Audit report, George L. Smith, II, Georgia World Congress Center Authority, a component unit of the state of Georgia, year ended June 30, 2001

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AUDIT REPORT
GEORGE L. SMITH, "
GEORGIA WORLD CONGRESS CENTER AUTHORITY A COMPONENT UNIT OF THE STATE OF GEORGIA
YEAR ENDED JUNE 30, 200 J
Russell W. Hinton state Auditor

GEORGE 1. SMITH, II
GEORGIA WORLD CONGRESS CENTER AUTHORITY
- TABLE OF CONTENTS -

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

EXHIBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET ALL FUND TYPES
B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - ENTERPRISE FUND
C STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
D STATEMENT OF REVENUES AND EXPENSES COMPARED TO BUDGET PROPRIETARY FUND TYPE - ENTERPRISE FUND
E NOTES TO THE FINANCIAL STATEMENTS
SUPPLEMENTARY INFORMATION

PROPRIETARY FUND TYPE - ENTERPRISE FUND

F

COMBINING BALANCE SHEET

G

COMBINING STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN RETAINED EARNINGS

H

COMBINING STATEMENT OF CASH FLOWS

I FIDUCIARY FUND TYPE - AGENCY FUNDS

COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

SCHEDULES

1 SCHEDULE OF APPROVED BUDGET

PROPRIETARY FUND TYPE - ENTERPRISE FUND

SCHEDULE OF REVENUES AND EXPENSES

COMPARED TO BUDGET

2

REGULAR FUND

3

GEORGIA DOMEFUND

4

CENTENNIAL OLYMPIC PARK FUND

5 CASH AND CASH EQUIVALENTS

6 INVESTMENTS

7 ANALYSIS OF CONSTRUCTION IN PROGRESS

CENTENNIAL OLYMPIC PARK FUND

8 SCHEDULE OF OTHER OPERATING EXPENSES

9 RECONCILIATION OF SALARIES

Page
2
4
6
8 10
30 32 36 39
40
42
44
46
49
50 54 55 56

RUSSELL W. HINTON
STATE AUDITOR
(404) 6562174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 31LB4-X400
October 3, 2001

Honorable Roy E. Barnes, 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, a component unit ofthe State ofGeorgia, as of and for the year ended June 30, 2001. 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 auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the financial statements are free of material 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.
In our opinion, 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, 2001, and the results ofits operations and cash flows ofits proprietary fund type for the year . then ended, in confonnity with accounting principles generally accepted in the United States of America.
Our audit was made for the purpose of fonning an opinion on the financial statements taken as a whole. The accompanying supplementary infonnation (Exhibits F through I and Schedules 1 through 9) is presented for purposes ofadditional analysis and is not a required part ofthe financial statements ofthe George L. Smith, II Georgia World Congress Center Authority. Such infonnation
OlARL-lGX

has been subjected to the auditing procedures applied in the audit ofthe financial statements and, in
our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.

Respectfully submitted,



RWH:gp
OlARL-IGX

Rus ell W. Hinton State Auditor



.

FINANCIAL STATEMENTS
- 1-

GEORGE L. SMITH. 11 GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINED BALANCE SHEET ALL FUND TYPES JUNE 30, 2001

EXHIBIT "A"

PROPRIETARY FUND TYPE ENTERPRISE

FIDUCIARY FUND TYPE
AGENCY

TOTALS _ _ _(Memorandum Only)'--_ _ JUNE 30. 2001 JUNE 3D, 2000

ASSETS

Cash and Cash Equivalents (See Schedule) Restricted Customer Deposits Special Project - Centennial Olympic Park Unrestricted
Total Cash and Cash Equivalents

$ 1,635,527.18 0.00
22,911,745.41 $

$
78,665.96

1,635,527.18 $ 0.00
22,990,411.37

617,090.66 289,073.18 15,710,155.48

$ 24,547,272.59 $ 78,665.96 $ 24,625,938.55 $ 16,616,319.32

Investments (See Schedule) Restricted Revenue Fund Debt Service Fund Interest Account Principal Account Renewal and Extension Fund Early Retirement and Surplus Fund Customer Deposits Unrestricted
Total Investments
Accounts Receivable
Prepaid Items
Inventories

$ 17,756,899.42
5,417,132.71 5,009,935.30 1,527,448.18 9,052,072.20 9,591,043.42 34,319,658.28
$ 82,674,189.51
$ 6,348,022.70
$ 277,100.75
$ 406,527.85

$ 17,756,899.42 $ 18,119,114.63

5,417,132.71 5,009,935.30 1,527,448.18 9,052,072.20 9,591,043.42 34,319,658.28

2,617,517.37 0.00
1,703,271.03 6,225,057.78 14,518,527.87 31,084,033.3.5

$ 82,674,189.51 $ 74,267,522.03

$ 6,348,022.70 $ 4,585,019.19

$

277,100.75 $

110,827.98

$

406,527.85 $

363,499.31

Fixed Assets Building Less: Accumulated Depreciation Improvements Other Than Buildings Equipment Less: Accumulated Depreciation Land Construction in Progress

$ 209,402,736.05 -62,045,270.67 35,797,674.53 15,636,307.46 -10,766,426.53 . 37,282,885.56 0.00

Fixed Assets (Net of Accumulated Depreciation) $ 225,307,906.40

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

-62,045,270.67 -54,289,610.67

35,797,674.53

0.00

15,636,307.46

14,653,615.37

-10,766,426.53

-9,585,129.71

37,282,885.56

0.00

0.00 72,265,973.01

$ 225,307,906.40 $ 232,447,584.05

Total Assets

$ 339,561,019.80 $ 78,665.96 $ 339,639,685.76 $ 328,390,771.88

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, 2001

EXHIBIT "A"

PROPRIETARY FUND TYPE ENTERPRISE

FIDUCIARY FUND TYPE
AGENCY

TOTALS

(Memorandum On1x:..l...

_

JUNE 30, 2001 JUNE 30, 2000

LIABILITIES AND FUND EQUITY

Liabilities Vouchers Payable Accounts Payable Salaries Payable Retainage Payable Annual Contingent Payment Payable Payroll Withholdings Capital Leasesllnstallment Purchases Payable Compensated Absences Payable Key Employee Incentive Compensation Payable Deferred Revenue Customer Deposits Payable Refunding Revenue Bonds Payable Accrued Interest Payable Funds Held for Others
Total Liabilities

$ 315,725.54 1,165,291.10 249,272.00 0.00 3,973,490.59 646.10 0.00 1,423,464.14 405,543.00
20,846,864.17 11,191,780.00 188,615,000.00 5,415,553.13
----$
$ 233,602,629.77 $

$

315,725.54 $

105,095.97

1,165,291.10

422,596.66

249,272.00

206,357.86

0.00

15,524.76

3,973,490.59

1,035,465.91

646.10

606,366.49

0.00

141,875.56

1,423,464.14

1,339,280.60

405,543.00

445,434.98

20,846,864.17 23,569,842.30

11,191,780.00 15,380,110.00

188,615,000.00 188,615,000.00

5,415,553.13

2,617,517.37

78,665.96

78,665.96

4,410.11

78,665.96 $ 233,681,295.73 $ 234,504,878.57

Fund Equity Contributed Capital Private Sources Atlanta Chamber of Commerce Atlanta Committee for the Olympic Games Robert W. Woodruff Foundation Southern Company Other State of Georgia Regular Fund of GWCC
Total Contributed Capital

$ 10,161,056.07 15,891,732.00 33,750,000.00 3,750,000.00 231,072.20
7,936,463.53
$ 71,720,323.80

$ 10,161,056.07 $ 10.161,056.07

15,891,732.00 15,891,732.00

33,750,000.00 33,750,000.00

3,750,000.00

3,750,000.00

231,072.20

231,072.20

7,936,463.53

8,100,000.00

$ 71,720,323.80 $ 71,883,860.27

Retained Earnings

Reserved Inventories

$ 145,336.66

Maintenance of Art

65,088.59

Stadium Expense (Falcons Agreement)

528,836.14

Unreserved

Designated for Capital Outlay Improvements

8,350,000.00

Designated for Equipment and Supply

Replacement Designated for Operation of Centennial Olympic Park

1,929,985.98 1,527,258.09

Designated for Phase IV Operations

18,000,000.00

Designated for Special Projects

Centennial Olympic Park Atlanta Programming Fountain Choreography Miscellaneous Projects Undesignated (Deficit)

