Audit report, George L. Smith, II, Georgia World Congress Center Authority, a component unit of the state of Georgia, year ended June 30, 1994

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STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA. GEORGIA 30334

AUDIT REPORT GEORGE L. SMITII, II GEORGIA WORLD CONGRESS CENTER AUTIIORITY A COMPONENT UNIT OF THE STATE OF GEORGIA YEAR ENDED JUNE 30, 1994

GEORGE L. SMITH, Il GEORGIA WORLD CONGRESS CENTER AUTHORITY
- TABLE OF CONTENTS -

INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

EXIIlBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET

ALL FUND TYPES

2

B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN

RETAINED EARNINGS

PROPRIETARY FUND TYPE- ENTERPRISE FUND

4

C STATEMENT OF CASH FLOWS

PROPRIETARY FUND TYPE- ENTERPRISE FUND

6

D STATEMENT OF REVENUES AND EXPENSES

COMPARED TO BUDGET

PROPRIETARY FUND TYPE- ENTERPRISE FUND

8

E NOTES TO THE FINANCIAL STATEMENTS

9

SUPPLEMENTARY INFORMATION

PROPRIETARY FUND TYPE - ENTERPRISE FUND

F

COMBINING BALANCE SHEET

28

G

COMBINING STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN RETAINED EARNINGS

30

H

COMBINING STATEMENT OF CASH FLOWS

34

FIDUCIARY FUND TYPE - AGENCY FUNDS

I

COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

37

SCHEDULES

1 SCHEDULEOFAPPROVEDBUDGET

38

PROPRIETARY FUND TYPE- ENTERPRISE FUND

SCHEDULE OF REVENUES AND EXPENSES

COMPARED TO BUDGET

2

REGULAR FUND

40

3

GEORGIA DOME FUND

41

4 CASH AND CASH EQUIVALENTS

42

5 INVESTMENTS

43

6 SCHEDULE OF OTHER OPERATING EXPENSES

44

CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174
TAX RATIO (404) 656-0494

~cpartnu~nt nf J\u!kits
254 WASHINGTON STREET, SW ROOM 214
/4-thmht, <ieor.sia 30334-8400
September 16, 1994

FINANCIAL AUDITS (404) 656-2180
PROGRAM AUDITS (404) 656-2006

Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the George L. Smith, II Georgia World Congress Center Authority
and Honorable Daniel A. Graveline, Executive Director
INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have audited the accompanying financial statements (Exhibits A through E) of the George L. Smith, II Georgia World Congress Center Authority as of and for the year ended June 30, 1994. These financial statements are the responsibility of the Authority's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As descnbed in Note I, the Authority did not record the depreciation of certain fixed assets acquired through contract with other parties in the accompanying financial statements. Generally accepted accounting principles require that depreciation ofproprietary fund type fixed assets be recorded in the financial statements. We were unable to determine the effect this omission would have on the financial statements.
In our opinion, except for the effect on the financial statements of the omission of depreciation of certain fixed assets described in the preceding paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of the George L. Smith, II Georgia World Congress Center Authority as of June 30, 1994, and the results of its operations and cash flows of its proprietary fund type for the year then ended, in conformity with generally accepted accounting principles.

94ARL-3X

Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplementary information (Exhibits F through I and Schedules 1 through 6) is presented for purposes of additional analysis and is not a required part of the financial statements of the George L. Smith, Il Georgia World Congress Center Authority. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, except for the effect on the combining financial statements ofthe omission ofdepreciation on certain fixed assets as described in the third paragraph, such information is fairly presented in all material respects in relation to the financial statements taken as a whole.
Respectfully submitted,

CLV:gp 94ARL-3X

Claude L. Vickers State Auditor

FINANCIAL STATEMENTS -I-

GEORGE L. SMITH. II
GEORGIA WORLD CONGRESS CENTER AUTHORITY COMBINED BALANCE SHEET ALL FUND TYPES JUNE 30, 1994

EXHIBIT "A" Page 1

ASSETS
Cash and Cash Equivalents (See Schedule) Restricted Revenue Fund Debt Service Fund Debt Service Reserve Account Interest Account Credit Enhancement Fee Fund Renewal and Extension Fund Early Retirement and Surplus Fund Customer Deposits Unrestricted
Total Cash and Cash Equivalents
Investments (See Schedule) Restricted Revenue Fund Debt Service Fund Debt Service Reserve Account Interest Account Credit Enhancement Fee Fund Renewal and Extension Fund Early Retirement and Surplus Fund
Total Investments
Interest Receivable Restricted Revenue Fund Debt Service Fund Debt Service Reserve Account Interest Account Credit Enhancement Fee Fund Renewal and Extension Fund Customer Deposits
Total Interest Receivable
Accounts Receivable
Prepaid Items
Inventories
Deferred Charges Revenue Bonds Issuance Costs
Fixed Assets Building Less: Accumulated Depreciation Equipment Less: Accumulated Depreciation
Fixed Assets (Net of Accumulated Depreciation)

PROPRIETARY FUND TYPE ENTERPRISE

FIDUCIARY

TOTALS

FUND TYPE

(Memorandum Only)

AGENCY JUNE 30, 1994 JUNE 30, 1993

$

2,251.04

$

2,251.04 $

3,432.88

938.54
0.00 -211,197.04
1,297.85 2,728.70 15,402,300.00 26.206.129.57 $

4,668.26

938.54
0.00 -211, 197. 04
1,297.85 2,728.70 15,402,300.00 26,210,797.83

4,072.21 3,874.65
588.84
0.00 0.00 15,377,699.99 11,031,575.80

$ 41,404,448.66 $ 4,66B.26 $ 41.409.116.92 $ 26,421,244.37

$ 760,860.82
9,998,159.24 7,739,416.99 1,770,634.52
998,702.15 321,432.09
$ 21.589.205.81

$ 760,860.82 $ 13,144,800.79

9,998,159.24
7,739,416.99 1,770,634.52
998,702.15 321,432.09

9,995,927.79 7,516,948.41 1,329,213.23
0.00 0.00

$ 21,589,205.81 $ 31,986,890.22

$

0.00

118,929.93
89,291.96 0.00
10,684.12 0.00

$ 218,906.01

$ 5,920,467.73

$ 224,826.16

$ 189,043.74

$ 3,696,444.12

$209,402,736.05 -7,755,656.89 9,193,374.50
-2,754.036.19

$208.086,417.47

$

0.00 $

6,864.24

118,929.93 89,291.96
0.00 10,684.12
0.00 $__________
218,906.01 $
$__5_,9_2_0.,..4...6.__7.73 $

169,072.21 98,051.59
7,293.32 0.00
1,737.63
283,018.99
5,510,728.30

$_.......,.2...2..,4i.,::8;.2:.6.16 $

$_______....__. 189,043.74

$

1,000.00 148,624.61

$ 3,696,444.12 $ 3,838,620.12

$209,402,736.05 $211,015,439.09

-7,755,656.89

' 0.00

9,193,374.50 6,606,310.63

-2.754.036.19 -1.885.996.55

$208.086.417.47 $215.735,753.17

Total Assets

$281,329,759.70$ 4,668.26 $281.334.427.96 $283.925.879.78

The notes to the financial statements are an integral part of this statement. - 2-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINED BALANCE SHEET ALL FUND TYPES JUNE 30. 1994

EXHIBIT "A" Page 2

LIABILITIES AND FUND EQUITY

PROPRIETARY FUND TYPE ENTER PR I SE

FIDUCIARY FUND TYPE
AGENCY

TOTALS (Memorandum Only) JUNE 30 1 1994 JIJNE 30. 1993

Liabilities

Vouchers Payable

$ 379,945.08

Accounts Payable

425,437.99

Contracts Payable

0.00

Financing/Trustee Fees Payable

1,011,636.13

Payroll Withholdings

364. 19

Capital Leases/Installment Purchases

Payable

515,517.47

Compensated Absences Payable

825,903.74

Key Employee Incentive Compensation Payable

304,192.00

Deferred Revenue

21,870,489.05

Customer Deposits Payable

15,402,300.00

Term Loan and Security Agreement Payable

3,504,892.92

Revenue Bonds Payable

200-;000,000.00

Less: Unamortized Discount on Revenue

Bonds

-556,248.00

Accrued Interest Payable

7,733,601.25

Funds Held for Others

$

$ 379,945.08 $ 388,603.99

425,437.99

279,233.28

0.00

455,557.00

1,011,636.13 1,011,519.76

364.19

423.64

515,517.47 825,903.74
304,192.00 21,870,489.05
15,402,300.00 3,504,892.92
200,000,000.00

538,733.92 728,278.33 232,593.00 19,591,904.58 15,377,699.99 4,216,459.65 200,000,000.00

4,668.26

-556,248.00 7,733,601.25
4,668.26

-577,644.00 7,733,603.30
5,096.91

Total liabilities

$251.418.031.82 $ 4,668.26 $251.422.700.08 $249.982.063.35

Fund Equity

Retained Earnings

Reserved

Debt Service

$ 10,000,000.00

Inventories

79,318.80

Unreserved

Designated for Capital Outlay

Improvements

1,000,000.00

Designated for Equipment and Supply

Replacement

1,000,000.00

Designated for Equity in Georgia Dome

0.00

Designated for Hotel and Motel Tax -

Atlanta 88 Contract

3,000.00

Designated for Investment in Fixed

Assets

4,431,929.20

Designated for Special Project -

Feed the Hungry Program

3,050.00

Designated for Special Project -

Vine City Housing

2,500.00

Designated for Special Projects - ADA

Renovations and Orange Parking Lot

723,053.36

Designated for Interest and Agent Fees -

Term Loan and Security Agreement

1,931,367.89

Designated for Stadium Expense

(Falcons Agreement)

500,000.00

Undesignated

10,237,508.63

$ 10,000,000.00 $ 10,000,000.00

79,318.80

59,245.88

1,000,000.00 1,000,000.00
0.00 3,000.00 4,431,929.20 3,050.00 2,500.00 723,053.36 1,931,367.89 500,000.00 10,237,508.63

1,000,000.00 1,000,000.00 5,791,698.75
3,000.00 10,135,823.21
3,050.00 2,500.00
0.00 1,677,125.82
250,000.00 4,021,372.77

Total Fund Equity

$ 29,911,727.88

$ 29,911,727.88 $ 33.943.816.43

Total Liabilities and Fund Equity $281.329 1759.70 $ 4 1668.26 $281 1334 1427.96 $283 1925.879.78

The notes to the financial statements are an integral part of this statement. - 3-

GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY STATEMENT OF REVENUES. EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30. 1994

EXHIBIT "B" Page 1

TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

OPERATING REVENUES

Commissions Capital Lease Income Rental Income Sales and Services

$ 6,017,947.44 $ 6,632,768.15

166,655.38

171,344.68

28,534,685.12 29,534,021.69

7,899,227.29 7,719,117.60

Total Operating Revenues

$ 42,618,515.23 $ 44,057,252.12

OPERATING EXPENSES

Personal Services Regular Operating Expenses Travel Motor Vehicle Purchases Equipment Computer Charges Telecommunications Per Diem, Fees and Contracts Contractual - Game Tickets Contractual - Falcons (See Note 11) Contractual - Falcons (See Note 11) Depreciation

