REPORT DIGEST
ILLINOIS STATE BOARD OF INVESTMENT FINANCIAL AUDIT For the Year Ended: June 30, 2004 Release Date: February 2, 2005
State of Illinois Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL
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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 This
digest covers our financial audit of the Illinois State Board of Investment
(ISBI) for the year ended June 30, 2004.
A report on the results of our compliance attestation examination for
the year ending June 30, 2004 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 September 24, 2004 the ISBI’s Board of Directors
selected State Street Bank & Trust Company to provide custodial services
for ISBI, replacing The Northern Trust Company. ISBI expects the transition to State Street Bank & Trust
Company to be accomplished during the second quarter of fiscal year
2005. PENSION BOND FUNDING
In fiscal year 2003,
Governor Blagojevich and the General Assembly agreed to issue bonds in order
to provide funding to the State pension systems. This included the State
Employees’ Retirement System, General Assembly Retirement System and the
Judges’ Retirement System. As a
result of that funding, approximately $1.6 billion was transferred to ISBI’s
account at the beginning of fiscal year 2004. AUDITORS' OPINION Our
auditors state the June 30, 2004 financial statements of the Illinois State
Board of Investment are fairly presented.
____________________________________ WILLIAM
G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL
ASSISTANT AUDITORS
Our special assistant auditors for this audit were KPMG LLP. |