REPORT DIGEST

KANKAKEE RIVER VALLEY AREA AIRPORT AUTHORITY

FINANCIAL AUDIT

AND COMPLIANCE EXAMINATION

For the Year Ended:

June 30, 2004

Summary of Findings:

Total this audit                          0

Total last audit                          1

Repeated from last audit           0

Release Date:

March 31, 2005 

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

INTRODUCTION

The Kankakee River Valley Area Airport Authority was created September 10, 1990 as a result of Public Act 86-1400, the Kankakee River Valley Area Airport Authority Act.  Its mission is to facilitate safe and convenient air travel and transportation to and from the Kankakee River Valley by acquisition or construction and operation of one or more airports. 

This digest covers the financial audit and compliance examination of the Authority for the year ended June 30, 2004.  The Authority received no appropriations from the Illinois General Assembly, and funds were not held in the State Treasury.  The Authority was financed solely through contributions from private sources and interest income received from locally held funds. 

There were no material findings of noncompliance disclosed during our tests.  We commend the Authority for maintaining an effective system of internal control.

AUDITORS’ OPINION

Our auditors stated the financial statements of the Authority as of June 30, 2004, and for the year ended, are fairly presented in all material respects.

                       ____________________________________

                  WILLIAM G. HOLLAND, Auditor General

WGH:TLD

AUDITORS ASSIGNED

This audit was performed by the staff of the Office of the Auditor General.

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