$15,801,066.27 $ 14,598,103.83

7,905,348.29 7,338,698.86

130,009.98

110,395.51

-8,989.00

8,989.00

296,144.46

244,828.63

120,671.49

121,130.76

290,199.49

149,811.71

1,731,591.60 5,767,281.91

2,632,827.63

0.00

4,000,000.00 4,000,000.00

387,476.67

0.00

8,623,696.53

438,761.54

Total Operating Expenses

$41,910,043.41 $ 32,778,001.75

Operating Income

$ 708,471.82$ 11,279,250.37

NONOPERATING REVENUES (EXPENSES)

Contract - Atlanta Committee for the Olympic Games Contract - Department of Administrative Services, Fiscal Division Contract - MCA, Incorporated Contract - MGR, Incorporated, Renovation Hotel and Motel Tax Insurance Recoveries Interest Income Reimbursement for Personal Services
Metropolitan Atlanta Olympic Games Authority Reimbursement for Special Project - Atlanta Convention and Visitors
Bureau

$ 150,000.00$

0.00

0.00

300,000.00

0.00

250,000.00

0.00

349,139.00

19,218,546.39 16,870,621.07

117. 50

2,078.50

1,359,067.85 1,838,237.78

0.00

128,503.23

89,740.26

0.00

The notes to the financial statements are an integral part of this statement.
- 4-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30. 1994

EXHIBIT "B" Page 2

TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

NONOPERATING REVENUES (EXPENSES)

Reimbursement for Special Project - Georgia State Financing and Investment Commission
Restitution from Individual for Violation of Computer Protection Act Special Project - Trees Atlanta, Incorporated Special Project - Vine City Housing Ministry, Incorporated Vendor's Compensation on Sales Tax Collections Contract - Metropolitan Atlanta Olympic Games Authority Contract - Office of Treasury and Fiscal Services - Consultants Contract - Vine City Housing Ministry, Incorporated Financing/Trustee Fees Hotel and Motel Tax - Atlanta Convention and Visitors Bureau - City Hotel and Motel Tax - Atlanta Convention and Visitors Bureau - County Housing - Georgia World Congress Center Housing - Atlanta Convention and Visitors Bureau Special Project - Orange Parking Lot Special Project - Olympic Centennial Park Special Project - Pedestrian Plaza Special Projects - Other Debt Service (Interest Expense) Extraordinary Expense Revenue Bonds Issuance Expense

$ 265,564.55 $

0.00

6,000.00

0.00

0.00

16,766.00

0.00

2,500.00

2,042.86

3,597.70

0.00

-128,503.23

-150,000.00

0.00

0.00

-50,000.00

-2,078,255.89 -2,053,339.52

-5,358,694.62 -4,664,930.78

-573,392.22

-520,559.09

-181,180.20

-191,858.40

-120,786.80

-127,905.60

-51,606.73

0.00

-89,740.26

0.00

-265,564.55

0.00

-1,057,784.39

0.00

-15,782,531.04 -15,890,095.50

0.00

-107,890.48

-142,176.00

-142,176.00

-------------- --------------

Total Nonoperating Revenues (Expenses)

$ -4,760,633.29 $ -4,115,815.32
-------------- --------------

Net Income (Loss)

$ -4,052,161.47 $ 7,163,435.05

RETAINED EARNINGS - JULY 1

33,943,816.43 26,737,091.78

Adjustments Increase in Inventories

20,072.92

43,289.60

RETAINED EARNINGS - JUNE 30

$29,911,727.88$ 33,943,816.43 =z==

The notes to the financial statements are an integral part of this statement. - 5-

GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY
STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30. 1994

EXHIBIT "C" Page 1

TOTALS YEAR ENDED
---------------. ----------------
JUNE 30, 1994 JUNE 30, 1993

CASH FLOWS FROM OPERATING ACTIVITIES

Cash Received from Customers Customer Deposit Forfeitures - Georgia Dome Customer Seat and Suite Deposits - Georgia Dome Customer Seat and Suite License Fees - Georgia Dome Recovery of Capital Lease Payments Cash Paid to Vendors and Employees Annual Fixed Payment (Contractual - Falcons) Annual Contingent Payment (Contractual - Falcons)
Net Cash Provided by Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES

$ 40,416,890.97 $ 45,195,972.60

219,200.00

138,600.00

24,600.01

1,328,200.02

14,861,700.01 21,682,760.97

246,868.53

275,589.68

-40,254,201.30 -44,618,436.23

-4,000,000.00 -4,000,000.00

-387,476.67

0.00

--------------- ---------------

$ 11,127,581.55 $ 20,002,687.04
--------------- ---------------

Interest Paid on Term Loan and Security Agreement Principal Paid on Term Loan and Security Agreement Agent Fees Paid Hotel and Motel Tax Received Hotel and Motel Tax Distributed Reimbursement for Personal Services
Metropolitan Atlanta Olympic Games Authority Contract - Metropolitan Atlanta Olympic Games Authority Contract - Vine City Housing Ministry, Incorporated Contract - Atlanta Committee for the Olympic Games Contract - Office of Treasury and Fiscal Services - Consultants Insurance Recoveries Received Reimbursement for Special Project - Atlanta Convention and Visitors
Bureau Special Project - Orange Parking Lot Special Project - Olympic Centennial Park Special Project - Pedestrian Plaza Special Projects - Other Special Project - Vine City Housing Ministry, Incorporated Restitution Received Extraordinary Expense Paid Vendor's Compensation on Sales Tax Collections
Net Cash Provided by (Used In) Noncapital Financing Activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES

$ -249,242.07 $ -279,305.01

-711,566.73

-558,753.73

-5,000.00

-5,000.00

8,344,226.71 7,270,126.27

-5,932,086.84 -5,185,489.87

0.00 0.00 -16,446.62
150,000.00 -150,000.00
117 .so

128,503.23 -128,503.23 -33,553.38
0.00 0.00 2,078.50

89,740.26 -51,606.73 -89,740.26 -265,564.55 -1,057,784.39
0.00 6,000.00 -107,890.48 2,042.86
---------------

0.00 0.00
0.00 0.00 0.00
2,500.00 0.00 0.00
3,597.70
---------------

$

-44,801.34 $ 1,216,200.48

--------------- ---------------

Financing/Trustee Fees Paid Interest Paid on Revenue Bonds Interest Paid on Capital Leases/Installment Purchases Principal Payments on Capital Leases/Installment Purchases Hotel and Motel Tax Received - Dedicated to Georgia Dome Contract - Department of Administrative Services - Fiscal Division
Contract - MCA, Incorporated Contract - MGR, Incorporated, Renovation

$ -2,073,139.52 $ -2,048,339.52

-15,467,204.55 -15,467,206.39

-44,690.47

-41,102.98

-170,181.45

-113,377 .47

10,572,352.68 9,280,730.80

0.00

300,000.00

0.00

250,000.00

0.00

349,139.00

The notes to the financial statements are an integral part of this statement.
- 6-

GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY
STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 1994

EXHIBIT "C" Page 2

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Special Project - Trees Atlanta, Incorporated Acquisition and Construction of Capital Assets
Net Cash Used in Capital and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Investment Securities Proceeds from Sale and Maturity of Investments Interest on Investments
Net Cash Provided by Investing Activities
Net Increase (Decrease) in Cash and Cash Equivalents CASH AND CASH EQUIVALENTS - JULY 1

TOTALS YEAR ENDrn JUNE 30, 1994 JUNE 30, 1993

$

0.00 $

16,766.00

-732,480.94 -31,788,270.52

$ -7,915,344.25 $ -39,261,661.08

$-131,560,054.44 $-179,813,160.10 141,957,738.85 190,185,274.27 1,423,180.83 1,720,244.22
$ 11,820,865.24 $ 12,092,358.39
--------------- ---------------
$ 14,988,301.20 $ -5,950,415.17
26,416,147.46 32,366,562.63
--------------- ---------------

CASH AND CASH EQUIVALENTS - JUNE 30

$ 41,404,448.66$ 26,416,147.46

RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Operating Income

$ 708,471.82 $ 11,279,250.37
--------------- ---------------

Adjustments to Reconcile Operating Income to

Net Cash Provided by Operating Activities:

Depreciation

$ 8,623,696.53 $ 438,761.54

Contract with MGR, Incorporated for Equipment Purchases

-85,925.89

-201,415.76

Equipment Expensed in Prior Year

-8,989.00

0.00

Changes in Assets and Liabilities:

Increase in Accounts Receivable

-144,174.88 -3,902,006.93

(Increase) Decrease in Prepaid Items

-223,826.16

6,250.00

Increase in Inventories

-20,346.21

-28,425.71

Increase (Decrease) in Liabilities (Other than Customer Deposits)

-24,509.14

581,482.27

Increase in Customer Deposits Payable

24,600.01

1,328,200.02

Increase in Deferred Revenues

2,278,584.47 10,500,591.24
--------------- ---------------

Total Adjustments

$ 10,419,109.73 $ 8,723,436.67
--------------- ---------------

Net Cash Provided by Operating Activities

$ 11,127,581.55 $ 20,002,687.04

-------- :ca::aaaza:c

The notes to the financial statements are an integral part of this statement.

- 7-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
STATEMENT OF REVENUES AND EXPENSES COMPARED TO BUDGET
PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 1994

EXHIBIT "D"

REVENUES

ACTUAL GAAP BASIS
(EXHIBIT "B")

ADJUSTMENTS (NOTE 3)

APPROVED

VARIANCE -

ACTUAL

BUDGET

FAVORABLE

STATUTORY BASIS (SCHEDULE "l") (UNFAVORABLE)

-------------

Operating Revenues Nonoperating Revenues

$42,61B,515.23 $ 21,091,079.41

0.00 $ 42,61B,515.23 $ 63,557,548.00 $-20,939,032.77

21,091,079.41

0.00 21,091,079.41

Total Revenues

$63,709,594.64 $

0.00 $ 63,709,594.64 $ 63,557,548.00 $ 152,046.64

EXPENSES/EXPEND ITl.RES

Operating Expenses Personal Services Regular Operating Expenses Travel
Motor Vehicle Purchases Equipment
Canputer Charges TelecCJ1111Jnications
Per Diem, Fees and Contracts Contractual - Game Tickets
Contractual - Falcons
Contractual - Falcons Contractual - Stadi1111 Reserve Depreciation