560,236.29 61.219.84 5,755.00
1,044,150.41 2,020,199.23

Total Retained Earnings

$34,238,066.23

Total Fund Equity

$ 105,958,390.03

$ 145,336.66 $ 65,088.59
528,836.14

107,508.96 64,664.91 303,514.77

8,350,000.00 13,650,000.00

1,929,985.98 1,527,258.09 18,000,000.00

7,342,244.32 1,484,769.76 6,000,000.00

560,236.29 61,219.84 5,755.00
1,044,150.41 2,020,199.23

655,661.16 100,000.00
13,450.00 1,444,236.60 -9,164,017.44

$ 34,238,066.23 $ 22,002,033.04

$ 105,958,390.03 $ 93,885,893.31

Total Liabilities and Fund Equity

$ 339,561,019.80 $ 78,665.96 $ 339,639,685.76 $ 328,390,771.88

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, 2001

EXHIBIT "B"

OPERATING REVENUES
Commissions Capital Lease Income Rental Income Sales and Services
Total Operating Revenues
OPERATING EXPENSES
Personal Services Regular Operating Expenses Travel Equipment Computer Charges Telecommunications Per Diem, Fees and Contracts Capital Outlay Contractual - Game Tickets Contractual - Falcons (See Note 13) Depreciation
Total Operating Expenses
Operating Loss
NONOPERATING REVENUES (EXPENSES}
Hotel and Motel Tax (Net) Donations Department of Industry, Trade and Tourism - Contract Investment Income Vendor's Compensation on Sales Tax Collections Donated Equipment FinancinglTrustee Fees Housing - Georgia World Congress Center Housing - Atlanta Convention and Visitors Bureau Debt Service Discount on Bonds Sold Loss on Capital Asset Disposals Payments to Bond Escrow Agent Refunding Revenue Bond Insurance Premium Refunding Revenue Bond Issuance Cost (Net)
Total Nonoperating Revenues (Expenses)
Net Income (Loss)
The notes to the financial statements are an integral part of this statement.
-4-

TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000

$ 14,542,950.65 $ 11,492,912.59

128,500.00

. 128,500.00

37,082,636.10

36,589,903.75

10,518,945.59

9,935,948.82

$. 62,273,032.34 $ 58,147,265.16

$ 24,790,043.11 $ 22,763,820.04

12,477,891.55

11,778,954.03

173,398.31

120,824.17

132,165.52

85,335.13

667,121.96

483,147.18

411,972.60

461,627.63

4,663,721.47

8,226,589.74

1,610,807.26

939,995.14

3,272,316.00

3,442,720.00

7,973,490.59

5,035,465.91

9,339,357.58

9,142,247.38

$ 65,512,285.95 $ 62,480,726.35

$ -3,239,253.61 $ -4,333,461.19

$ 21,056,445.47 $ 20,469,926.93

346,235.23

298,537.77

0.00

2,955,000.00

5,049,978.90

4,102,958.01

5,697.25

4,452.09

0.00

278,801.00

-14,346.67

-10,633.35

-179,619.60

-179,618.40

-119,746.40

-119,745.60

-10,853,806.27 .-10,008,455.49

0.00

-9,017.30

-16,915.28

-25,108.98

0.00 -11,260,010.68

0.00

-972,000.00

0.00

-837,436.57

$ 15,273,922.63 $ 4,687,649.43

$ 12,034,669.02 $

354,188.24

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, 2001

EXHIBIT "B"


RETAINED EARNINGS - JULY 1 Adjustments Increase in Reserve for Inventories Adjustment to Contributed Capital Capital Contributed to Centennial Olympic Park Fund
RETAINED EARNINGS - JUNE 30

TOTALS YEAR ENDED JUNE 30, 2001 JUNE 30, 2000
$ 22,002,033.04 $ 22,059,852.85

$

37,827.70 $

37,991.95

163,536.47

0.00

0.00

-450,000.00

$:

201,364.17 $ -412,008.05

$ 34,238,066.23 $ 22,002,033.04


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. 2001

EXHIBIT "C"

TOTALS

YEAR ENDED

JUNE 30, 2001

JUNE 30, 2000

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 Capital Lease Income Cash Paid to Vendors and Employees Annual Payment (Contractual - Falcons)

$ 101,418,096.50 $ 184,320.00
-4,188,330.00 14,686,042.00
128,500.00 -101,107,267.36
-10,911,515.27

84,605,933.19 99,210.00
339,580.00 15,371,093.00
128,500.00 -90,166,551.82
-2,489,076.64

Net Cash Provided by Operating Activities

$

209,845.87 $ 7,888,687.73

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES

Donations Received Department of Industry, Trade and Tourism - Contract Hotel and Motel Tax Received Hotel and Motel Tax Distributed Vendor's Compensation on Sales Tax Collections

$

346,235.23 $

298,537.77

0.00

2,955,000.00

13,450,236.93

13,067,722.97

-9,505,830.65

-9,242,104.60

5,697.25

4,452.09

Net Cash Provided by Noncapital Financing Activities

$ 4,296,338.76 $ 7,083,608.23

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES

Financingrrrustee Fees Paid Payments to Bond Escrow Agent (Net) Refunding Revenue Insurance Premium Interest Paid on Revenue and Refunding Revenue Bonds Principal Payment 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 Acquisition and Construction of Capital Assets Contributions Received - Centennial Olympic Park Construction in Progress - Centennial Olympic Park

$

-14,346.67 $

-183,022.29

0.00

-8,717,132.43

0.00

-972,000.00

-8,033,070.47

-14,813,452.76

0.00

-3,485,000.00

-22,700.04

-44,761.61

-141,875.56

-286,167.27

16,812,673.19

16,344,944.56

-1,784,701.28

-1,301,095.41

0.00

180,000.00

-30,111.84

-412,318.02

Net Cash Provided by (Used in) Capital and Related Financing Activities $ 6,785,867.33 $ -13,690,005.23

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Investment Securities Proceeds from Sale and Maturity of Investments Investment Income Received

$ -362,566,976.81 $ -350,761,797.80

354,160,309.33 344,221,863.16

5,049,978.90

4,102,958.01

Net Cash Used in Investing Activities

$ -3,356,688.58 $ -2,436,976.63

Net Increase (Decrease) in Cash and Cash Equivalents

$ 7,935,363.38 $ -1,154,685.90

CASH AND CASH eQUIVALENTS - JULY 1

16,611,909.21

17,766,595.11

CASH AND CASH eQUIVALENTS - JUNE 30
The notes to the financial statements are an integral part of this statement. -6-

$ 24,547,272.59 $ 16,611,909.21

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 2001

EXHIBIT "C"

RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating Loss
Adjustments to Reconcile Operating Loss to Net Cash Provided by Operating Activities: Depreciation Contract with MGR, Incorporated for Equipment Purchases 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 (Decrease) in Customer Deposits Payable Increase (Decrease) in Deferred Revenues
Total Adjustments
Net Cash Provided by Operating Activities

TOTALS

YEAR ENDED

JUNE 30, 2001

JUNE 30, 2000

$ -3,239,253.61 $ -4,333,461.19

$ 9,339,357.58 $ -417,306.85
..
-1,763,003.51 -166,272.77 -5,200.84 3,372,834.00
-4,188,330.00 -2,722,978.13

9,142,247.38 -438,909.12
2,107,760.57 -48,655.41 -54,992.23
-1,588,744.55 339,560.00
2,763,862.28

$ 3,449,099.48 $ 12,222,148.92

$==_2;;;0_9,845.87 $ 7,888,687.73

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. 2001

REVENUES
Operating Revenues Nonoperating Revenues
Total Revenues
EXPENSES/EXPENDITURES
Operating Expenses Personal Services Regular Operating Expenses Travel Motor Vehicle Purchases Equipment Computer Charges Telecommunications Per Diem, Fees and Contracts Capital Outlay Contractual - Game Tickets Contractual - Falcons Contractual - Stadium Reserve Contract - Special Projects Marketing Collaterals Projects
FY 2000 Projects FY 2001 Projects
Meeting Room Chair Inventory Hardscape Repair Programming Atlanta Programming Fountain Choreography Holiday Festival Depreciation
Total Operating Expenses/ Expenditures
Nonoperating Expenses FinancingfTrustee Fees Contract - Atlanta Convention and Visitors Bureau - City Contract - Atlanta Convention and Visitors Bureau - County Housing - Georgia World Congress Center Housing - Atlanta Convention and Visitors Bureau Transfer from Reserve Transfer to Reserve Debt Service Gain/Loss on Capital Asset Disposals
Total Expenses/Expenditures

ACTUAL GAAP BASIS (EXHIBIT "B'L

ADJUSTMENTS (NOTE 3)

$ 62,273,032.34 $
26,458,356.85
$ 88,731,389.19 $

-417,306.85 9,505,830.65
9,088,523.80

$ 24,790,043.11 $ 12,477,891.55 173,398.31 0.00 132,165.52 667,121.96 411,972.60 4,663,721.47 1,610,807.26 3,272,316.00 7,973,490.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,339,357.58

-67,930.62 -10,215.47
0.00 28,712.00 208,035.69 331,680.53
300.00 -312,929.23 798,946.20
0.00 0.00 0.00 0.00 259,372.84 589,837.09 230,893.99 128,264.35 1,073,100.00 14,712.86 36,920.16 9,671.00 7,695.00 227,102.23 0.00

