Illinois Finance Authority. Financial Audit for the Year Ended June 30, 2011

              Office of the Auditor General, Iles Park Plaza, 740 E. Ash St., Springfield, IL 62703 • Tel: 217-782-6046 or TTY 888-261-2887
This Report Digest and a Full Report are also available on the internet at www.auditor.illinois.gov
ILLINOIS FINANCE AUTHORITY
FINANCIAL AUDIT
For the Year Ended: June 30, 2011
Summary of Findings:
Total this audit:
Total last audit:
Repeated from last audit:
0
1
0
Release Date: March 22, 2012
AUDITORS’ OPINION
Our auditors stated the financial statements of the Illinois Finance Authority as of and for the year ended June 30, 2011 are fairly stated in all material respects.
___________________________________
WILLIAM G. HOLLAND
Auditor General
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SPECIAL ASSISTANT AUDITORS
Our special assistant auditors for this audit were E.C. Ortiz & Co. LLP.
{Summary of Financial Statements is on the reverse page.}ii
STATEMENT OF NET ASSETS (in thousands)
Assets
Cash and cash equivalents.....................................................
47,043$
38,370$
Restricted cash and cash equivalents.....................................
33,829
28,463
Investments............................................................................
2,333
2,598
Restricted investments...........................................................
91,204
108,171
Receivables............................................................................
17,589
24,403
Restricted receivables............................................................
177,436
198,174
Other......................................................................................
7,628
6,914
Total..................................................................................
377,062$
407,093$
Liabilities
Accounts payable and accrued liabilities...............................
5,264$
5,537$
Bonds payable........................................................................
249,997
279,658
Due to primary government...................................................
18,937
20,341
Other......................................................................................
11,880
13,315
Total..................................................................................
286,078$
318,851$
Net Assets
Invested in capital assets, net of related debt.........................
113$
49$
Restricted...............................................................................
24,736
24,478
Unrestricted...........................................................................
66,135
63,715
Total..................................................................................
90,984$
88,242$
REVENUES, EXPENSE AND CHANGES IN NET ASSETS (in thousands)
2011
2010
Revenues
Interest on loans.....................................................................
8,778$
9,779$
Interest and investment income.............................................
4,767
5,131
Administrative service fees...................................................
4,736
5,032
Net appreciation (depreciation) in fair value of investments
872
(2,865)
Other......................................................................................
1,034
1,256
Total..................................................................................
20,187$
18,333$
Expenses
Interest expense.....................................................................
12,319$
13,486$
Employee related expenses....................................................
2,079
3,161
Professional services..............................................................
1,376
1,296
Other......................................................................................
1,671
1,221
Total..................................................................................
17,445$
19,164$
Change in net assets....................................................................
2,742$
(831)$
During Audit Period: Mr. Christopher Meister
Currently: Mr. Christopher Meister
ILLINOIS FINANCE AUTHORITY
FINANCIAL AUDIT
For The Year Ended June 30, 2011
AGENCY EXECUTIVE DIRECTOR
2010
2011