$15,801,066.27 $ -169,224.41 $ 15,631,841.86 $15,952,099.00$ 320,257.14

7,905,348.29 -42,669.01 7,862,679.28 11,318,923.00 3,456,243.72

130,009.98

0.00

130,009.98

133,520.00

3,510.02

-8,989.00

0.00

-8, 989. 00

0. OD

8,989.00

296,144.46 1,006,058.70 1,302,203.16

298,189.00 -1,004,014.16

120,671.49

-203.00

120,468.49

177,580.00

57,111.51

290,199.49

0.00

290,199.49

312,811.00

22,611.51

1,731,591.60

0.00 1,731,591.60 2,223,960.00

492,368.40

2,632,827.63

0.00 2,632,827.63 2,633,300.00

472.37

4,000,000.00

0.00 4,000,000.00 4,000,000.00

0.00

387,476.67

0.00

387,476.67

388,000.00

523.33

0.00

0.00

0.00

250,000.00

250,000.00

8,623,696.53 -8,623,696.53

0.00

0.00

0.00

Total Operating Expenses/ Expenditures

$41,910,043.41 $-7,829,734.25 $ 34,080,309.16$ 37,688,382.00$ 3,608,072.84

Nonoperating Expenses

Contract - Office of Treasury and

Fiscal Services - Consultants

150,000.00

Financing/Trustee Fees

2,078,255.89

Hotel and Motel Tax - Atlanta Convention

and Visitors Bureau - City

5,358,694.62

Hotel and Motel Tax - Atlanta Convention

and Visitors Bureau - County

573,392.22

Housing - Georgia World Congress Center 181,180.20

Housing - Atlanta Convention and

Visitors Bureau

120,786.80

Hotel and Motel Tax - Georgia Dane

0.00

Special Project - Orange Parking Lot

51,606.73

Special Project - Olyqiic Centennial

Park

89,740.26

Special Project - Pedestrian Plaza

265,564.55

Special Projects - Other

1,057,784.39

Debt Service (Interest Expense)

15,782,531.04

Revenue Bonds Issuance Expense

142,176.00

-------------

0.00 0.00
0.00
0.00 0.00
0.00
0.00
0.00 0.00 0.00 -21,396.00 -142,176.00
-------------

150,000.00 2,078,255.89
5,358,694.62
573,392.22 181,180.20
120,786.80 0.00
51~06.73
89,740.26 265,564.55 1,057,784.39 15,761,135.04
0.00
---------------

0.00 0.00
5,363,940.00
576,447.00 181,177.00
120,785.00 834,875.00 60,000.00
0.00 0.00 1,242,000.00 17,489,942.00 0.00
--------------

-150,000.00 -2,078,255.89
5,245.38
3,054.78 -3.20
-1.80 834,875.00
8,393.27
-89,740.26 -265,564.55 184,215.61 1,728,806.96
0.00
--------------

Total Expenses/Expenditures $67,761,756.11 $-7,993,306.25 $ 59,768,449.86$ 63,557,548.00$ 3,789,098.14

Net lncane (Loss)

$-4,052,161.47 $ 7,993,306.25 $ 3,941,144.78$

0.00 $ 3,941,144.78

The notes to the financial statenents are an integral part of this statanent.
- 8-

GEORGE L. SMITII, II
GEORGIA WORLD CONGRESS CENTER AUTHORITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIIlBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY The George L. Smith, II Georgia World Congress Center Authority is an instrumentality of the State of Georgia and a public corporation. The Board of Governors of the Authority consists of eleven ( 11) members appointed by the Governor. The management of the business and affairs of the Authority is vested in the Board of Governors. The Authority is considered a component unit of the State of Georgia for financial reporting purposes because ofthe significance ofits legal, operational and financial relationships with the State of Georgia.
FUND ACCOUNTING The George L. Smith, II Georgia World Congress Center Authority uses funds to report on its financial position and the results of its operations in conformity with generally accepted accounting principles. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Funds presented in the accompanying financial statements are as follows:
PROPRIETARY FUND TYPE
ENTERPRISE FUND - The fund used to account for operations that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges.
FIDUCIARY FUND TYPE
AGENCY FUNDS - The funds used to account for assets held for use by other funds, governments, or individuals.
BASIS OF ACCOUNTING MEASUREMENT FOCUS
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Proprietary fund types should be accounted for on a flow of economic resources measurement focus, in which all assets and all liabilities are included on the balance sheet. Operating statements of proprietary fund types present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets.
PROPRIETARY FUND TYPE ENTERPRISE FUND
The George L. Smith, II Georgia World Congress Center Authority maintains its Enterprise Fund on the
accrual basis ofaccounting. Under the accrual basis of accounting, revenues are recognized in the accounting
period in which they are earned, and expenses are recognized when incurred.

-9-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY .
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIDBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING FIDUCIARY FUND TYPE AGENCY FUNDS
The Agency Funds are custodial in nature in that assets are equally offset by liabilities to other funds, governmental units, or individuals. The modified accrual basis of accounting is utilized for recognizing assets and liabilities.
BUDGET The Executive Director submits annual operating budgets for the operation of the Regular Fund and the Georgia Dome Fund to the Board of Governors for approval. The Board of Governors submits these proposed budgets ofthe Authority to the Office ofPlanning and Budget for comment prior to approval. These budgets were compiled in generally the same manner as all state departments and expenditures were classified by budget unit object classes. These budgets were not subject to review or approval of the General Assembly of the State of Georgia and are therefore nonappropriated budgets. A comparison of budgeted to actual financial activity relative to the operations of the Regular Fund and the Georgia Dome Fund is reflected on Exhibit "D". There is no legal prohibition regarding overexpenditure ofthe aggregate budget.
These annual operating budgets represent a fixed budget prepared on a comprehensive basis of accounting other than generally accepted accounting principles. This basis of accounting reflects encumbrances as expenditures for comparison and budgetary control purposes. Encumbrances outstanding at the end ofthe fiscal year are not reflected within the financial statements of the Enterprise Fund because they do not constitute expenditures or liabilities. Differences between budgetary accounting practices (Statutory Basis) and generally accepted accounting principles are reconciled in Note "3".
ASSETS, LIABILITIES AND FUND EQUITY CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents include currency on hand and demand deposits with banks and other financial institutions. Funds of the Georgia Dome Fund on deposit with the Trustee for the purpose of continual investment are reflected as Investments regardless of the term of the instruments. The aforementioned definitions were applied for the preparation of the Statement of Cash Flows.
INVESTMENTS Investments are defined as those financial instruments with terms of three months or more from the date of purchase, funds ofthe Georgia Dome on deposit with the Trustee for the purpose of continual investment and certain other securities held for the production of revenue. Investments are stated at cost. Accrued interest purchased, premiums or discounts on securities are reflected as part of cost and are not amortized over the remaining life ofthe security.

.,; 10-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ASSETS, LIABil,ITIES AND FUND EQIDTY INTEREST RECEIVABLE
Interest on temporary investments and investments is recorded as revenue in the year the interest is earned.
ACCOUNTS RECEIVABLE Accounts receivable arising from operations are reported at gross value. Based on management's evaluation that amounts uncollectible are not material, no provision has been made for those accounts expected to be uncollectible.
PREPAID ITEMS Payments made to vendors for services that will benefit periods beyond June 30, 1994, are recorded as prepaid items.
INVENTORIES Certain supply inventories are valued at cost, using the first-in/first-out (FIFO) method. These expendable supplies are recorded as inventories at the time of purchase and are recorded as expense based on consumption. The value ofthe inventories accounted for using the consumption method at June 30, 1994, was $109,724.94.
Other supply inventories are accounted for using the purchases method, in which these expendable supplies are recorded as expenses at the time of purchase. The value (at cost) of these inventories at June 30, 1994, was $79,318.80.
DEFERRED CHARGES Certain costs associated with the issuance ofthe Series 1990 Revenue Bonds (Domed Stadium Project) are reflected as a deferred charge and are to be amortized using the straight-line method over the life of the bond issue.
FIXED ASSETS Fixed assets are recorded at cost. Donated fixed assets are recorded at fair market value on the date donated and disposals are deleted at recorded cost. Depreciable assets are depreciated over the estimated useful lives of the assets using the straight-line method of depreciation. No depreciation has been provided on certain fixed assets acquired through contract with other parties. This accounting methodology differs from generally accepted accounting principles in that depreciation should be recorded as an expense for all fixed assets of proprietary fund types.
Under a contractual agreement with the State of Georgia Department oflndustry, Trade and Tourism, the Authority operates the Georgia World Congress Center. The Georgia World Congress Center consists of exhibition facilities for conventions, trade shows and meetings catering to national, international and corporate groups. The Georgia World Congress Center was financed with the proceeds from State of Georgia General Obligation Bonds and is owned by the State of Georgia.
- 11 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ASSETS, LIABILITIES AND FUND EQUITY RESTRICTED ASSETS
Specified portions of the Authority's Cash and Cash Equivalents, Investments, and Interest Receivable are classified as restricted assets on the Combined Balance Sheet. Certain revenue bond proceeds recorded in the Enterprise Fund, as well as certain resources set aside for their repayment, are also reflected as restricted assets on the Combined Balance Sheet because their use is limited by applicable bond covenants. The "Revenue Fund" is used to record deposit of all Pledged Revenues as defined in the Trust Indenture. Funds in the "Revenue Fund" are distributed monthly by the Trustee to other funds and accounts as set forth in the Trust Indenture. The "Debt Service Fund" is currently comprised of the "Debt Service Reserve Account" which is established for the purpose of providing a reserve for the payment of future debt service requirements should funding deficiencies in other accounts established by the Trust Indenture arise, and the "Interest Account" which is used for the payment ofinterest on the Series 1990 Bonds. The "Credit Enhancement Fee Fund" is used to pay fees, expenses and compensation related to the Letter of Credit Agreement. The "Renewal and Extension Fund" is used for making renewals, replacements, additions, extensions and improvements. The "Early Retirement and Surplus Fund" is used to redeem Bonds or purchase Bonds in the open market for cancellation.
In addition, restricted assets include customer deposits paid to the Authority based on contracts for the rental of seats and suites within the Georgia Dome. The deposits are refundable upon expiration ofthe contracts.
ADVANCES Advances to and advances from enterprise funds represent noncurrent portions of interfund receivables and payables. Advances to and from have been eliminated on the Combined Balance Sheet, Exhibit "A", of this report.
LONG-TERM OBLIGATIONS Long-term debt is recognized as a liability of proprietary fund types when those liabilities are expected to be financed from proprietary fund operations. (See Note 6)
UNAMORTIZED DISCOUNT ON REVENUE BONDS PAYABLE The original issue discount on the Series 1990 Revenue Bonds (Domed Stadium Project) is to be amortized over the term ofthe bonds using the straight-line method. The unamortized bond discount is recorded as an offset to the principal amount of the revenue bonds outstanding.
FUND EQUITY Reserves represent those portions of retained earnings not appropriable for expenditure or legally segregated for a specific future use. The following is a brief description of the reservations of Enterprise Fund retained earnings reflected in the accompanying financial statements:
- 12 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ASSETS, LIABILITIES AND FUND EQUITY FUND EQUITY
DEBT SERVICE A reserve of$10,000,000.00 was created in conjunction with the issuance of revenue bonds and was funded by an initial deposit from the proceeds of such bonds. The purpose of the reserved retained earnings is to ensure payment of future debt service requirements as necessary.
INVENTORIES Those inventories accounted for using the purchases method are equally offset by an amount to indicate that they do not constitute "available spendable resources" even though they are a component of the net assets.
Designations of unreserved retained earnings represent tentative managerial plans or intent for financial resource utilization in a future period.
REVENUES AND EXPENSES SHARED REVENUES
Pursuant to the Hotel and Motel Tax Act as enacted and amended by the General Assembly of Georgia, the City of Atlanta and Fulton County, Georgia, have agreed to levy and collect an excise tax in the amount of seven percent on rooms, lodgings and accommodations within the special district defined in the Hotel and Motel Tax Act and, on and after July 1, 1990, to pay 39.3% of such collections to the Authority for purposes
set forth in the Stadium Funding Agreement between the Authority and the City of Atlanta and Fulton County,
Georgia. These future shared revenues are dedicated to the purposes of the Domed Stadium Project and may not be terminated prior to the liquidation of all Series 1990 Revenue Bonds (Domed Stadium Project).
INTERFUND TRANSACTIONS All interfund transfers are reported as operating transfers.
COMPENSATED ABSENCES Compensated absences represent obligations of the Authority relating to employee's rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave. Annual leave is recorded as an expense of the Enterprise Fund as earned. Funds to cover the cost of annual leave ofterminated employees are provided through Enterprise Fund operations.

