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, 1999

Summary of Findings:

Total this audit 2

Total last audit 4

Repeated from last audit 0

Release Date:
March 21, 2000

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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

  

 

 

 

 

 

 

 

 

 

 

 

SYNOPSIS

 
  • The Authority lacks a formal written disaster recovery plan for its computer systems.

 

 

 

 

 

 

 

 

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

ILLINOIS DEVELOPMENT FINANCE AUTHORITY
FINANCIAL AND COMPLIANCE AUDIT
For The Year Ended June 30, 1999
REVENUES AND EXPENSES (ENTERPRISE FUNDS)

FY 1999

FY 1998
Total Revenues

$3,768,006

$3,929,413
Administrative Service Fees
% of Revenues

$2,172,707
57.7%

$1,859,391
47.3%
Investment Income
% of Revenues

$874,764
23.2%

$1,315,104
33.5%
Interest on Loans
% of Revenues

$599,816
15.9%

$560,893
14.3%
Other Income
% of Revenues

$120,719
3.2%

$194,025
4.9%
Total Expenses

$3,033,804

$3,048,176
Salaries and Benefits.............................
% of Expenses................

$1,581,779
52.1%

$1,591,843
52.2%
Average No. of Employees

22

25
Contractual Services
% of Expenses

$1,025,881
33.8%

$1,034,476
33.9%
Other Items
% of Expenses

$426,144
14.1%

$421,857
13.9%
Net Income

$734,202

$881,237
Cost of Property and Equipment

$488,918

$581,499
SELECTED ACTIVITY MEASURES

FY 1999

FY 1998

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

506

479
Total Number of New Bond Issues and Loans

66

68

Total Bond and Loan Value Outstanding (in millions)

$6,009

$5,273
Jobs Created or Retained during Year

1,265

1,182
AGENCY DIRECTOR
During Audit Period: Mr. Bobby J. Wilkerson
Currently: Mr. Patrick E. Rea
 

 

 

The Authority lacks a formal computer system disaster recovery plan

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

LACK OF FORMAL COMPUTER SYSTEM DISASTER RECOVERY PLAN

The Authority does not have a formal written disaster recovery plan for its information systems. The Authority has not addressed how it would recover programs and data files in the event of an extended disruption due to computer systems failure.

The Authority accepted our recommendation to create a formal written disaster recovery plan and expects to complete it during the current fiscal year. (Finding 2, pages 13-14)

OTHER FINDING

The remaining finding pertains to completing the Annual Financial Report in a timely manner. Authority officials attribute the condition, in part, to a conversion of its accounting system. We will review the progress towards implementation of our recommendation during our next audit. Responses to our recommendations were provided by Ms. Sara Siegel, Executive for Finance and Operations/Controller.

AUDITORS’ OPINION

Our auditors state the financial statements of the Authority as of and for the year ended June 30, 1999 are fairly presented in all material respects.

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JAF:pp

SPECIAL ASSISTANT AUDITORS

KPMG LLP were our special assistant auditors on this audit.