 

 

         33,865

                  –

          (6,731)

          (4,960)

         22,174  

 

             981,243

 

         (17,289)

$           963,954

 

 $       2,578,835

               23,912

          2,602,747

 

 

         1,945,631

            657,116

 

 

         15,946

                79

        (34,413)

          (2,512)

        (20,900)

 

             636,216

 

         (15,910)

$           620,306

STATEMENT OF NET ASSETS (at June 30)

Unemployment Compensation Trust Fund (in thousands)

 

2006

 

2005

ASSETS:

Cash and cash equivalents...................................................

Investments.............................................................................

Receivables, Net:

Taxes.................................................................................

Intergovernmental..........................................................

Others...............................................................................

        Other assets.............................................................................

                  Total Assets..................................................................

LIABILITIES:

Benefit payments payable.....................................................

Intergovernmental payables.................................................

Other payables........................................................................

Bonds and notes payable......................................................

Total Liabilities

NET ASSETS...................................................................................

 

$    10,000

 1,137,136

 

      505,595

      27,844

      75,405

        3,714

     1,759,694

 

        75,840

        7,526

        5,296

              –  

        88,662

  $ 1,671,032

 

$   208,231

     631,317

 

      513,748

      29,420

      74,755

        9,214

     1,466,685

 

        72,618

        5,010

        4,681

    677,298

      759,607

  $    707,078

AGENCY DIRECTOR

During Audit Period:  Brenda A. Russell

Currently:  Brenda A. Russell