- 13 -

GEORGE L. SMITH, Il GEORGIA WORLD CONGRESS CENTER AUTHORITY .
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXlilBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the Combined Balance Sheet are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation.
COMPARATIVE DATA Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the Authority's financial position and operations. Certain reclassifications have been made in the fiscal year 1993 data to make these amounts comparable to the fiscal year 1994 statements. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand.
NOTE 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
COMPLIANCE WITH TERM LOAN AND SECURITY AGREEMENT COVENANTS (See Note 6) The Authority is subject to certain covenants with regard to a Term Loan and Security Agreement extended by a group of six Atlanta banks, with Trust Company Bank serving as Agent Bank.
COMPLIANCE WITH REVENUE BOND COVENANTS (See Note 6) The Authority is subject to certain covenants with regard to the issuance ofthe Series 1990 Revenue Bonds (Domed Stadium Project).
COMPLIANCE WITH LETTER OF CREDIT AGREEMENT COVENANTS (See Note 6) The Authority is subject to certain covenants with regard to a Letter of Credit Agreement between the Authority and a group offourteen (14) banks with The Industrial Bank of Japan, Limited, as Letter of Credit Bank and First Union National Bank of Georgia serving as Agent Bank.
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds of the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(I) Bonds, bills, notes, certificates of indebtedness or other direct obligations ofthe United States or of the State of Georgia.
(2) Bonds, bills, notes, certificates ofindebtedness or other obligations of the counties or municipalities ofthe State of Georgia.

- 14 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIIlBIT "E"

NOTE 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose.
(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia.
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation.
As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies ofthe State of Georgia the option of exempting demand deposits from the collateral requirements.
NOTE 3: RECONCILIATION OF GAAP REPORTING TO STATUTORY REPORTING
The George L. Smith II, Georgia World Congress Center Authority prepares an annual budget consistent with the budgetary policies and statutes ofthe State ofGeorgia (statutory basis). Because the accounting practices utilized for the purpose of developing data on a statutory basis differ significantly from those used to present financial statements in conformity with generally accepted accounting principles (GAAP), the "Statement of Revenues and Expenses Compared to Budget - Enterprise Fund" (Exhibit "D") has been adjusted to reflect financial operations on a basis consistent with the budget. Reconciling items necessary to convert GAAP basis statements to statutory basis statements for comparative purposes are presented below:

- 15 -

GEORGE L, SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIIlBIT "E"

NOTE 3: RECONCILIATION OF GAAP REPORTING TO STATUTORY REPORTING

Net Income 0,oss)

GAAP Basis (Exhibit "B") Adjustments Encumbrances ( 1) Fiscal Year 1994 Expenditures Fiscal Year 1993 Expenditures Inventories Fixed Assets (2) Long-Term Liabilities (2) Compensated Absences Key Employee Incentive Compensation Plan Capital Leases/Installment Purchases Deferred Charges (2) Revenue Bonds Issuance Costs Unamortized Discount on Revenue Bonds

$-4,052, 161.47
$ -88,677.76
125,164.75 -2,096.40
7,828,202.03
97,625.41 71,599.00 -202,082. 78
142,176.00 21,396.00

Total Adjustments (Exhibit "D")

$ 7,993,306.25

Statutory Basis

$ 3,941,144.78

ADWSTMENTS TO NET INCOME (GAAP BASIS TO STATUTORY BASIS)

(1) Timing Differences:

Encumbrances-Encumbrances outstanding at June 30, 1994, are reflected as current year expenditures and inventories as authorized by accounting practices prescribed or permitted by statues and regulations ofthe State of Georgia. Generally accepted .accounting principles do not permit encumbrances to be recorded as expenditures in the financial statements.

(2) Basis Differences:

Fixed Assets - Resources utilized for the acquisition of fixed assets are reflected as expenditures as authorized by accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia instead of recorded as fixed assets as required by generally accepted accounting principles. (The amount shown above is net of current year depreciation.)

- 16-

GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "E"

NOTE 3: RECONCILIATION OF GAAP REPORTING TO STATUTORY REPORTING

ADWSTMENTS TO NET INCOME (GAAP BASIS TO STATUTORY BASIS)

(2) Basis Differences:

Long-Tenn Liabilities - Allocated amounts earned and required to be recorded as expenses by generally accepted accounting principles are not recorded as expenditures as earned as authorized by the accounting practices prescribed or permitted by statutes and regulations of the State of Georgia.

Deferred Charges - Allocated amounts earned and required to be recorded as expenses by generally accepted accounting principles are not recorded as expenditures as earned as authorized by the accounting practices prescribed or pennitted by statutes and regulations of the State of Georgia.

NOTE 4: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. These bank balances are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk.

Category I - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Authority or by its agent in the Authority's name.

Category 2 - Amounts collateraliz.ed with securities (at market value) held by the financial institution's trust department or agent in the Authority's name.

Category 3 - Amounts collateraliz.ed with securities (at market value) held by the financial institution or by its trust department or agent, but not in the Authority's name, and amounts uncollateralized.

Carrying Amount

Banlc. Balance

Risk Categories

2

3

Cub Deposits

S 41,391,616.92 $ 42,389,531.30 S 300,000.00 S 41,298,954.56 S 790,576.74

CATEGORIZATION OF INVESTMENTS For purposes of analysis of custodial credit risk, investments consist of U. S. Government securities and repurchase agreements. Investments are stated at cost, and are summarized and classified as to custodial credit risk within the categories described below:

- 17 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "E"

NOTE 4: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS Category I - Insured or registered, or securities held by the Authority or its agent in the Authority's name.

Category 2 - Uninsured or unregistered, with securities held by the counterparty's trust department or agent in the Authority's name.

Category 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in_the Authority's name.

The carrying amounts shown below also include amounts maintained in demand notes which are not subject to risk categorization. Demand notes represent short-term investment of portfolio reserves in various investment instruments similar to open-end mutual funds.

Type ofInvestment
U. S. Govanmeut Securities Repurchase Agreemmts

Risk Categories 2

s S 18,855,703.21
1,750,991.86

0.00 s

s $20,606,695.07

0.00 s

Canying

Market

3

A!!!2!!!!!

Value

0.00 S 18,855,703.21 S 18,855,703.21

1,750,991.86

1,750,991.86

0.00 S 20,606,695.07 S 20,606,695.07

Demand Notes

982,510.74

982,510.74

S 21 15891205.81 S 21 15891205.81
NOTE 5: INSTALLMENT PURCHASE AND CAPITAL LEASE COMMITMENTS

In fiscal year 1986, the Authority entered into a capital lease agreement in the amount of $228,830.30 with the Wachovia Bank ofGeorgia (formerly the First National Bank of Atlanta) for an electronic message board sign. The Authority simultaneously leased advertising panels on the sign to The Coca-Cola Company and Delta Airlines, Incorporated, to offset the monthly payments to the bank. At June 30, 1994, future minimum commitments under this capital lease are as follows:

- 18 -

GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

.EXIIlBIT "E"

NOTE 5: INSTALLMENT PURCHASE AND CAPITAL LEASE COMMITMENTS

Fiscal Year Ending June 30

1995 1996

$ 35,171.16 23,448.01

Total Minimum Lease Payments

$ 58,619.17

Less: Interest

4,682.54

Present Value ofMinimum Lease Payments

$ 53 936.63

In fiscal year 1993, the Authority entered into a capital lease agreement in the amount of$471,416.00 with Wachovia Leasing Corporation for a Georgia Dome Marquee. The Authority simultaneously leased advertising panels on the marquee to Delta Airlines, Incorporated, Hitachi Maxell, LTD., and Miller Brewing Company, to offset the monthly payments to the bank. At June 30, 1994, future minimum commitments under this capital lease are as follows:

Fiscal Year Ending June 30

1995 1996 1997 1998

$ 114,027.72 114,027.72 114,027.72 28,507.93

Total Minimum Lease Payments

$ 370,591.09

Less: Interest

43,915.03

Present Value ofMinimum Lease Payments

$ 326,676.06

The Authority acquires certain equipment through multi-year installment purchases with varying terms and options. At June 30, 1994, future minimum commitments under installment purchases are as follows:

- 19 -

GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "E"

NOTE 5: INSTALLMENT PURCHASE AND CAPITAL LEASE COMMITMENTS

Fiscal Year Ending June 30

1995

$ 60,606.91

1996

53,649.84

1997

31,301.24

Total Minimum Lease Payments

$ 145,557.99

Less: Interest

10,653.21

Present Value of Minimum Lease Payments

$ 134.9~.18

NOTE 6: LONG-TERM DEBT

TERM LOAN AND SECURITY AGREEMENT The George L. Smith, Il Georgia World Congress Center Authority entered into a Term Loan and Security Agreement, dated November 1, 1990, for $4,980,000.00 to provide funds to cover a certain extraordinary expense incurred in accordance with the Falcons Agreement. This financing arrangement was extended by a group ofsix Atlanta banks, with Trust Company Bank serving as Agent Bank. Interest accrues on the unpaid principal amount of the term loan at a per annum rate equal to the prime rate, from the date of the advances until the term loan is paid in full. The principal amount outstanding is payable in twenty-eight (28) consecutive installments as outlined in Section 2.05 (c) ofthe Term Loan and Security Agreement. The Authority prepaid $504,007.08 of principal due subsequent to June 30, 1994 and this amount has been deducted from the scheduled fiscal year 1995 amount. Principal payments due by fiscal year are as follows:

Fiscal Year Ending June 30

Principal

1995

$ 118,492.92

1996

771,900.00

1997

921,300.00

1998

1,095,600.00

1999

597,600.00

$ 3.504 892,92

-20-

GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIIlBIT "E"

NOTE 6: LONG-TERM DEBT

REVENUE BONDS PAYABLE The George L. Smith, II Georgia World Congress Center Authority has issued Revenue Bonds (Domed Stadium Project), Series 1990, which are backed by a Hotel and Motel Tax imposed by the City of Atlanta and Fulton County, Georgia, as well as future operating revenues derived from the operation of the Georgia Dome. In addition, a portion ofthese operating revenues are pledged to retire the incurred debt and related interest. Revenue bonds outstanding at June 30, 1994, are as follows:

Purpose

Interest Rates

Amount

Domed Stadium Project

6.450-7.875%

$200,000,000.00

Revenue bond debt service requirements to maturity are as follows:

Fiscal Year Ending June 30

Total Debt

Interest

Principal

1995 1996 1997 1998 1999 2000- 2020

$ 15,467,202.50 $ 15,467,202.50 16,193,015.00 15,443,015.00 $ 750,000.00 16,868,952.50 15,368,952.50 1,500,000.00 18,384,702.50 15,234,702.50 3,150,000.00 18,527,440.00 15,042,440.00 3,485,000.00
406,001,523.18 214,886,523.18 191,115,000.00

~21,442 835.68 $221 ~~2.835.68 $2QQ,QQQ,QQQ QQ

Interest due on July 1, 1994, in the amount of$7,733,601.25 was recorded as a liability of the Enterprise Fund at June 30, 1994. This amount is included in the interest due for fiscal year 1995 as reflected in the above analysis.