$ 65,512,285.95 $ 3,554,168.62

14,346.67

0.00

0.00

8,444,453.30

0.00 179,619.60

1,061,377.35 0.00

119,746.40 0.00 0.00
10,853,806.27 16,915.28

0.00 0.00 0.00 0.00 -16,915.28

$ 76,696,720.17 $ 13,043,083.99

Net Income (Loss)
The notes to the financial statements are an integral part of this statement.
-8-

$ 12,034,669.02 $ -3,954,560.19

EXHIBIT "D"

ACTUAL MODIFIED STATUTORY BASIS

APPROVED BUDGET
(SCHEDULE "1")

VARIANCE FAVORABLE (UNFAVORABLEl

$

61,855,725.49 $ 89,007,524.00 $ -27,151,798.51

35,964,187.50

0.00

35,964,187.50

$

97,819,912.99 $ 89,007,524.00 $ _----'8::.z.,:,8::.:1.=2,.::.38:::.:8::.:.,9:':.::..9

$

24,722,112.49 $ 25,692,083.00 $

969,970.51

12,467,676.08

11,379,888.00

-1,087,788.08

173,398.31

182,000.00

8,601.69

28,712.00

46,000.00

17,288.00

340,201.21

370,500.00

30,298.79

998,802.49

905,800.00

-93,002.49

412,272.60

460,000.00

47,727.40



4,350,792.24

4,189,812.00

-160,980.24

2,409,753.46

750,000.00

-1.659,753.46

3,272,316.00

3,500,000.00

227,684.00

7,973,490.59

6.922,729.00

-1.050,761.59

0.00

250,000.00

250,000.00

0.00

250,000.00

250,000.00

259,372.84

300,000.00

40,627.16

589,837.09

330,000.00

-259,837.09

230.893.99

150,000.00

-80,893.99

128.264.35

120,000.00

-8,264.35

1,073.100.00

1.100.000.00

26,900.00

14,712.86

15.000.00

287.14

36,920.16

40,000.00

3,079.84

9.671.00

20,000.00

10.329.00

7,695.00

25,000.00

17,305.00

227,102.23

250,000.00

22,897.77

9,339,357.58

8,897,660.00

-441,697.58

$

69,066,454.57 $ 66.146,472.00 $ -2,919,982.57

14,346.67

0.00

-14,346.67

8,444,453.30

8,503,783.00

59.329.70

1.061,377.35 179.619.60

987,788.00 179,623.00

-73,589.35 3.40

119,746.40 0.00 0.00
10,853,806.27 0.00

119,748.00 1,162,074.00 1.076,930.00 10,831,106.00
0.00

1.60 1,162,074.00 1,076,930.00
-22,700.27 0.00

$

89,739,804. 16 $ 89,007.524.00 $ _ _.:.:-7.::!;32~.2=::::8~0.:.1.:.~. 6

$ _ .......l;;8,080.1 08.83 $

0.00 $ _.....:;:8.080, 108.83
-9-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
The George L. Smith, II Georgia World Congress Center Authority (Authority) is an instrumentality of the State of Georgia and a public corporation created for the purposes of operating and maintaining a comprehensive international trade and convention center consisting of a complex of facilities suitable for multipurpose use. The management ofthe business and affairs ofthe Authority is vested in a Board ofGovernors. The Board ofGovernors ofthe Authority consists offifteen (15) members appointed by the Governor. The Authority is considered a component unit ofthe State of Georgia for financial reporting purposes because of the significance of its legal, operational and financial relationships with the State ofGeorgia. These reporting entity relationships are defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING
The Authority uses funds to report on its financial position and the results of its operations determined in conformity with generally accepted accounting principles. A fund is an independent fiscal and accounting entity with a self-balancing set ofaccounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number offunds are maintained consistent with legal and managerial requirements. 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 ofthe governing body is that the costs ofproviding goods or services to the general public on a continuing basis can 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 ofeconomic resources measurement focus, in which all assets and all liabilities are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Operating statements ofthese funds present increases, (i.e., revenues) and decreases, (i.e., expenses) in net total assets. This measurement focus emphasizes the determination of net income.
- 10-

GEORGE L. SMITH, II
=G=E=O=R=G=IA-,,-,-,W--,=O=RL=D:....;C:::,.;O=N,-,-G=RE=S=S:.....;C=E=N-,-,T:;..:E=R:::..,:A,,-,,-U::::..T=H=O=R.,'~Y
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING PROPRIETARY FUND TYPE ENTERPRISE FUND .
The Authority maintains its Enterprise Fund on the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized in the accounting period in which they are earned, and expenses are recognized at the time liabilities are incurred.
.
The Authority has elected to follow generally accepted accounting principles prescribed by the Governmental Accounting Standards Board (GASB) as well as Statements and mterpretations ofthe Financial Accounting Standards Board, Accounting Principles Board Opinions and Accounting Research Bulletins of the Committee on Accounting Procedure issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements.
FIDUCIARY FUND TYPE AGENCY FUNDS
Agency Funds are custodial in nature and do not measure results of operations or have a measurement focus. The modified accrual basis ofaccounting is utilized for recognizing assets and liabilities.
ASSETS, LIABILITIES AND FUND EQUITY CASH AND CASH EQUNALENTS
Cash and Cash Equivalents include currency on hand, demand deposits with banks and other financial institutions, and the State investment pool that has the general characteristics of demand deposit accounts in that the Authority may deposit additional cash at anytime and also maywithdraw cash at any time without prior notice or penalty. Cash and Cash Equivalents also include short-term, highly liquid investments with maturities ofthree months or less from the date ofacquisition. Funds ofthe Georgia Dome Fund on deposit with the Trustee for the purpose of continual investment are reflected as investments regardless of the term ofthe instruments. The aforementioned definitions were applied in the preparation of the Statement of Cash Flows.

The State investment pool (Georgia Fund 1) is an external investment pool that is not registered with the Securities and Exchange Commission (SEC) but does operate in a manner consistent with the SEC's Rule 2a7 ofthe mvestment Company Act of1940. The State ofGeorgia's Office ofTreasury and Fiscal Services (OTFS) manages Georgia Fund 1 in accordance with policies and procedures established by State law and the State Depository Board, the oversight Board for OTFS. This investment is valued at the pool's share price, $1.00 per share.
The Authority does not have any risk exposure related to investments in derivatives or similar investments in Georgia Fund 1 as the investment policy ofOTFS does not provide for investments in derivatives or similar investments through the Georgia Fund 1.
- 11 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ASSETS, LIABILITIES AND FUND EQUITY INVESTMENTS
Investments are defined as those financial instruments with terms in excess ofthree months from the date ofpurchase. Also reported as investments are funds ofthe Georgia Dome Fund on deposit with the Trustee of the Series 2000 Refunding Revenue Bonds for the purpose of continual investment and certain other securities held for the production of revenue. Investments are stated at amortized cost.
The Authority may invest regular funds in U. S. Government securities, certificates of deposit and repurchase agreements. In addition, the Series 2000 Refunding Revenue Bond covenants restrict the Authority to the following forms of investments for the Georgia Dome Fund:
(1) Obligations issued by the United States government.
(2) Obligations of any corporation ofthe United States government fully guaranteed by the United States government.
(3) Obligations of the Federal Home Loan Bank.
(4) Repurchase Agreements.
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 such amounts.
PREPAID ITEMS Payments made to vendors for services that will benefit periods beyond June 30, 2001, 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 ofpurchase and are recorded as expense based on consumption. The value ofthe inventories accounted for using the consumption method at June 30, 2001, was $261,191.19.
Other supply inventories are accounted for using the purchases method, in which these expendable supplies are recorded as expenses at the time ofpurchase. The value (at cost) ofthese inventories at June 30, 2001, was $145,336.66.

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GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 200 I

EXHIDIT "E"

NOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ASSETS, LIABILITIES AND FUND EQUITY 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.
Under a contractual agreement with the State ofGeorgia Department ofIndustry, 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.
RESTRICTED ASSETS Specified portions of the Authority's Cash and Cash Equivalents and Investments are classified as restricted assets on the Combined Balance Sheet. Certain refunding revenue bond resources recorded in the Enterprise Fund are 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 ofall 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 comprised of the "Interest Account", which is used for the payment of interest on the Series 2000 Refunding Revenue Bonds and the "Principal Account", which is used for the payment ofprincipal ofthe Series 2000 bonds. The "Operating and Maintenance Fund" is used to pay operating and maintenance expenses. 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. Certain customer deposits are subject to refund upon expiration of the 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 ofproprietary fund types ifthose liabilities are expected to be financed from proprietary fund operations. (See Note 7)

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-------------------------_.. ~.

