REPORT DIGEST
ILLINOIS STATE BOARD OF INVESTMENT FINANCIAL AUDIT For the Year Ended: June 30, 2007 Release Date: February 14, 2008
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 the
Full Report are also available on the worldwide web at http://www.state.il.us/auditor |
INTRODUCTION
This digest covers our audit of the
Illinois State Board of Investment financial statements for the year ended
June 30, 2007. A report on the results
of our compliance attestation examination for the year ending June 30, 2007
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. MEMBER SYSTEMS WITHDRAWALS
During fiscal year 2007 the member
systems’ withdrawals from Illinois State Board of Investment decreased $117
million from $759 million during fiscal year 2006 to $642 million during
fiscal year 2007. Total member
systems’ net contributions (withdrawals) since inception of the Illinois State Board of Investment total
approximately ($924 million). AUDITORS' OPINION
Our auditors state the June 30, 2007
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. {Financial data is summarized on the reverse page} |
ILLINOIS STATE BOARD OF INVESTMENT
FINANCIAL
AUDIT
FOR THE YEAR ENDED JUNE 30,
2007
|
OPERATING
STATEMENT ANALYSIS |
FY 2007 |
FY 2006 |
|
Revenues:
Investment Income - Appreciation in Fair Value....... Investment Income - Interest
& Dividends................ Investment Income - Securities
Lending................... Total Investment Income..................................... Expenses:
Salaries and Benefits...............................................
Operating Expenses................................................
External
Support (consulting and investment fees)..... Total Expenses................................................... Revenue Over Expenses................................. Member
Systems’ Withdrawals............................................... Net
Assets Beginning of the Year............................................ Net
Assets End of the Year..................................................... |
$ 1,594,268,871 319,512,311 4,493,459 $ 1,918,274,641 $ 1,277,024 448,056 38,838,254 $ 40,563,334 $ 1,877,711,307 (642,000,000) 11,316,484,854 $12,552,196,161 |
$
892,599,986
306,226,121 4,321,712 $ 1,203,147,819 $ 1,173,380 413,205 28,556,047 $ 30,142,632 $ 1,173,005,187 (759,000,000) 10,902,479,667 $11,316,484,854 |
|
EXTERNAL SUPPORT EXPENSES |
FY 2007 |
FY 2006 |
|
Custody.................................................................................. Consulting and Professional..................................................... Investment Advisors / Managers.............................................. Investment Services and Research........................................... Total External Support Expenses..................................... |
$ 239,800 1,133,726 37,297,370 167,358 $38,838,254 |
$ 224,730 739,748 27,434,504 157,065 $28,556,047 |
MEMBER SYSTEMS’ WITHDRAWALS |
FY 2007 |
FY 2006 |
|
State
Employees’ Retirement System......................................... Judges’
Retirement System........................................................ General
Assembly Retirement System........................................ Total Member Systems’
Withdrawals................................ |
$612,000,000 22,000,000
8,000,000 $642,000,000 |
$721,000,000 28,500,000
9,500,000 $759,000,000 |
|
INVESTMENT PORTFOLIO ANALYSIS - Fair Value |
JUNE 30, 2007 |
JUNE 30, 2006 |
|
Government
and Agency Obligations.......................................... Foreign
Obligations.................................................................... Corporate
Obligations................................................................ Common
Stock & Equity Funds................................................. Preferred
Stock........................................................................ Foreign
Equity Securities........................................................... Hedge
Funds............................................................................ Real
Estate Investments............................................................ Private
Equity........................................................................... Money
Market Instruments........................................................ Infrastructure
Funds.................................................................. Forward
Foreign Exchange Contracts......................................... Total
Investment Portfolio................................................. |
$ 1,184,275,884 72,189,687 1,228,970,012 6,059,409,027 1,865,020 1,365,647,941 496,404,578 1,189,614,911 563,366,021 535,699,912 108,436,449 (108,696) $12,805,770,746 |
$ 1,110,919,988 104,455,671 1,382,574,163 5,369,124,032 1,057,334 1,113,268,102 416,462,183 1,134,025,154 482,264,036 320,641,552 0 26,145 $11,434,818,360 |
|
SELECTED ACCOUNT BALANCES |
JUNE 30, 2007 |
JUNE 30, 2006 |
|
Cash...................................................................................... Total Accounts Receivable...................................................... Prepaid Expenses.................................................................... Capital Assets......................................................................... Operating Expenses Payable.................................................... Investment Purchases Payable................................................. |
$ 42,916,419 $548,269,714 $ 14,740 $ 49,283 $ 7,572,502 $837,252,239 |
$ 80,644,137 $184,529,093 $ 18,984 $ 45,348 $ 6,893,061 $376,678,007 |
BOARD CHIEF EXECUTIVES
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During Engagement Period:
Executive Director: William R. Atwood. Chairman: Michael Goetz. Currently: Executive Director: William R. Atwood. Chairman: Michael Goetz. |
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