LEITER OF CREDIT AGREEMENT The George L. Smith, II Georgia World Congress Center Authority entered into a Letter of Credit Agreement, dated September 1, 1990, to provide additional security for the Revenue Bonds issued to construct the Georgia Dome. This Letter ofCredit was extended by a group offourteen (14) banks with the Industrial Bank ofJapan, Limited serving as Letter ofCredit Banlc and First Union National Bank of Georgia serving as Agent Banlc. The Letter ofCredit Agreement is available to ensure timely interest and bond payments should funds not be readily available from the Authority. The agreement cannot exceed $210,000,000.00. The original term ofthe Letter of Credit expires January 6, 1998. However, the original term may be extended for successive two-year terms as provided in Section 2.04 of the Letter of Credit Agreement. Repayment by the Authority ofLetter of Credit draws with interest due, ifapplicable, is outlined in Article ID of the Agreement as noted below:

-21 -

GEORGE L. SMITH, IT GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

.EXHIBIT "E"

NOTE 6: LONG-TERM DEBT
LETTER OF CREDIT AGREEMENT "Section 3.01. Reimbursement. The Issuer hereby agrees as follows:
(i) to pay or cause to be paid to the Letter of Credit Bank immediately after any payment is made under the Letter of Credit pursuant to any Drawing, an amount equal to such amount so paid under the Letter of Credit; and
(Ii) to pay to the Letter ofCredit Bank interest on any and all amounts required to be paid pursuant to Section 3.0l(i) from and after the due date thereof until payment in full, payable on demand by the Letter of Credit Bank, at the Prime Rate plus two percent (2%). If any payment under the Letter of Credit with respect to a Drawing shall be reimbursed in full to the Letter of Credit Bank, on the same date such payment is made by the Letter of Credit Bank, no interest shall be payable on the reimbursed amount."
As of June 30, 1994, no monies have been drawn by the Authority on this Letter of Credit Agreement.
NOTE 7: DEFERRED COMPENSATION PLAN
The State ofGeorgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees ofthe State of Georgia and county health departments, permits such employees to defer a portion oftheir salary until future years. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights ofthe State ofGeorgia subject only to the claims ofthe State's general creditors. Participant's rights under the plan are equal to those of a general creditor ofthe State of Georgia in an amount equal to the fair market value ofthe deferred account ofeach participant. Financial information relative to the plan is presented
in the financial report of the State Personnel Board - Merit System ofPersonnel Administration for the year
ended June 30, 1994.
NOTE 8: RETIREMENT PLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA The George L. Smith, II Georgia World Congress Center Authority participates in the Employees' Retirement System of Georgia, a single-employer, defined benefit pension plan. The Employees' Retirement System of Georgia was established by the General Assembly of Georgia for the purpose of providing retirement allowances for employees ofthe State of Georgia. The Retirement System is funded through a combination of employee and employer contributions. Employees are required to contribute a graduated percentage of annual compensation. Employer contributions are for a specified percentage of active member payroll
determined annually by an actuarial valuation. During the year ended June 30, 1994, the Authority contributed
-22-

GEORGE L. SMITH, TI GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "E"

NOTE 8: RETIREMENT PLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA $1,478,145.81 to the Employees' Retirement System of Georgia. Participation in the Retirement System is not segregated by employee groups ofindividual governmental units and the Authority has no further liability under the retirement system other than future employer contributions as established for each fiscal year. Information relative to the plan description, funding status and historical trends is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994.
GEORGIA DEFINED CONTRIBUTION PLAN The State of Georgia also provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Employees' Retirement System of Georgia referred to above through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% of their gross salary, with no matching contribution by the employer. A member who terminates employment may apply for a refund of contributions and interest. Benefits are based solely on the amount contributed by the employee plus investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of 65 with the option ofreceiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board of Trustees of the Employees' Retirement System of Georgia. Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994.
NOTE 9: LEAVE POLICIES
Employees earn ten hours of sick leave each month with a maximum accumulation of ninety days. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment.
Employees earn annual leave ranging from ten to fourteen hours each month depending upon the employees' length ofcontinuous State service with a maximum accumulation of forty five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment.
Certain employees who retire with one hundred and twenty days or more offorfeited annual and sick leave are entitled to additional service credit in the Employees' Retirement System of Georgia. See Note 1 Compensated Absences
NOTE 10: NONMONETARY TRANSACTIONS
The Georgia State Financing and Investment Commission (GSFIC), a unit of State government, is responsible
for the issuance of state debt and for the investment and accounting for proceeds derived from the issuance of state debt. In addition, GSFIC is authorized to acquire and construct projects for the benefit of units of
-23 -

GEORGE L. SMITH, IT GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "E"

NOTE 10: NONMONETARY TRANSACTIONS
State government or to contract with units of State government for the construction or acquisition ofcapital outlay projects. During the fiscal year ended June 30, 1994, the Georgia State Financing and Investment Commission paid $3,892,200.11 to various vendors for approved projects related to the George L. Smith, II Georgia World Congress Center Authority.
NOTE 11: OTHER FINANCIAL NOTES
LICENSE AGREEMENT On July 1, 1990, the George L. Smith, II Georgia World Congress Center Authority entered into a License Agreement (Falcons Agreement) with The Five Smiths, Incorporated, the holder of the National Football League Franchise for and owner of the Atlanta Falcons (Falcons). The expiration of the Falcons Agreement is the latter of June 30, of the license year (state fiscal year) ofthe maturity ofthe revenue bonds or June 30 of the twentieth license year. As part of the Falcons Agreement, certain financial obligations between the Authority and the Falcons were established. These obligations pertain to the license fee payable by the Falcons to the Authority and the annual payments due from the Authority to the Falcons as described below.
LICENSE FEE The license fee is payable by the Falcons to the Authority and amounts to ten percent (10%) of the net ticket proceeds, as defined in the Falcons Agreement, for each game day or exhibition performed by the Falcons in the Georgia Dome and cannot be less than $50,000.00 for each Falcons game at the Georgia Dome.
ANNUAL FIXED PAYMENT
The Authority has agreed to pay the Falcons the amount of$4,000,000.00 each year beginning on April 1, 1993, and continuing each April I thereafter for the term of the Falcons Agreement.
ANNUAL CONTINGENT PAYMENT
The Authority also agreed to pay annually to the Falcons an amount equal to seventy percent (70%) of the net stadium revenues, as defined in the Falcons Agreement, derived from the preceding license year which are not more than $2,857,144.00; plus fifty percent (50%) of the net stadium revenues derived during the preceding license year which are in excess of$2,857,144.00. Eighty percent (80%) of the annual contingent
payment is due by October 1 ofeach year. The remainder of the payment is due by December I each year.
The Authority may elect to defer payment ofthe annual contingent payment until April I of the same fiscal year provided that the payment will bear interest from the respective dates stated above. If the net stadium
revenues are not sufficient to generate any payment to the Falcons for any license year, no liability will accrue for payment in future license years for the annual contingent payment of that license year. During
fiscal year 1994, the Authority made an annual contingent payment of$387,476.67.

-24-

GEORGE L. SMITH, TI GEORGIA WORLD CONGRESS CENTER AUTHORITY.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXIIlBIT "E"

NOTE 12: CONTINGENCIES
Litigation, claims and assessments filed against the George L. Smith, TI Georgia World Congress Center Authority, if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1994.
The Authority is required to make an "Annual Contingent Payment" to the Five Smiths, Incorporated, each
fiscal year based on net stadium revenues generated in the preceding fiscal year (See Note 11 ). The Authority's preliminary calculation for the annual contingent payment due in fiscal year 1995 amounts to approximately
$1,600,000.00 and has not been recorded as a liability in the fiscal year 1994 financial statements.
NOTE 13: SUBSEOUENTEVENTS
OLYMPIC CENTENNIAL PARK The George L. Smith, II Georgia World Congress Center Authority has been designated by the Governor to
act as the oversight agency in the assembling ofproperties and the construction of an Olympic Centennial Park. Funding decisions and architectural plans for the park have not been finalized as ofthe date ofthis report.
NOTE 14: BONDING INFORMATION
The Executive Director and all employees of the George L. Smith, TI Georgia World Congress Center Authority are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October 1, 1994. Under this agreement the Public Employee Dishonesty Coverage insures the George L. Smith, II Georgia World Congress Center Authority to a maximum of$1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The Faithful Performance ofDuty Coverage insures the Authority to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment.
All employees of the George L. Smith, II Georgia World Congress Center Authority are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626 011675 2, on which the premium was paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the Authority to a maximum of$4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

-25 -

SUPPLEMENTARY INFORMATION -27-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINING BALANCE SHEET PROPRIETARY FUND TYPE - ENTERPRISE FUND
JUNE 30, 1994

EXHIBIT "F" Page 1

REGULAR FUND

GEORGIA DOME FUND

ASSETS

Cash and Cash Equivalents Restricted
Revenue Fund Debt Service Fund
Debt Service Reserve Account Credit Enhancement Fee Fund Renewal and Extension Fund Early Retirement and Surplus Fund
Customer Deposits Unrestricted

$

2,251.04 $

2,251.04

$ 5,511,962.87

938.54 -211,197.04
1,297.85 2,728.70 15,402,300.00 20,694,166.70

938.54 -211, 197. 04
1,297.85 2,728.70
15,402,300.00 26,206,129.57

Total Cash and Cash Equivalents

$ 5,511,962.87$ 35,892,485.79 $ 41,404,448.66

Investments
Restricted Revenue Fund
Debt Service Fund Debt Service Reserve Account
Interest Account Credit Enhancement Fee Fund Renewal and Extension Fund Early Retirement and Surplus Fund

$ 760,860.82 $ 760,860.82

9,998,159.24
7,739,416.99 1,770,634.52
998,702.15 321,432.09

9,998,159.24 7,739,416.99 1,770,634.52
998,702.15 321,432.09

Total Investments

$ 21,589,205.81 $ 21,589,205.81

Interest Receivable
Restricted Debt Service Fund Debt Service Reserve Account Interest Account Renewal and Extension Fund

$ 118,929.93$ 118,929.93

89,291.96

89,291.96

10,684.12

10,684.12

Total Interest Receivable

$ 218,906.01 $__2..,1..8..._.9._.0"""6_..0__.l

Accounts Receivable

$ 3,525,701.83$ 2,394,765.90$ 5,920,467.73

Prepaid Items

$

2,126.00$ 222,700.16$ 224,826.16

Inventories
Advances to Other Funds Georgia Dome Fund

$_--=-1a""'g'"'""'o...,43..,.-'-7""'"4 $11,228,324.35

$ 189,043.74 $11,228,324.35

Deferred Charges Revenue Bonds Issuance Costs

$ 3,696,444.12 $ 3,696,444.12

Fixed Assets Building
Less: Accumulated Depreciation Equipment
Less: Accumulated Depreciation

$209,402,736.05 $209,402,736.05

-7,755,656.89 -7,755,656.89

$ 5,502,447.98 3,690,926.52 9,193,374.50

-1,807 ,427 .68

-946.608.51 -2,754,036.19

Fixed Assets (Net of Accumulated Depreciation) $ 3,695,020.30 $204,391,397.17 $208,086,417.47

Total Assets

$ 24.152 1179.09 $268 1405 1904.96 $292 1558 1084.05

See notes to the financial statements.