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHffiIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ASSETS, LIABILITIES AND FUND EQUITY FUND EQUITY CONTRIBUTED CAPITAL
Contributed Capital represents amounts contributed by various private entities and the Regular Fund of the Authority to fund the construction and development of Centennial Olympic Park, for which the Authority has been designated to act as the oversight agency.
RETAINED EARNINGS - RESERVED Reserves represent those portions of retained earnings not appropriable for expense 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:
INVENTORIES Those inventories accounted for using the purchases method are equally offset by a reserve to indicate that they do not constitute "available spendable resources" even though they are a component of the net assets.
MAINTENANCE OF ART The reserve represents an amount restricted for the maintenance and repair ofworks ofart placed in Centennial Olympic Park.
STADIUM EXPENSE (FALCONS AGREEMENT) The reserve represents an amount restricted for the maintenance ofthe Georgia Dome as outlined in the Falcons Agreement (See Note 13).
Designations of unreserved retained earnings represent nonbinding 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. Pursuant to the Stadium Funding Agreement between the Authority and the City ofAtlanta and Fulton County, Georgia, 48.9% ofsuch collections are to be paid to the Authority, with 39.3% dedicated to the purposes ofthe Domed Stadium Project and the remaining 9.6% to be used at the Authority's discretion. The flow of future shared revenues dedicated to the purposes of the Domed Stadium Project may not be terminated prior to the liquidation of all Series 2000 Refunding Revenue Bonds.

- 14-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REVENUES AND EXPENSES
COMPENSATED ABSENCES Compensated absences represent obligations ofthe 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 ofthe Enterprise Fund as earned. Funds to cover the cost of annual leave of terminated employees are provided through Enterprise Fund operations.
MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the Combined Balance Sheet are captioned "Memorandum Only" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects 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 selected sections of the accompanying financial statements in order to provide an understanding of the changes in the Authority's financial position and operations. Comparative totals have not been included on statements where their inclusion would not provide enhanced understanding of the Authority's financial position and operations or would cause the statements to be unduly complex and difficult to understand.
NOTE 2: BUDGETS
The Executive Director submits annual operating budgets for the operation ofthe Regular Fund, the Georgia Dome Fund and the Centennial Olympic Park Fund to the Board ofGovernors for approval. The Board ofGovernors 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 as expenditures were classified by budget unit obj ect classes. These budgets were not subject to review or approval ofthe General Assembly ofthe State ofGeorgia and are therefore nonappropriated budgets. A comparison ofbudgeted to actual financial activity relative to the combined operations of the Regular Fund, the Georgia Dome Fund and the Centennial Olympic Park Fund is reflected on Exhibit "D". There is no legal prohibition regarding overexpenditure of the budget on an individual fund or aggregate basis.

- 15 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 2: BUDGETS

These annual operating budgets were prepared on a comprehensive basis of accounting other than generally accepted accounting principles with the exception ofbudgeting depreciation expense. This basis of accounting reflects encumbrances as expenditures for comparison and budgetary control purposes. Encumbrances outstanding at the end of the fiscal year are not reflected within the financial statements of the Enterprise Fund because they do not constitute expenses or liabilities. Differences between budgetary accounting practices (referred to as "modified statutory basis" since the Authority budgeted depreciation expense) and generally accepted accounting principles are reconciled in Note "3".

NOTE 3: RECONCILIATION OF GAAP REPORTING TO MODIFIED STATUTORY REPORTING

The Authority prepares an annual budget consistent with the budgetary policies and statutes of the State ofGeorgia (modified statutory basis). Because the accounting practices utilized for the purpose of developing data on a modified 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 modified statutory basis statements for comparative purposes are presented below:

ADJUSTMENTS NOT AFFECTING NET INCOME

Perspective Differences:

Shared Revenues - Shared revenues received and subsequently distributed to other governmental entities have been reflected as revenue and expenditures as authorized by accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia. These amounts were offset in the financial statements to arrive at net revenues as required by generally accepted accounting principles.

- 16-

GEORGE L. SMITH, IT GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "E"

NOTE 3: RECONCILIATION OF GAAP REPORTING TO MODIFIED STATUTORY REPORTING

ADJUSTMENTS TO NET INCOME (GAAP BASIS TO MODIFIED STATUTORY BASIS)

Net Income

GAAP Basis (Exhibit "B")

Adjustments

Encumbrances (1)

..

Fiscal Year 2001

Expenditures

Fiscal Year 2000

Expenditures

Fixed Assets (2)

Long-Term Liabilities (2)

Compensated Absences

Key Employee Incentive Compensation Plan

Capital Leases/Installment Purchases

$12,034,669.02
$-3,233,785.86 1,561,902.52 -2,185,092.85 84,183.54 -39,891.98 -141,875.56

Total Adjustments (Exhibit "D")

$-3,954,560.19

Modified Statutory Basis

$ 8.Q80J08.83

(1) Timing Differences:

Encumbrances - Encumbrances outstanding at June 30, 2001, have been reflected as current year expenditures as authorized by accounting practices prescribed or permitted by statutes and regulations of the State of Georgia. Generally accepted accounting principles do not permit encumbrances to be recorded as expenses in the financial statements.

(2) Basis Differences:

Fixed Assets - Resources utilized for the acquisition of fixed assets have been reflected as expenditures as authorized by accounting practices prescribed or permitted by statutes and regulations of the State of Georgia instead of recorded as fixed assets as required by generally accepted accounting principles.

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

- 17 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 3: RECONCILIATION OF GAAP REPORTING TO MODIFIED STATUTORY REPORTING

ADmSTMENTS TO NET INCOME (GAAP BASIS TO MODIFIED STATUTORY BASIS}

(2) Basis Differences:

Long-Term Liabilities - capitallease/installment purchases have been reflected as expenditures as authorized by accounting practices prescribed or permitted by statutes and regulations of the State of Georgia. These amounts were recorded as a reduction of long-term liabilities in the financial statements as required by generally accepted accounting principles.

NOTE 4: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

COMPLIANCE WITH REVENUE BOND COVENANTS
The Authority is subject to certain covenants with regard to the issuance of the Series 2000 Refunding Revenue Bonds (Domed Stadium Project).

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 ofa surety bond, the depository may pledge as collateral anyone or more of the following securities as enumerated in the Official Code of Georgia Annotated (OCGA) Section 50-17-59:

(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia.

(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia.

(3) Bonds of any public authority created by the laws of the 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 ofdevelopment 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, or debt obligations issued by or securities guaranteed 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 Corporation, or the Federal National Mortgage Association.

- 18 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "E"

NOTE 4: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES
(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation.

As authorized in the OCGA Section 50-17-53, the State Depository Board has adopted policies

which allow agencies of the State of Georgia the option of exempting demand deposits from the

collateral requirements.

.

NOTE 5: 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. The bank balances as ofJune 30, 2001, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk.

Category 1 - 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 collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the Authority's name.

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

Cash Deposits

Carrying Amount

Bank Balances

Risk Categ~on~e:2..s

_

I

2

3

$-l,216,52B.72 $ 2,259,489.63. $ 2QO,OQO.00 $ 2,059.4.89.63 $.====::o~,o~o

CATEGORIZATION OF INVESTMENTS
For purposes ofanalysis ofcustodial credit risk, investments consist ofU. S. Government securities and repurchase agreements. Investments are stated at cost and amortized cost (See Note 1), and are summarized and classified as to custodial credit risk within the categories described below:

Category 1 - Insured or registered, or securities held by the Authority or its agent in the Authority's name.

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

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GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 5: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

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

The carrying amounts of investment balances as of June 30, 2001, are categorized below. These

amounts also include amounts maintained in the State investment pool by the Office ofTreasury and

Fiscal Services which are not subject to risk categorization.

,

Type of Investment

Risk Categories

I

2

3

Carrying Amount

Fair Value

U. S. Government

Securities

$

Repurchase Agreements

0.00 $ 54,446,946.62 $ 51,369,742.15

0.00 $ 54,446,946.62 $ 53,746,870.26 51,369,742.15 5\,236,425.72

Total

$,==~O~,O~O $JQ5.lli.688,77 $==~O,OlflfO $105,816,688.77 $104,983,295.98

State Investment Pool

19,900.50

19,900.50

$] Q5.836.59.27 $] 05,QQ3,196.4.8

NOTE 6: OPERATING LEASES

The Authority has entered into certain agreements to lease motor vehicles and computer equipment which are classified as operating leases. Future minimum commitments for operating leases as of June 30, 2001, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised.

Fiscal Year Ending June 30
2002 2003 2004
Total Future Minimum Commitments

$ 55,774.52 37,809.09 8,133.85
$ 10.,1,171 ~~46

Expenditures for rental of real property and equipment under operating leases for the year ended June 30, 2001, totaled $364,266.48.

