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REPORT DIGEST ILLINOIS FINANCE AUTHORITY FINANCIAL
AUDIT
For the Year Ended: June 30, 2006 Release Date:
March 22, 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
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INTRODUCTION
This digest covers our financial audit
of the Illinois Finance Authority for the year ended June 30, 2006. A compliance examination covering the year
ended June 30, 2006 is being issued separately. AUDITORS’ OPINION
The auditors stated the financial
statements for the Illinois Finance Authority as of and for the year ended
June 30, 2006 are fairly presented in all material respects.
___________________________________ WILLIAM G. HOLLAND, Auditor General WGH:JAF:pp SPECIAL ASSISTANT AUDITORS
Our special assistant auditors for this audit were McGladrey & Pullen, LLP. |
ILLINOIS
FINANCE AUTHORITY
FINANCIAL AUDIT
YEAR ENDED JUNE 30, 2006
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STATEMENT OF REVENUES,
EXPENSES, AND CHANGES IN FUND NET ASSETS |
For The Year Ended June
30, 2006 |
For The Year Ended June
30, 2005 |
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Operating revenues:
Administrative service
fees..........................
Interest on
loans..........................................
Annual fees................................................
Other
operating revenue..............................
Total
operating revenues.......................
Operating expenses:
Interest
expense..........................................
Employee
related expenses..........................
Professional
services...................................
Other
operating expense..............................
Total
operating expenses......................
Operating
income ................................
Nonoperating revenues
(expenses):
Appropriations
from the State......................
Interest and
investment income....................
Net
appreciation (depreciation) in the fair value of investments..................................
Interest
buy-back expense...........................
Total
nonoperating revenues, net...........
Change in net assets.....................................
Net assets – beginning of year...........................
Net assets – end of year................................ |
$4,370,470
3,591,255
1,299,441
308,958
$9,570,124
$3,088,416
3,030,627
1,782,438
1,185,327
$9,086,808
$483,316
$3,800,000
2,600,275
80,163
-
$6,480,438
$6,963,754
81,086,128
$88,049,882 |
$4,977,492
3,084,364
1,747,670
297,069
$10,106,595
$3,089,751
3,169,979
1,173,012
1,179,983
$8,612,725
$1,493,870
$6,227,472
1,732,318
(689,419)
(27,472)
$7,242,899
$8,736,769
72,349,359
$81,086,128 |
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Selected Statement of Net
Asset Accounts
·
Cash and investments...................................
·
Receivables, net...........................................
·
Bonds payable and
long-term debt.................
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Net assets.................................................... |
$66,802,520
$83,920,128
$60,977,906
$88,049,882 |
$67,703,310
$80,012,862
$64,677,209
$81,086,128 |
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AGENCY EXECUTIVE DIRECTOR |
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During Audit Period: Ms. Jill Rendleman (Interim) Currently: Ms. Jill Rendleman (Interim) |
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