- 28 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINING BALANCE SHEET PROPRIETARY FUND TYPE - ENTERPRISE FUND
JUNE 30, 1994

EXHIBIT "F" Page 2

REGULAR FUND

GEORGIA DOME FUND

TOTAL

LIABILITIES AND FUND EQUITY

Liabilities Vouchers Payable
Accounts Payable Financing/Trustee Fees Payable
Payroll Withholdings Capital Leases/Installment Purchases Payable Compensated Absences Payable Key Employee Incentive Compensation Payable
Advances from Regular Fund Deferred Revenue Customer Deposits Payable Term Loan and Security Agreement Payable
Revenue Bonds Payable Less: Unamortized Discount on Revenue Bonds
Accrued Interest Payable

$ 280,630.82 $ 99,314.26 $ 379,945.08

404,505.65

20,932.34

425,437.99

1,011,636.13 1,011,636.13

364.19

364.19

188,841.41

326,676.06

515,517.47

658,936.90

166,966.84

825,903.74

216,113.00

88,079.00

304,192.00

11,228,324.35 11,228,324.35

661,414.38 21,209,074.67 21,870,489.05

15,402,300.00 15,402,300.00

3,504,892.92

3,504,892.92

200,000,000.00 200,000,000.00

-556,248.00

-556,248.00

7,733,601.25 7,733,601.25

Total Liabilities

$ 5,915,699.27 $256,730,656.90 $262,646,356.17

Fund Equity Retained Earnings
Reserved Debt Service Inventories
Unreserved Designated for Capital Outlay Improvements Designated for Equipment and Supply Replacement Designated for Hotel and Motel Tax - Atlanta 88 Contract Designated for Investment in Fixed Assets Designated for Special Project - Feed the Hungry
Program Designated for Special Project - Vine City Housing
Designated for Special Projects - ADA Renovations
and Orange Parking Lot
Designated for Interest and Agent Fees - Term Loan and Security Agreement
Designated for Stadium Expense (Falcons Agreement)
Undesignated

$ 10,000,000.00 $ 10,000,000.00

$

79,318.80

79,318.80

1,000,000.00 1,000,000.00

1,000,000.00 1,000,000.00

3,000.00

3,000.00

3,256,681.14 1,175,248.06 4,431,929.20

3,050.00 2,500.00

3,050.00 2,500.00

723,053.36

723,053.36

1,931,367.89 10.237.508.63

500,000.00

1,931,367.89 500,000.00
10,237,508.63

Total Fund Equity

$18,236,479.82$ 11,675,248.06$ 29.911,727.88

Total Liabilities and Fund Equity

$ 24 1 152 1179.09 $268 1405 1904.96 $292 1 558 1084.05

See notes to the financial statements.

- 29 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 1994

EXHIBIT "G" Page 1

OPERATING REVENUES
Commissions Catering Sales
Capital Lease Income Coca-Cola Company, The Delta Airlines, Incorporated Freeman Companies, The Hitachi Maxell, Ltd. Hiller Brewing Company Shepard Convention Services United Exposition Service Company
Rental Income Booth Space Conference Center, Ballroom and Auditorium Customer Deposit Forfeitures Equipment Exhibit Halls Georgia Dome The Five Smiths, Incorporated Suites and Seats Other Georgia Hall Lockers Meeting Rooms Parking
Sales and Services Administrative Overhead Advertising Airport Shuttle Bus Business Center Services Coat Check Contract Labor Dome Tours Exhibit Utility Services Fuel Sales Souvenirs Telephone Services
Total Operating Revenues

REGULAR FUND

GEORGIA DOME FUND

TOTAL

$ 3,068,744.53$ 2,670,271.59 $ 5,739,016.12

262,521.19

16,410.13

278,931.32

$ 3,331,265.72 $ 2,686,681.72 $ 6,017,947.44

$ 17,585.64

$ 17,585.64

17,585.64 $ 40,000.00

57,585.64

1,065.75

1,065.75

48,500.00

48,500.00

40,000.00

40,000.00

852.60

852.60

1,065.75

1,065.75

-------------- -------------- --------------

$ 38,155.38$ 128,500.00 $ 166,655.38
-------------- -------------- --------------

$ 31,262.00 363,723.26
$ 235,903.98 7,555,342.30

$
219,200.00 39,586.15

31,262.00 363,723.26 219,200.00 275,490.13 7,555,342.30

11,820.00
1,487.15 340,749.02
1,029,522.00
--------------

1,617,883.87 15,604,448.00 1,050,963.94
432,793.45
--------------

1,617,883.87 15,604,448.00 1,050,963.94
11,820.00
1,487.15 340,749.02 1,462,315.45
--------------

$ 9,569,809.71$ 18,964,875.41 $ 28,534,685.12
-------------- -------------- --------------

$ 225,069.63

$ 225,069.63

$ 2,247,591.00 2,247,591.00

3,600.00

3,600.00

61,527.69

61,527.69

31,361.90

2,441.40

33,803.30

168,458.82

217,312.52

385,771.34

59,672.90

59,672.90

4,289,682.69

211,739.07 4,501,421.76

25,742.81

25,742.81

111,380.33

111,380.33

198,619.28

45,027.25

243,646.53

-------------- -------------- --------------

$ 5,004,062.82$ 2,895,164.47$ 7,899,227.29

$17,943,293.63$ 24,675,221.60$ 42,618,515.23

See notes to the financial statements. ~

- 30 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30. 1994

EXHIBIT "G"
Page 2

OPERATING EXPENSES
PERSONAL SERVICES Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Hea 1th Insurance Personal Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance Drug Testing
REGULAR OPERATING EXPENSES Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses (See Schedule) Publications and Printing
TRAVEL
MOTOR VEHICLE PURCHASES
EQUIPMENT Equipment Purchases Rental of Equipment
COMPUTER CHARGES Other Costs Supplies and Materials Repairs and Maintenance Rents (Other than Real Estate) Software Equipment Equipment Purchases Per Diem, Fees and Contracts Per Diem and Fees Computer Billings, DOAS

REGULAR FUND

GEORGIA DOME FUND

TOTAL

$ 8,569,601.37 $ 3,477,666.67 $ 12,047,268.04

542,758.15
1,083,015.59 927,761.55
47,196.00 21,052.00 162,070.00
2,306.60
--------------

194,083.19
395,130.22 310,677.93
16,836.00 5,625.00
43,538.00 1,748.00
--------------

736,841.34 1,478,145.81 1,238,439.48
64,032.00 26,677.00
205,608.00 4,054.60
--------------

$ 11,355,761.26 $ 4,445,305.01 $ 15,801,066.27
-------------- -------------- --------------

$ 53,095.52 $

6,305.18 $

59,400.70

902,560.37

346,359.40 1,248,919.77

340,881.90

120,217.57

461,099.47

2,716,837.59 1,497,425.26 4,214,262.85

125,823.82

42,590.77

168,414.59

149,860.01

104,452.25

254,312.26

611,636.70

549,710.79 1,161,347.49

176,737.97

160,853.19

337,591.16

-------------- -------------- --------------

$ 5,077,433.88$ 2,827,914.41 $ 7,905,348.29
-------------- -------------- --------------

$ 99,525.47 $ 30,484.51 $ 130,009.98
-------------- -------------- --------------

$ -8,989.00
--------------

$

-8,989.00

--------------

$ 177,618.38 $

56,749.05 $ 234,367.43

43,914.17

17,862.86

61,777.03

-------------- -------------- --------------

$ 221,532.55 $ 74,611.91 $ 296,144.46
-------------- -------------- --------------

$ 19,767.51 $ 50,010.27
166.00
15,264.33

5,878.64 $ 1,476.23
6,406.19

25,646.15 51,486.50
166.00 21,670.52

7,599.00

4,996.67

12,595.67

5,420.00

5,420.00

3,686.65

3,686.65

-------------- -------------- --------------

$ 101,913.76$

18,757.73 $ 120,671.49

-------------- -------------- --------------

See notes to the financial statements.

- 31 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY COMBiNING STATEMENT OF REVENUES, EXPENSES ANO CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30. 1994

EXHIBIT "6" Page 3

REGULAR FUND

GEORGIA DOME FUND

TOTAL

OPERATING EXPENSES

TELECOMMUNICATIONS

$ 128,221.38 $ 161,978.11 $ 290,199.49

PER DIEM, FEES AND CONTRACTS Per Diem and Fees Contracts

$ 160,529.10 $ 342,860.04 $ 503,389.14

916,412.69

311,789.77 1,228,202.46

$ 1,076,941.79$ 654,649.81 $ 1,731,591.60

CONTRACTUAL - GAME TICKETS

$ 2,632,827.63 $ 2,632,827.63

CONTRACTUAL - FALCONS

$ 4,000,000.00$ 4,000,000.00

CONTRACTUAL - FALCONS

$ 387,476.67 $ 387,476.67

DEPRECIATION

$ 199,994.54$ 8,423,701.99 $ 8,623,696.53

Total Operating Expenses

$18,252,335.63 $23,657,707.78$ 41,910,043.41

Operating Income (Loss)

$ -309,042.00 $ 1,017,513.82$ 708,471.82

NONOPERATING REVENUES (EXPENSES)

Contract - Atlanta Committee for the Olympic Games Hotel and Motel Tax
Atlanta, City of Fulton County Insurance Recoveries Interest Income Reimbursement for Special Project - Atlanta Convention and Visitors Bureau Reimbursement for Special Project - Georgia State Financing and Investment Commission Restitution from Individual for Violation of Computer Protection Act Vendor's Compensation on Sales Tax Collections Contract - Office of Treasury and Fiscal Services Consultants Financing/Trustee Fees Hotel and Motel Tax - Atlanta Convention and Visitors Bureau - City Hotel and Motel Tax - Atlanta Convention and Visitors Bureau - County Housing - Georgia World Congress Center Housing - Atlanta Convention and Visitors Bureau Special Project - Orange Parking Lot Special Project - Olympic Centennial Park Special Project - Pedestrian Plaza Special Projects - Other

$ 150,000.00

$ 150,000.00

7,525,167.79$ 9,570,827.56 1,121,025.92 1,001,525.12
117 .50 44,336.38 1,314,731.47

17,095,995.35 2,122,551.04
117 .so
1,359,067.85

89,740.26

89,740.26

265,564.55

265,564.55

6,000.00 542.56

1,500.30

6,000.00 2,042.86

-150,000.00

-150,000.00

-2,078,255.89 -2,078,255.89

-5,358,694.62

-5,358,694.62

-573,392.22 -181,180.20 -120,786.80 -51,606.73 -89,740.26 -265,564.55 -1,057,784.39

-573,392.22
-181,180.20 -120,786.80
-51,606.73 -89,740.26
-265,564.55 -1,057,784.39

See notes to the financial statements.