NOTE 7: LONG-TERM DEBT
.
REVENUE BONDS PAYABLE
The Authority has issued Refunding Revenue Bonds (Domed Stadium Project), Series 2000, which are backed by a Hotel and Motel Tax imposed by the City ofAtlanta and Fulton County, Georgia, as

- 20-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 7: LONG-TERM DEBT

REVENUE BONDS PAYABLE
well as future operating revenues derived from the operation of the Georgia Dome. Refunding revenue bonds outstanding at June 30, 2001, are as follows:

Purpose Domed Stadium Project

Interest Rates 5.5 - 6.0%

Amount $188,615,000.00

Revenue bond debt service requirements to maturity are as follows:

Fiscal Year Ending June 30

Total Debt

Interest

Principal

2002 2003 2004 2005 2006 Thereafter

$ 10,276,659.38 15,694,018.76 15,700,368.76 15,706,018.76 15,714,618.76
237,529,696.94

$ 5,271,659.38 10,384,018.76 10,055,368.76 9,706,018.76 9,334,618.76 77,254,696.94

$ 5,005,000.00 5,310,000.00 5,645,000.00 6,000,000.00 6,380,000.00
160,275,000.00

$31Q.221..381.3.6 $122..0Q2,381.36 $188,61~,QQQ.QQ

Interest due on July 1, 2001, in the amount of $5,415,553.13 was recorded as a liability of the Enterprise Fund at June 30, 2001.

FINANCIAL GUARANTY INSURANCE POLICY
The Authority maintains a Financial Guaranty Insurance Policy issued by the MBIA Insurance Corporation and dated April 4, 2000. The Financial Guaranty Insurance Policy is available to ensure timely payments of interest and bond principal should funds not be readily available from the Authority. The terms of this policy extend through the expiration of the Series 2000 Refunding Revenue Bond Issue. In the event that principal and interest payments become necessary by the Insurer, the Authority is liable to the Insurer for reimbursement of such payments plus interest thereon. As ofJune 30, 2001, no monies have been paid by the Insurer on this policy.

NOTE 8: RISK MANAGEMENT

Public Entity Risk Pool

The Department of Community Health administers for the State of Georgia a program of health benefits for the employees of units of government of the State of Georgia, units of county government and local education agencies located within the State ofGeorgia. This plan is funded by

- 21 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "E"

NOTE 8: RISK MANAGEMENT

Public Entity Risk Pool

participants covered in the plan, by employers' contributions paid by the various units ofgovernment

participating in the plan, and appropriations made by the General Assembly of Georgia. The

Department ofCommunity Health has contracted with Blue Cross Blue Shield ofGeorgia to process

claims in accordance with the State Employees' Health Benefit Plan as established by the Department

of Community Health.

.



Other Risk Management

The Department of Administrative Services (DOAS) has the responsibility for the State of Georgia ofmaking and carrying out decisions that will minimize the adverse effects ofaccidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The Authority is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment.

In addition, the Authority has obtained commercial insurance for automobile liability regarding its leased motor vehicles. The Authority has neither significantly reduced coverage for these risks nor incurred losses (settlements) which exceeded the Authority's commercial insurance coverage in any of the past three years.

NOTE 9: RETIREMENT PLANS

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

Plan Description
The Authority participates in the Employees' Retirement System of Georgia ("ERS"), a singleemployer, defined benefit plan established by the General Assembly of Georgia for the purpose of providing retirement allowances for employees of the State of Georgia.

The benefit structure ofERS is defined by State statute and was significantly modified on July 1, 1982. Unless elected otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an "old plan" member subject to the plan provisions in effect prior to July 1, 1982. All other members are "new plan" members subject to the modified plan provisions.

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GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 9: RETmBMENTPLANS

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

Plan Description Under both the old plan and new plan, members become vested after 10 years of creditable service. A member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 65. If 10 years of service is completed and age 60 is reached, the member may retire with a reduced benefit. Additionally, there are certain provisions allowing for retirement after 25 years of service regardless of age.

Retirement benefits paid to members are based upon a formula which considers the monthly average of the member's highest twenty-four consecutive calendar months of salary, the number of years of creditable service, and the member's age at retirement. Postretirement cost-of-living adjustments are also made to member's benefits. The normal retirement pension is payable monthly for life; however, options are available for distribution ofthe member's monthly pension at reduced rates to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS.

In addition, the ERS Board of Trustees created the Supplemental Retirement Benefit Plan (SRBP)

effective January 1, 1998. The SRBP was established as a qualified governmental excess benefit

plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion ofERS. The

purpose of SRBP is to provide retirement benefits to employees covered by ERS whose benefits are

otherwise limited by IRC 415.

.

The ERS issues a financial report each fiscal year which may be obtained through ERS.

Funding Policy As established by State statute, all full-time employees of the State of Georgia and its political subdivisions, who are not members ofother state retirement systems, are eligible to participate in the ERS. Both employer and employee contributions are established by State statute. The Authority's payroll for the year ended June 30, 2001, for employees covered byERS was $13,927,604.70. The Authority's total payroll for all employees was $18,809,762.37.

Under the old plan, member contributions consist of4% ofannual compensation up to $4,200.00 and 6% of annual compensation in excess of $4,200.00. Of these member contributions, the employee pays the first 1.25% and the employer pays the remainder on behalfofthe employee. Under the new plan, member contributions consist solely of 1.25% ofannual compensation paid by employee. The Authority also is required to contribute at a specified percentage of active member payroll determined annually by actuarial valuation. For the year ended June 30, 2001, the ERS employer contribution rate for the Authority amounted to 14.06% ofcovered payroll and included the amounts contributed on behalfofthe employee under the old plan referred to above. Employer contributions are also made on amounts paid for accumulated leave to retiring employees.

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GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 9: RETffiEMENTPLANS

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

Funding Policy Total contributions to the plan made during fiscal year 2001 amounted to $2,196,508.04, of which $1,958,105.60 was made by the Authority and $238,402.44 was made by employees. These contributions met the requirements of the plan. There is no net pension obligation for the plan. Employer contributions (annual pension cost) for the current fiscal year and the preceding two fiscal years are as follows:

Fiscal Year

Annual Pension Cost (APCl

Percentage ofAPC
Contributed

Net Pension Obligation

2001

$ 1,958,105.60

100%

N/A

2000

$ 1,683,210.36

100%

N/A

1999

$ 1,769,651.02

100%

N/A

Actuarial and Trend Information Actuarial and historical trend information is presented in the ERS June 30, 2001, financial report which may be obtained through ERS.

GEORGIA DEFINED CONTRIBUTION PLAN

Plan Description The Authority participates in the Georgia Defined Contribution Plan ("GDCP") which is a singleemployer defined contribution plan established by the Georgia General Assembly for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members ofa public retirement or pension system. GDCP is administered by the Employees' Retirement System Board of Trustees.

Benefits A member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board. If a member has less than $ 3,500 credit to his/her account, the Board has the option ofrequiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death ofa member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute.

The Employees' Retirement System ofGeorgia (ERS) issues a financial report each fiscal year which may be obtained through ERS.

- 24-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 9: RETffiEMENTPLANS
GEORGIA DEFINED CONTRIBUTION PLAN
Contributions and Vesting Member contributions are seven and one-halfpercent (7.5%) ofgross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board. Upon termination of employment, the amount ofthe member's account is refundable upon request by the member. The Authority's payroll for the year ended June 30, 2001, for employees covered by GDCP was $2,375,400.22. The Authority's total payroll for all employees was $18,809,762.37.
Total contributions made by employees during fiscal year 2001 amounted to $178,193.68 which represents 7.5% of covered payroll. These contributions met the requirements of the plan.
NOTE 10: POSTEMPLOYMENT BENEFITS
In addition to the pension benefits described in Note 10, the State ofGeorgia provides postretirement health care benefits through the State Health Benefit Plan to retirees pursuant to OCGA Section 4518. An individual eligible for these benefits must have been a full time employee at the time of retirement of either the State of Georgia or a county social service agency and must be receiving monthly retirement benefits from either the ERS or a county employees' retirement system. The State Health Benefit Plan (Plan) is a public entity risk pool funded by employee and employer contributions. Employees and retirees subject to the Plan contribute amounts determined by the Department of Community Health for various health insurance plans. The various agencies ofthe State contribute to the health insurance fund based upon amounts recommended by the Department ofCommunity Health and set forth in the State ofGeorgia's Appropriations Act. The plan is funded on a "pay-as-you-go" basis. Expenses ofthe Plan include provisions for incurred but not reported claims. The portion of employer contributions and expenses attributable to postretirement health care benefits cannot be reasonably estimated.
NOTE 11 : 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 of continuous State service with a maximum accumulation of forty five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Compensated Absences.

