REPORT DIGEST

 

ILLINOIS STATE

BOARD OF

INVESTMENT

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2003

 

Release Date:

February 10, 2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 TDD (217) 524-4646

 

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

INTRODUCTION

This digest covers our financial audit of the Board for the year ended June 30, 2003. A compliance audit covering the year ending June 30, 2003 is being issued separately.

Pursuant to the Illinois Pension Code, the Illinois State Board of Investment manages the investments of the State Employees’ Retirement System, General Assembly Retirement System and the Judges’ Retirement System.

SUBSEQUENT EVENT

On April 7, 2003, Governor Rod Blagojevich signed House Bill 2660 into law as Public Act 93-0002. This new law authorized the State of Illinois to issue $10 billion of General Obligation Bonds for the purpose of making contributions to designated retirement systems. The State Employees’ Retirement System, General Assembly Retirement System and the Judges’ Retirement System are designated retirement systems.

The three retirement systems noted above received a total allocation of bond proceeds equal to $1,554,924,744 on July 2, 2003. The monies were deposited into Board’s Master Trust account on July 2, 2003.

AUDITORS' OPINION

Our auditors state the June 30, 2003 financial statements of the Board are fairly presented.

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were KPMG, LLP.