- 32 -

GEORGE L. SMITH I II GEORGIA WORLD CONGRESS CENTER AUTHORITY COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 1994

EXHIBIT "G" Page 4

NONOPERATING REVENUES (EXPENSES) Debt Service (Interest Expense) Revenue Bonds Issuance Expense Total Nonoperating Revenues (Expenses) Income Before Operating Transfers
OPERATING TRANSFERS Operating Transfers In Operating Transfers Out Total Operating Transfers Net Income (Loss)
RETAINED EARNINGS - JULY 1 Adjustments Increase in Inventories
RETAINED EARNINGS - JUNE 30

REGULAR FUND

GEORGIA DOME FUND

TOTAL

$ -11,833.08 $-15,770,697.96 $-15,782,531.04

-142,176.00

-142,176.00

$ 1,341,912.11 $ -6,102,545.40 $ -4,760,633.29

$ 1,032,870.11 $ -5,085,031.58 $ -4,052,161.47

$ 354,873.79

$ 354,873.79

$ -354,873.79

-354,873.79

-------------- -------------- --------------

$ 354,873.79 $ -354,873.79 $

0.00

-------------- -------------- --------------

$ 1,387,743.90 $ -5,439,905.37 $ -4,052,161.47

16,828,663.00 17,115,153.43 33,943,816.43

20,072.92

20,072.92

-------------- -------------- --------------

$18,236,479.82$ 11,675,248.06$ 29,911,727.88

See notes to the financial statements.

- 33 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINING STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 1994

EXHIBIT "H" Page 1

REGULAR FUND

GEORGIA DOME FUND

TOTAL

CASH FLOWS FROM OPERATING ACTIVITIES

Cash Received from Customers Customer Deposit Forfeitures - Georgia Dome Customer Seat and Suite Deposits - Georgia Dome Customer Seat and Suite License Fees - Georgia Dome Recovery of Capital Lease Payments Cash Paid to Vendors and Employees
Annual Fixed Payment (Contractual - Falcons) Annual Contingent Payment (Contractual - Falcons)

$19,184,343.08$ 21,232,547.89 $ 40,416,890.97

219,200.00

219,200.00

24,600.01

24,600.01

14,861,700.01 14,861,700.01

38,368.53

208,500.00

246,868.53

-20,260,063.40 -19,994,137.90 -40,254,201.30

-4,000,000.00 -4,000,000.00

-387,476.67

-387,476.67

Net Cash Provided by Operating Activities $ -1,037,351.79 $ 12,164,933.34$ 11,127,581.55

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES

Interest Paid on Term Loan and Security Agreement Principal Paid on Term Loan and Security Agreement Agent Fees Paid Hotel and Motel Tax Received Hotel and Motel Tax Distributed Contract - Vine City Housing Ministry, Incorporated Contract - Atlanta Committee for the Olympic Games Contract - Office of Treasury and Fiscal Services -
Consultants Insurance Recoveries Received Operating Transfers Repayment of Funds from Georgia Dome Fund Reimbursement for Special Project - Atlanta
Convention and Visitors Bureau Special Project - Orange Parking Lot Special Project - Olympic Centennial Park Special Project - Pedestrian Plaza Special Projects - Other Restitution Received Extraordinary Expense Paid Vendor's Compensation on Sales Tax Collections
Net Cash Used in Noncapital Financing Activities

$ -249,242.07 $
-5,000.00 8,344,226.71 -5,932,086.84
-16,446.62 150,000.00
-150,000.00 117 .50
354,873.79 645,126.21
89,740.26 -51,606.73 -89,740.26 -265,564.55 -1,057,784.39
6,000.00 -107,890.48
542.56
--------------

$ -711,566.73

-249,242.07 -711,566.73
-5,000.00 8,344,226.71
-5,932,086.84 -16,446.62 150,000.00

-354,873.79 -645,126.21

-150,010170..0so0
0.00 0.00

1,500.30

89,740.26 -51,606.73 -89,740.26
-265,564.55 -1,057,784.39
6,000.00 -107,890.48
2,042.86

$ 1,665,265.09$ -1,710,066.43 $ -44,801.34

CASH FLOWS FRO~ CAPITAL AND RELATED FINANCING ACTIVITIES

Financing/Trustee Fees Paid

$ -2,073,139.52 $ -2,073,139.52

Interest Paid on Revenue Bonds

-15,467,204.55 -15,467,204.55

Interest Paid on Capital Leases/Installment Purchases $ -11,833. 08

-32,857.39

-44,690.47

Principal Payments on Capital Leases/Installment

Purchases

-69,821.64

-100,359.81

-170,181.45

Hotel and Motel Tax Received - Dedicated to Georgia

Dome

10,572,352.68 10,572,352.68

Acquisition and Construction of Capital Assets

-230,211.36

-502,269.58

-732,480.94

-------------- --------------- ---------------

Net Cash Used in Capital and Related Financing Activities

$ -311,866.08 $ -7,603,478.17 $ -7,915,344.25

See notes to the financial statements.

- 34 -

GEORGE L. SMITH, II GEORGIA WORLD CCffiGRESS CENTER AUTHORITY
COMBINING STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 1994

EXHIBIT "H" Page 2

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Investment Securities Proceeds from Sale and Maturity of Investments Interest on Investments
Net Cash Provided by Investing Activities
Net Increase in Cash and Cash Equivalents CASH AND CASH EQUIVALENTS - JULY 1

REGULAR FUND

GEORGIA DOME FUND

TOTAL

$-131,560,054.44 $-131,560,054.44

141,957,738.85 141,957,738.85

$

44,336.38

1,378,844.45

1,423,180.83

$ 44,336.38$ 11,776,528.86$ 11,820,865.24

$ 360,383.60$ 14,627,917.60$ 14,988,301.20 5,151,579.27 21,264,568.19 26,416,147.46

CASH AND CASH EQUIVALENTS - JUNE 30

$ 5,511,962.87 $ 35,892,485.79 $ 41,404,448.66
============== =============== ===============

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Operating Income (Loss)

$ -309,042.00 $ 1,017,513.82 $ 708,471.82

Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Administrative Overhead Depreciation Contract with MGR, Incorporated for Equipment Purchases Equipment Expensed in Prior Year Changes in Assets and Liabilities: Increase (Decrease) in Accounts Receivable Increase in Prepaid Items Increase in Inventories Increase (Decrease) in Liabilities (Other than Customer Deposits) Increase in Customer Deposits Payable Increase (Decrease) in Deferred Revenues
Total Adjustments

$ -225,069.63 $ 225,069.63 $

0.00

199,994.54 8,423,701.99 8,623,696.53

-85,925.89 -8,989.00

85,925.89 -8,989.00

-757,447.83
-1,126.00 -20,346.21

613,272.95 -222,700.16

-144,174.88 -223,826.16
-20,346.21

452,610.43

-477,119.57

-24,509.14

24,600.01

24,600.01

-282,010.20

2,560,594.67

2,278,584.47

-------------- --------------- ---------------

$ -728,309.79 $ 11,147,419.52$ 10,419,109.73

Net Cash Provided by Operating Activities

$ -1,037,351.79 $ 12,164,933.34$ 11,127,581.55

See notes to the financial statements.

- 35 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY COMBINING STATEMENT OF CHANGES IN ASSETS ANO LIABILITIES
FIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30, 1994

EXHIBIT "I"

FUND
Employees' Reserve Fund Publicly Ticketed Events Super Bowl - County Super Bowl XXV II I

ASSETS/ LIABILITIES JULY 1. 1993
------------

ADDITIONS
---------

DELETIONS
---------

ASSETS/ LIABILITIES JUNE 30, 1994
-------------

$

5,096.91 $

9,294.81 $

9,723.46$

4,668.26

0.00

627,863.58

627,863.58

0.00

0.00

300,000.00

300,000.00

0.00

0.00

300,000.00

300,000.00

0.00

------------- ------------- ------------- -------------

$

5,096.91 $1,237,158.39 $1,237,587.04 $

4,668.26

=--=--=---=-- -=------=---- -----=--=-==- ----=---==-=-

See notes to the financial statements.

- 37 -

GEORGE L. SMITH, II
GEORGIA WORLD CONGRESS CENTER AUTHORITY
SCHEDULE OF APPROVED BUDGET YEAR ENDED JUNE 30. 1994

REVENUES
OPERATING REVENUES Other Revenues Retained

ORIGINAL BUDGET

REGULAR FUND
BUDGET ADJUSTMENTS

TOTAL

$24,572,600.00$ 2,208,000.00 $26,780,600.00
============= ============= =============

EXPENSES
OPERATING EXPENSES Personal Services Regular Operating Expenses Trave 1 Equipment Computer Charges Telecommunications Per Diem, Fees and Contracts Contractual - Game Tickets Contractual - Falcons Contractual - Falcons Contractual - Stadium Reserve
NONDPERATING EXPENSES Hotel and Motel Tax - Atlanta Convention and Visitors Bureau - City Hotel and Motel Tax - Atlanta Convention and Visitors Bureau - County Housing - Georgia World Congress Center Housing - Atlanta Convention and Visitors Bureau Hotel and Motel Tax - Georgia Dome Special Project - Orange Parking .Lot Special Projects - Other Debt Service (Interest Expense)

$11,862,720.00 $ 4,663,056.00 91,020.00 200,000.00 201,580.00 171,000.00 986,000.00

-505,000.00 $11,357,720.00

664,000.00 5,327,056.00

12,000.00

103,020.00

13,189.00

213,189.00

-45,000.00

156,580.00

-33,189.00

137,811.00

120,000.00 1,106,000.00

4,713,940.00

650,000.00 5,363,940.00

546,447.00 181,177.00 120,785.00 834,875.00

30,000.00
60,000.00 1,242,000.00

576,447.00 181,177.00 120,785.00 834,875.00
60,000.00 1,242,000.00

------------- ------------- -------------

$24,572,600.00$ 2,208,000.00 $26,780,600.00

See notes to the financial statements.