- 25 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 11 : LEAVE POLICIES
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.
NOTE 12: RETAINED EARNINGS DEFICIT
At June 30, 2001, the Georgia Dome Fund had an unreserved retained earnings deficit of $24,993,303.70, which is not readily apparent from the financial statements. Depreciation expense for the Georgia Dome is a significant factor contributing to this retained earnings deficit.
NOTE 13: OTHER FINANCIAL NOTES
LICENSE AGREEMENT
On July 1, 1990, the 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, ofthe license year (state fiscal year) of the maturity of the refunding revenue bonds or June 30 of the twentieth license year. As part ofthe 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%) ofthe 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 1 thereafter for the term of the Falcons Agreement.
ANNUAL CONTINGENT PAYMENT The Authority has also agreed to pay annually to the Falcons an amount equal to seventy percent (70%) ofthe first $2,857,144.00 ofnet stadium revenues derived from the preceding license year, as defined in the Falcons Agreement, plus fifty percent (50%) ofthe 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 ofthe payment is due by December 1 each year.

- 26-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2001

EXHIBIT "E"

NOTE 13: OTHER FINANCIAL NOTES
LICENSE AGREEMENT
ANNUAL CONTINGENT PAYMENT The Authority may elect to defer payment of the annual contingent payment until April 1 ofthe 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 ofthat license year. For fiscal year 2001, the Authority calculated the annual contingent payment to be $3,973,490.59 based on fiscal year 2001 net stadium revenues and this amount has been recorded as a current liability and an expense on the financial statements.
NOTE 14: CONTINGENCIES
Litigation, claims and assessments filed against the Authority, if any, are generally considered to be actions against the State of Georgia. 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, 2001.



- 27-

SUPPLEMENTARY INFORMATION
- 29-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINING BALANCE SHEET PROPRIETARY FUND TYPE ENTERPRISE FUND
JUNE 30, 2001

EXHIBIT "F"

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK FUND

TOTAL

ASSETS

Cash and Cash Equivalents Restricted Customer Deposits Unrestricted
Total Cash and Cash Equivalents

$ 1,635,527.18

$ 12,040,917.14

10,152,177.51 $

$ 12,040,917.14 $ 11,787,704.69 $

$ 1,635,527.18

718,650.76

22,911,745.41

718,650.76 $ 24,547,272.59

Investments Restricted Revenue Fund Debt Service Fund Interest Account Principal Account Renewal and Extension Fund Early Retirement and Surplus Fund Customer Deposits Unrestricted
Total Investments
Accounts Receivable
Prepaid Items
Inventories

$ 17,756,899.42

$ 34,276,382.82

5,417,132.71 5,009,935.30 1,527,448.18 9,052,072.20 9,591,043.42
$

$ 34,276,382.82 $ 48,354,531.23 $

$ 4,179,670.45 $ 1,899,223.20 $

$

55,310.99 $

158,889.76 $

$ 406,527.85

$ 17,756,899.42

43,275.46

5,417,132.71 5,009,935.30 1,527,448.18 9,052,072.20 9,591,043.42 34,319,658.28

43,275.46 $ 82,674,189.51

269,129.05 $ 6,348,022.70

62,900.00 $

277,100.75

$

406,527.85

Advances to Other Funds Georgia Dome Fund

$ 7,099,901.83

$ 7,099,901.83

Fixed Assets Building Less: Accumulated Depreciation Improvements Other Than Buildings Equipment Less: Accumulated Depreciation Land

$ 209,402,736.05

$ 209,402,736.05

-62,045,270.67

-62,045,270.67

$ 35,797,674.53

35,797,674.53

$ 7,159,759.16

7,897,545.13

579,003.17

15,636,307.46

-4,797,932.56

-5,692,252.40

-276,241.57 -10,766,426.53

800,000.00

36,482,885.56

37,282,885.56

Fixed Assets (Net of Accumulated Depreciation) $ 3,161,826.60 $ 149,562,758.11 $ 72,583,321.69 $ 225,307,906.40

Total Assets

$ 61,220,537.68 $ 211,763,106.99 $ 73,677,276.96 $ 346,660,921.63

See notes to the financial statements.

30 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINING BALANCE SHEET PROPRIETARY FUND TYPE ENTERPRISE FUND
JUNE 30, 2001

EXHIBIT "F"

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK FUND

TOTAL

LIABILITIES AND FUND EQUITY

Liabilities Vouchers Payable Accounts Payable Salaries Payable Annual Contingent Payment Payable Payroll Withholdings Compensated Absences Payable Key Employee Incentive Compensation Payable Advances from Regular Fund Deferred Revenue Customer Deposits Payable Refunding Revenue Bonds Payable Accrued Interest Payable
Total Liabilities

$ 105,041.10 $ 207,567.73 $

582,849.88

508,185.95

168,706.94

71,998.35

3,973,490.59

646.10

1,009,763.22

347,111.47

261,919.00

130,647.00

7,099,901.83

2,180,525.67 18,666,338.50

11,191,780.00

188,615,000.00

5,415,553.13

$ 4,309,451.91 $ 236,227,574.55 $

3,116.71 $ 315,725.54

74,255.27

1,165,291.10

8,566.71

249,272.00

3,973,490.59

646.10

66,589.45

1,423,464.14

12,977.00

405,543.00

7,099,901.83

20,846,864.17

11,191,780.00

188,615,000.00

5,415,553.13

165,505.14 $ 240,702,531.60

Fund Equity Contributed Capital Private Sources Atlanta Chamber of Commerce Atlanta Committee for the Olympic Games Robert W. Woodruff Foundation Southern Company Other State of Georgia RegUlar Fund of GWCC

$ 10,161,056.07 $ 15,891,732.00 33,750,000.00 3,750,000.00 231,072.20

10,161,056.07 15,891,732.00 33,750,000.00 3,750,000.00
231,072.20

7,936,463.53

7,936,463.53

Total Contributed Capital

$ 71,720,323.80 $ 71,720,323.80

Retained Earnings

Reserved

Inventories

$ 145,336.66

Maintenance of Art

$

Stadium Expense (Falcons Agreement)

$ 528,836.14

Unreserved

Designated for Capital Outlay Improvements

8,350,000.00

Designated for Equipment and Supply

Replacement

1,929,985.98

Designated for Operation of Centennial Olympic Park 1,527.258.09

Designated for Phase IV Operations

18,000,000.00

Designated for Special Projects

Centennial Olympic Park

Atlanta Programming

Fountain Choreography

Miscellaneous Projects

775,026.67

Undesignated (Deficit)

26,183,478.37 -24,993,303.70

$ 65,088.59

145,336.66 65,088.59 528,836.14

8,350,000.00

1.929,985.98 1,527,258.09 18,000,000.00

560,236.29 61,219.84 5,755.00 269,123.74 830,024.56

560,236.29 61,219.84
5,755.00 1,044,150.41 2,020,199.23

Total Retained Earnings

$ 56,911,085.77 $ -24,464,467.56 $ 1,791,448.02 $ 34,238,066.23

Total Fund Equity

$ 56,911,085.77 $ -24,464,467.56 $ 73,511,771.82 $ 105.958,390.03

Total Liabilities and Fund Equity See notes to the financial statements.

$ 61,220,537.68 $ 211,763,106.99 $ 73,677,276.96 $ 346,660,921.63 31 -

GEORGE L. SMITH. 11

EXHIBIT "G"

GEORGIA WORLD CONGRESS CENTER AUTHORITY

COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS

PROPRIETARY FUND TYPE ENTERPRISE FUND

YEAR ENDED JUNE 30, 2001

OPERATING REVENUES
Commissions Catering Sales
Capital Lease Income Delta Airlines, Incorporated Hitachi Maxell, Ltd. Miller Brewing 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 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
Total Operating Revenues

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK FUND

TOTAL

$ 10,236,189.92 $ 2,913,479.79 $ 540,677.45 $ 13,690,347.16

763,657.10

72,781.57

16,164.82

852,603.49

$ 10,999,847.02 $ 2,986,261.36 $ 556,842.27 $ 14,542,950.65

$

40,000.00

48,500.00

40,000.00

$ 128,500.00

$

40,000.00

48,500.00

40,000.00

$ 128,500.00

$

26,948.50

793,479.95

$

292,134.32

12,676,461.68

$
184,320.00 32,928.60

6,720.00 401,634.51 2,485,122.46

1,789,125.87 15,955,222.00
1,895,964.56
445,953.39

$ 16,682,501.42 $ 20,303,514.42 $

88,273.50 $ 115,222.00

793,479.95

184,320.00

8,346.76

333,409.68

12,676,461.68

1,789,125.87 15,955,222.00
1,895,964.56 6,720.00
401,634.51 2,931,075.85

96,620.26 $ 37,082,636.10

$ 290,084.19

3,880.30 $ 1,899,503.00

5,947.80

48,227.25

3,721.65

44,383.00

760.00

191,440.10

226,436.25 $

3,118.00

7,151,902.17

242,688.07

8,060.66

356,791.34

$
17,550.25 17,631.50 6,820.06

290,084.19 1,903,383.30
5,947.80 51,948.90 45,143.00 435,426.60
3,118.00 7,412,221.74
8,060.66 363,611.40

$ 7,743,925.47 $ 2,733,018.31 $ 42,001.81 $ 10,518,945.59

$ 35,426,273.91 $ 26,151,294.09 $ 695,464.34 $ 62,273,032.34

See notes to the financial statements.

