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.
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WILLIAM G. HOLLAND, Auditor General
WGH:RPU:pp
SPECIAL ASSISTANT AUDITORS
Our special assistant auditors for this audit were KPMG, LLP.