- 38 -

SCHEDULE "l"

ORIGINAL BUDGET

GEORGIA DOME FUND
BUDGET ADJUSTMENTS

TOTAL

TOTAL BUDGET

$36,776,948.00$

0.00 $36,776,948.00 $63,557,548.00

============= ============= ============= =============

$4,680,879.00$ 6,393,867.00 30,000.00 150,000.00 60,000.00 30,000.00 861,960.00 2,800,000.00 4,000,000.00 30,000.00 250,000.00

-86,500.00 $ 4,594,379.00 $15,952,099.00

-402,000.00 5,991,867.00 11,318,923.00

500.00

30,500.00

133,520.00

-65,000.00

85,000.00

298,189.00

-39,000.00

21,000.00

177,580.00

145,000.00

175,000.00

312,811.00

256,000.00 1,117,960.00 2,223,960.00

-166,700.00 2,633,300.00 2,633,300.00

4,000,000.00 4,000,000.00

358,000.00

388,000.00

388,000.00

250,000.00

250,000.00

17,490,242.00

5,363,940.00

-300.00

17,489,942.00

576,447.00 181,177.00 120,785.00 834,875.00
60,000.00 1,242,000.00 17,489,942.00

$36,776,948.00$

0.00 $36,776,948.00 $63,557,548.00

- 39 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY PROPRIETARY FUND TYPE - ENTERPRISE FUND
SCHEDULE OF REVENUES AND EXPENSES COMPARED TO BUDGET REGULAR FUND
YEAR ENDED JUNE 30 1 1994

SCHEDULE "2"

ACTUAL

APPROVED

VARIANCE -

GAAP BASIS

ACTUAL

BUDGET

FAVORABLE

(EXHIBIT "G") ADJUSTMENTS STATUTORY BASIS (SCHEDULE "l") (UNFAVORABLE)

REVENUES

Operating Revenues Nonoperating Revenues

$17,943,293.63 $ 9,202,494.96

0.00 $ 17,943,293.63 $ 26,780,600.00 $-8,837,306.37

9,202,494.96

0.00 9,202,494.96

Total Revenues

$27,145,788.59 $

0.00 $ 27,145,788.59 $26,780,600.00$ 365,188.59

EXPENSES/EXPENDITURES

Operating Expenses Personal Services Regular Operating Expenses Travel Motor Vehicle Purchases Equipment Canputer Charges TelecCJ1111Jnications Per Diem, Fees and Contracts Depreciation
Total Operating Expenses/ Expenditures

$11,355,761.26$ -101,533.58 $ 11,254,227.68$ 11,357,720.00$ 103,492.32

5,077,433.88

-6,445.66 5,070,988.22 5,327,056.00 256,067.78

99,525.47

0.00

99,525.47

103,020.00

3,494.53

-8,989.00

0.00

-8,989.00

0.00

8,989.00

221,532.55 409,869.19

631,401.74

213,189.00 -418,212.74

101,913.76

-123.00

101,790.76

156,580.00

54,789.24

128,221.38

0.00

128,221.38

137,811.00

9,589.62

1,076,941.79

0.00 1,076,941.79 1,106,000.00

29,058.21

199,994.54 -199,994.54

0.00

0.00

0.00

------------- ------------- --------------- -------------- -------------

$18,252,335.63$ 101,772.41 $ 18,354,108.04$ 18,401,376.00$ 47,267.96

Nonoperating Expenses
Contract - Office of Treasury and Fiscal Services - Consultants
Hotel and Motel Tax - Atlanta Convention
and Visitors Bureau - City Hotel and Motel Tax - Atlanta Convention
and Visitors Bureau - County Housing - Georgia World Congress Center Housing - Atlanta Convention and
Visitors Bureau
Hotel and Motel Tax - Georgia Dane Special Project - Orange Parking Lot Special Project - 01Yll1)ic Centennial
Park
Special Project - Pedestrian Plaza Special Projects - Other
Debt Service (Interest Expense)

150,000.00
5,358,694.62
573,392.22 181,180.20
120,786.80 0.00
51,606.73
89,740.26 265,564.55 1,057,784.39 11,833.08
-------------

0.00
0.00
0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00 0.00
-------------

150,000.00
5,358,694.62
573,392.22 181,180.20
120,786.80 0.00
51,606.73
89,740.26 265,564.55 1,057,784.39 11,833.08
---------------

0.00
5,363,940.00
576,447.00 181,177.00
120,785.00 834,875.00 60,000.00
0.00 0.00 1,242,000.00 0.00
--------------

-150,000.00
5,245.38
3,054.78 -3.20
-1.80 834,875.00
8,393.27
-89,740.26 -265,564.55 184,215.61 -11,833.08
-------------

Total Expenses/Expenditures

$26,112,918.48$ 101,772.41 $ 26,214,690.89$ 26,780,600.00$ 565,909.11
------------- ------------- --------------- -------------- -------------

Incane Before Operating Transfers

$1,032,870.11 $ -101,772.41 $ 931,097.70$

0.00 $ 931,097.70

Operating Transfers

354,873.79

0.00

354,873.79

0.00 354,873.79

Net Incane

$1,387,743.90$ -101,772.41 $ 1,285,971.49 $

0.00 $1,285,971.49

See notes to the financial statements.

- 40 -

GEORGE L. SMITH. II
GEORGIA WORLD CONGRESS CENTER AUTHORITY PROPRIETARY FUND TYPE - ENTERPRISE FUND
SCHEDULE OF REVENUES AND EXPENSES COMPARED TO BUDGET GEORGIA DOME FUND
YEAR ENDED JUNE 30. 1994

SCHEDULE "3"

ACTUAL

APPROVED

VARIANCE -

GAAP BASIS

ACTUAL

BUDGET

FAVORABLE

(EXHIBIT "G") ADJUSTMENTS STATUTORY BASIS (SCHEDULE "l") (UNFAVORABLE)

REVENUES

Operating Revenues Nonoperating Revenues

$24,675,221.60$ 11,888,584.45

0.00 $ 24,675,221.60$ 36,776,948.00 $-12,101,726.40

0.00 11,888,584.45

0.00 11,888,584.45

Total Revenues

$36,563,806.05$

0.00 $ 36,563,806.05$ 36,776,948.00$ -213,141.95

EXPENSES/EXPENDITURES

Operating Expenses Personal Services Regular Operating Expenses Travel Equipment Canputer Charges TelecCJ1111.1nications Per Diem, Fees and Contracts Contractual - Game Tickets Contractual - Falcons Contractual - Falcons Contractual - Stadiun Reserve Depreciation
Total Operating Expenses/ Expendi tures
Nonoperating Expenses Financing/Trustee Fees Debt Service (Interest Expense) Revenue Bonds Issuance Expense
Total Expenses/Expenditures

$ 4,445,305.01 $ -67,690.83 $ 4,377,614.18$ 4,594,379.00$ 216,764.82

2,827,914.41 -36,223.35 2,791,691.06 5,991,867.00 3,200,175.94

30,484.51

0.00

30,484.51

30,500.00

15.49

74,611.91 596,189.51

670,801.42

85,000.00 -585,801.42

18,757.73

-80.00

18,677.73

21,000.00

2,322.27

161,978.11

0.00

161,978.11

175,000.00

13,021.89

654,649.81

0.00

654,649.81 1,117,960.00

463,310.19

2,632,827.63

0.00 2,632,827.63 2,633,300.00

472.37

4,000,000.00

0.00 4,000,000.00 4,000,000.00

0.00

387,476.67

0.00

387,476.67 388,000.00

523.33

0.00

0.00

0.00

250,000.00

250,000.00

8,423,701.99 -8,423,701.99

0.00

0.00

0.00

------------- ------------- --------------- -------------- --------------

$23,657,707.78 $-7,931,506.66 $ 15,726,201.12 $19,287,006.00$ 3,560,804.88

2,078,255.89

0.00 2,078,255.89

0.00 -2,078,255.89

15,770,697.96 -21,396.00 15,749,301.96 17,489,942.00 1,740,640.04

142,176.00 -142,176.00

0.00

0.00

0.00

------------- ------------- --------------- -------------- --------------

$41,648,837.63 $-8,095,078.66 $ 33,553,758.97 $36,776,948.00$ 3,223,189.03

lncane Before Operating Transfers
Operating Transfers

$-5,085,031.58 $8,095,078.66$ 3,010,047.08$

-354 ,873. 79

0.00

-354,873.79

0.00 $ 3,010,047.08 0.00 -354 ,873. 79

Net lncane (Loss)

$-5,439,905.37 $8,095,078.66$ 2,655,173.29 $

See notes to the financial statements.

- 41 -

0.00 $ 2,655,173.29

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
CASH AND CASH EQUIVALENTS JUNE 30 1 1994

SCHEDULE "4"

NONINTEREST BEARING ACCOUNTS
Trust Company Bank, Atlanta, Georgia
Wachovia Bank of Georgia, Atlanta, Georgia
INTEREST BEARING ACCOUNTS
Wachovia Bank of Georgia, Atlanta, Georgia
Cash Investment Account No. 13-343-950 Cash Investment Account No. 18-206-588 Cash Investment Account No. 18-544-541 Cash Investment Account No. 18-544-651 Cash Investment Account No. 18-544-673 Cash Investment Account No. 18-544-684
OTHER
Cash on Hand

$ 890,576.74 8,613,741.49 $ 9,504,318.23.

$ 600,224.73 14,511,723.26 14,906,120.01 102,689.69 105,000.00 1,661,541.00
-------------

31,887,298.69

17,500.00

$41,409,116.92

See notes to the financial statements.

- 42 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
INVESTMENTS JUNE 30 1 1994

SCHEDULE "5"

FUND/INVESTMENT TYPE

PURCHASE DATE

MATURITY DATE

AMOUNT

GEORGIA DOME FUND

Restricted Revenue Fund Demand Notes - Fidelity Treasury Cash Port, Number 53 Wachovia Bank of Georgia, Atlanta, Georgia
Debt Service Fund Debt Service Reserve Account United States Treasury Bills Wachovia Bank of Georgia, Atlanta, Georgia
Interest Account United States Treasury Bills Wachovia Bank of Georgia, Atlanta, Georgia
Fugi Securities Repurchase Agreement Wachovia Bank of Georgia, Atlanta, Georgia

N/A
March 23, 1994 February 25, 1994 June 30, 1994

N/A
July 28, 1994 July 21, 1994 July 1, 1994

$ 760,860.82
$ 9,998,159.24 $ 7,000,061.26
739,355.73

Total Interest Account

$ 7,739,416.99

Total Debt Service Fund

$17,737,576.23

Credit Enhancement Fee Fund United States Treasury Bills Wachovia Bank of Georgia, Atlanta, Georgia
Fugi Securities Repurchase Agreement Wachovia Bank of Georgia, Atlanta, Georgia
Demand Notes - Stice Treasury Tax Advantage Wachovia Bank of Georgia, Atlanta, Georgia

June 30, 1994 June 30, 1994
N/A

December 29, 1994 $ 537,348.47

July 1, 1994

1,011,636.13

N/A

221,649.92

Total Credit Enhancement Fee Fund

$1,770,634.52

Renewal and Extension Fund United States Treasury Bills Wachovia Bank of Georgia, Atlanta, Georgia
Early Retirement and Surplus Fund United States Treasury Bills Wachovia Bank of Georgia, Atlanta, Georgia

April 26, 1994

April 6, 1995

$ 998,702.15

June 30, 1994

December 29, 1994 $ 321,432.09

$21,589,205.81

See notes to the financial statements.

- 43 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
SCHEDULE OF OTHER OPERATING EXPENSES YEAR ENDED JUNE 30. 1994

SCHEDULE "6"

OPERATING EXPENSES
------------------
Regular Operating Expenses Administrative Overhead Advertising and Promotion Bank Service Charges Freight laundry Service Registration Fees Subscriptions and Dues Teaching/Educational Programs

REGULAR

GEORGIA

FUND

DOME FUND

TOTAL

------- ---------

$ 225,069.63 $ 225,069.63

$ 337,222.93

198,388.47

535,611.40

21,840.10

8,737.37

30,577.47

9,727.47

13,532.90

23,260.37

165,089.46

78,095.98

243,185.44

28,557.88

8,711.00

37,268.88

26,646.86

15,614.44

42,261.30

22,552.00

1,561.00

24,113.00

------------- ------------- -------------

$ 611,636.70$ 549,710.79 $1,161,347.49

See notes to the financial statements.

- 44 -