- 32-



GEORGE L. SMITH, II

EXHIBIT "G"

GEORGIA WORLD CONGRESS CENTER AUTHORITY

COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS

PROPRIETARY FUND TYPE - ENTERPRISE FUND

YEAR ENDED JUNE 30. 2001

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK FUND

TOTAL

OPERATING EXPENSES

PERSONAL SERVICES Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Health Insurance Personal Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance Background Check Drug Testing Employee Assistance

$ 13,111,178.93 $ 4,728,937.67 $ 969,645.77 $ 18,809,762.37

833,275.32 1,443,129.70 1,477,829.73
265,490.00 29,005.00 176,719.00 4,103.00 1,325.65 9,425.00

299,668.45 478,889.12 494,953.00
94,116.00 1,242.00
124,614.00 1,224.00 1,282.20 3,125.00

52,339.56 76,581.68 93,477.78 15,985.00
207.00 1,955.00
318.55

1,185,283.33 1,998,600.50 2,066,260.51
375,591.00 30,454.00
303,288.00 5,327.00 2,926.40
12,550.00

$ 17,351,481.33 $ 6,228,051.44 $ 1,210,510.34 $ 24,790,043.11


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 Equipment Purchases

$

69,733.13 $

1,297,068.25

636,522.63

3,494,101.24

183,529.71

28,998.75

1,006,378.54

263,655.26

1,160,744.89

6,362.26 $
505,193.48 451,483.97 1,762,242.25
41,679.12 7,372.33
559,424.80 169,547.19 313,272.63

11,258.77 $
115,335.11 70,729.92 215,148.24 48,859.13
3,013.62 21,574.90 21,057.09 13,604.34

87,354.16 1,917,596.84 1,158,736.52 5,471,491.73
274,067.96 39,384.70
1,587,378.24 454,259.54
1,487,621.86

$ 8,140,732.40 $ 3,816,578.03 $ 520,581.12 $ 12,477,891.55

TRAVEL

$ 123,769.92 $

47,978.15 $

1,650.24 $ 173,398.31

EQUIPMENT Lease/Purchase of Equipment Rental of Equipment

$

41,967.00

$

41,967.00

65,339.10 $

24,248.42 $ _ _....:6::.,:1..:.1.:,:::0:::,.0

90,198.52

$ 107,306.10 $

24,248.42 $

611.00 $ 132,165.52

COMPUTER CHARGES Software Per Diem, Fees and Contracts Per Diem and Fees Contracts Computer Billings, DOAS

$

67,491.34 $

5,522.50 580,475.74
306.32

-3,286.74 $
2,085.00 11,899.62

300.00 $
2,328.18

64,504.60
7,607.50 594,703.54
306.32

$ 653,795.90 $

10,697.88 $

2,628.18 $ 667,121.96

TELECOMMUNICATIONS

$ 175,635.35 $ 215,521.77 $ 20,815.48 $ 411,972.60


See notes to the financial statements.
- 33-

GEORGE L. SMITH, II

EXHIBIT "G"

GEORGIA WORLD CONGRESS CENTER AUTHORITY

COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS

PROPRIETARY FUND TYPE - ENTERPRISE FUND

YEAR ENDED JUNE 3D. 2001

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK FUND

TOTAL

OPERATING EXPENSES

PER DIEM, FEES AND CONTRACTS Per Diem and Fees Contracts

$ 574,843.15 $ 572,582.76 $ 17,889.90 $ 1,165,315.81

1,719,511.31

1,257,087.58

521,806.77

3,498,405.66

$ 2,294,354.46 $ 1,829,670.34 $ 539,696.67 $ 4,663,721.47

CAPITAL OUTLAY Other Costs Equipment Per Diem, Fees and Contracts Contracts

.

$ 1,073,100.00 $ -12,560.37

70,000.00 480,267.63

$ 1,143,100.00 467,707.26

$ 1,060,539.63 $ 550,267.63

$ 1,610,807.26

CONTRACTUAL - GAME TICKETS

$ 3,272,316.00

$ 3,272,316.00

CONTRACTUAL - FALCONS

$ 7,973,490.59

$ 7,973,490.59

DEPRECIATION

$ 837,324.74 $ 8,405,268.46 $ 96.764.38 $ 9,339,357.58

Total Operating Expenses

$ 30,744,939.83 $ 32,374,088.71 $ 2,393,257.41 $ 65,512,285.95

Operating Income (Loss)

$ 4,681,334.08 $ -6,222,794.62 $ -1,697,793.07 $ -3,239,253.61

NONOPERATING REVENUES (EXPENSES)

Hotel and Motel Tax

Atlanta, City of (Net)

$ 4,088,398.33 $ 14,958,800.75

Fulton County (Net)

155,373.95

1,853,872.44

Donations

$

Investment Income

2,079,480.81

2,887,854.32

Vendor's Compensation on Sales Tax Collections

198.79

5,491.05

Financingrrrustee Fees

-14,346.67

Housing - Georgia World Congress Center

-179,619.60

Housing - Atlanta Convention and Visitors Bureau

-119,746.40

Debt Service

-15,207.36 -10,837,134.07

Loss on Capital Asset Disposals

-10,975.77

-3,828.43

$ 19,047,199.08

2,009,246.39

346,235.23

346,235.23

82,643.77

5,049,978.90

7.41

5,697.25

-14,346.67

-179,619.60

-119,746.40

-1,464.84 -10,853,806.27

-2,111.08

-16,915.28

Total Nonoperating Revenues (Expenses) $ 5,997,902.75 $ 8,850,709.39 $ 425,310.49 $ 15,273,922.63

Net Income (Loss) Before Operating Transfers

$ 10,679,236.83 $ 2,627,914.77 $ -1,272,482.58 $ 12,034,669.02

See notes to the financial statements.

- 34-

GEORGE L. SMITH, II

EXHIBIT "G"

GEORGIA WORLD CONGRESS CENTER AUTHORITY

CQMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS

PROPRIETARY FUND TYPE - ENTERPRISE FUND

YEAR ENDED JUNE 3D, 2001

OPERATING TRANSFERS Transfer In Centennial Olympic Park Operations Transfer Out Centennial Olympic Park Operations Total Operating Transfers Net Income (Loss)
RETAINED EARNINGS - JULY 1 Adjustments Adjustments to Prior Year's Expenses Decrease in Reserve for Inventories Adjustment to Contributed Capital
RETAINED EARNINGS - JUNE 30

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK FUND

TOTAL

$ 1,484,769.76 $ 1,484,769.76

$ -1,484,769.76

-1,484,769.76

$ -1,484,769.76

$ 1,484,769.76 $

0.00

$ 9,194,467.07 $ 2,627,914.77 $ 212,287.18 $ 12,034,669.02

$ 38,390,695.63 $ -17,804,286.96 $ 1,415,624.37 $ 22,002,033.04

$ 9,288,095.37 $ -9,288,095.37 37,827.70 _____ $

$ 163,536.47

$ 9,325,923.07 $ -9,288,095.37 $ 163,536.47 $

0.00 37,827.70 163,536.47
201,364.17

$ 56,911,085.77 $ -24,464,467.56 $ 1?91 ,448.02 $ 34,238,066.23


See notes to the financial statements.

- 35-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINING STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 2001

EXHIBIT "H"

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK 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 Capital Lease Income Cash Paid to Vendors and Employees Annual Payment (Contractual - Falcons)

$ 52,115,998,57 $ -48,345,717,31

48,379,305,02 $ 922,792,91 $ 101,418,096,50

184,320,00

184,320,00

-4,188,330,00

-4,188,330,00

14,686,042,00

14,686,042,00

128,500,00

128,500,00

-49,998,983,19 -2,762,566,86 -101,107,267,36

-10,911,515,27

-10,911,515,27

Net Cash Provided by (Used In) Operating Activities $ 3,770,281,26 $ -1,720,661,44 $ -1,839,773,95 $ _---'2=>0::::9""',8~45"',""87:...

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES

Donations Received Hotel and Motel Tax Received Hotel and Motel Tax Distributed Operating Transfer - Centennial Olympic Park Operations Repayment of Funds from Georgia Dome Fund Vendor's Compensation on Sales Tax Collections

$ 13,450,236,93
-9,505,830,65 -1,484,769,76
3,317,172,09 $
198,79

$ 346,235,23 $

-3,317,172,09 5,491,05

1,484,769,76 7.41

346,235,23 13,450,236,93 -9,505,830,65
0.00 0,00 5,697.25

Net Cash Provided by (Used In) Noncapital Financing

Activities

$ 5,777,007,40 $ -3,311,681,04 $ 1,831,012.40 $

4,296,338.76

CASH FLOWS FRQM CAPITAL ~.ND R!;LATEO FINANCING ACTIVITIES

Financingrrrustee Fees Paid Interest Paid on Revenue and Refunding 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 Acquisition and Construction of Capital Assets Construction in Progress - Centennial Olympic Park

$
$ -15,207,36
-95,046.14
-1,360,946,97

-14,346.67 -8,033,070.47
-6,027,84 $
-37,674.19 16,812,673,19
-399,251,59

$
-1,464.84 -9.155,23
-24.502.72 -30,111,84

-14,346.67 -8,033,070.47
-22,700,04 -141,875.56 16,812,673.19 -1.784,701.28
-30,111.84

Net Cash Provided by (Used In) Capital and Related

Financing ActiVities

$ -1,471,200.47 $

8,322,302.43 $

-65,234.63 $

6,785.867.33

CASH FLOWS FRO~ INVESTING ACTIVITIES

Purchase of Investment Securities
Proceeds from Sale and Maturity of Investments Investment Income Received

$ -26,303,582,82 $ -336,261,220,31 $

23,070,131.57 331,090,177.76

2.079,480.81

2,887,854,32

-2,173,68 $ -362,566,976.81

354,160,309.33

82,643.77

5.049,978.90

Net Cash Provided by (Used In) Investing Activities $ -1,153,970.44 $ -2,283,188,23 $ 80,470.09 $ -3,356,688.58

Net Increase in Cash and Cash Equivalents

$ 6,922,117,75 $ 1,006,771.72 $

6,473.91 $ 7,935,363,38

CASH AND CAH EaUiVALE!iTS - JULY 1.

5.118,799.39

10,780,932,97

712,176,85

16,611,909,21

CASH.At-lD CASH EQ.UIVALENTS - JUN,J: 30

$ 12,040,917.14 $ 11,787,704.69 $ 718,650.76 $ 24,547,272.59

See notes to the financial statements,

- 36

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
COMBINING STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 2001

EXHIBIT "H"

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK FUND

TOTAL

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

Operating Income (Loss)

$ 4,681,334.08 $ -6,222,794.62 $ -1,697,793.07 $ -3,239,253.61

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

$ -20,757.13 $ 837,324.74 -358,199.47
-1.309,487.69 -4,661.29 -5,200.84
-61,555.32
11.484.18

20,757.13 8,405.268.46 $
-59,107.38

$ 96,764.38

-299.753.30 -146.810.68

-153.762.52 -14.800.80

3,439.071.26 -4.188.330.00 -2,668.962.31

-4.681.94 -65.500.00

0.00 9.339,357.58 -417,306.85
-1,763.003.51 -166.272.77 -5,200.84
3,372,834.00 -4,188,330.00 -2,722,978.13

Total Adjustments

$ -911.052.82 $ 4,502,133.18 $ -141,980.88 $ 3,449,099.48

Net Cash Provided by (Used In) Operating Activities

$ 3,7701281.26 $ -1,720,661.44 $ .,;l.839,773.95 $

2;;0;09;;.,,84=5,;,;;8.7.

See notes to the financial statements.

- 37

GEORGE L. SMITH, II GEORGIA WORLD C(;;\IGRESS CENTER AUTHORITY COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FIDUCIARY FUND TYPE - AGENCY FUNDS
YEAR ENDED JUNE 30, 2001

EXHIBIT "I"

FUND Employees' Reserve Fund Publicly Ticketed Events Suite Members Special Event

ASSETS! LIABILITIES
JUNE 30, 2000

ADDITIONS

DELETIONS


ASSETS! LIABILITIES
JUNE 30, 2001

$

4,410.11 $ 10,794.71 $ 11,735.07 $

3,469.75

0.00 3,614,205.37 3,604,205.37

10,000.00

0.00

150,360.60

85,164.39

65,196.21

$

4,410.11 $ 3,775,360.68 $ 3,701,104.83 $==7:.;;8~,6~6~5.;,g,96~

See notes to the financial statements.


- 39-

REVENUES
OPERATING REVENUES Other Revenues Retained

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
SCHEDULE OF APPROVED BUDGET YEAR ENDED JUNE 30, 2001

ORIGINAL BUDGET

REGULAR FUND BUDGET
ADJUSTMENTS

TOTAL

$ 39,223,584.00 $ 2,000,000.00 $ 41,223,584.00

EXPENSES
OPERATING EXPENSES Personal Services Regular Operating Expenses Travel Motor Vehicle Purchases Equipment Computer Charges Telecommunications Per Diem, Fees and Contracts Capital Outlay Contractual - Game Tickets Contractual - Falcons Contractual - Stadium Reserve Contract - Special Projects Marketing Collaterals Projects FY 2000 Projects FY 2001 Projects Meeting Room Chair Inventory Hardscape Repair Programming Atlanta Programming Fountain Choreography Holiday Festival Depreciation
NONOPERATING EXPENSES Contract - Atlanta Convention and Visitors Bureau - City Contract - Atlanta Convention and Visitors Bureau - County Housing - Georgia World Congress Center Housing - Atlanta Convention and Visitors Bureau Debt Service Transfer from Reserve Transfer to Reserve

$ 17,870,587.00 $ 6,958,043.00 128,000.00 46,000.00 276,500.00 366,000.00 210,000.00 2,291,552.00

-100,000.00 $ 17,770,587.00

150,000.00 7,108,043.00

128,000.00

46,000.00

-150,000.00

126,500.00

420,000.00

786,000.00

210,000.00

-320,000.00

1,971,552.00

300,000.00 330,000.00 150,000.00 120,000.00 1,100,000.00

300,000.00 330,000.00 150,000.00 120,000.00 1,100,000.00

224,000.00

224,000.00

8,503,783.00 987,788.00 179,623.00 119,748.00
1,061,960.00

8,503,783.00 987,788.00 179.623.00 119,748.00
1.061,960.00

$ 39,223,584.00 $ 2,000,000.00 $ 41,223,584.00

See notes to the financial statements.

-40

SCHEDULE "1"

GEORGIA DOME FUND

ORIGINAL

BUDGET

BUDGET

ADJUSTMENTS

TOTAL

CENTENNIAL OLYMPIC PARK FUND

ORIGINAL

BUDGET

BUDGET

ADJUSTMENTS

TOTAL

TOTAL BUDGET

$ 44,237,598.00 $ 1,000,000.00 $ 45,237,598.00 $ 1,896,342.00 $

650,000.00 $ 2,546,342.00 $ 89,007,524.00

$ 6,645,014.00 3,863,255.00 $ 40,000.00 204,000.00 131,000.00 225,000.00 1,829,760.00 3,500,000.00 6,922,729.00 250,000.00
8,633,660.00

$ 6,645,014.00 $ 1,276,482.00

-100,000.00 3,763,255.00 478,590.00 $

10,000.00

50,000.00

4,000.00

-20,000.00 10,000.00 100,000.00 750,000.00
250,000.00

204,000.00 111,000.00 235,000.00 1,929,760.00 750,000.00 3,500,000.00 6,922,729.00 250,000.00 250,000.00

20,000.00 8,800.00 15,000.00 38,500.00

8,633,660.00

40,000.00

$ 30,000.00 20,000.00 250,000.00
15,000.00 40,000.00 20,000.00 25,000.00 250,000.00

1,276,482.00 $ 508,590.00 4,000.00 40,000.00 8,800.00 15,000.00 288,500.00
15,000.00 40,000.00 20,000.00 25,000.00 250,000.00 40,000.00

25,692,083.00 11,379,888.00
182,000.00 46,000.00 370,500.00 905,800.00 460,000.00 4,189,812.00 750,000.00 3,500,000.00 6,922,729.00 250,000.00 250,000.00 300,000.00 330,000.00 150,000.00 120,000.00 1,100,000.00 15,000.00 40,000.00 20,000.00 25,000.00 250,000.00 8,897,660.00

10,831,106.00 1,162,074.00

10,831,106.00 1,162,074.00

14,970.00

14,970.00

8,503,783.00
987,788.00 179,623.00
119,748.00 10,831,106.00
1,162,074.00 1,076,930.00

$ 44,237,598.00 $ 1,000,000.00 $ 45,237,598.00 $.l.8~!342.00 $

650,000.00 $ 2,546,342.00 $ 89,007,524.00

41 -

GEORGE L. SMITH, \I GEORGIA WORLD CONGRESS CENTER AUTHORITY
PROPRIETARY FUND TYPE - ENTERPRISE FUND SCHEDULE OF REVENUES AND EXPENSES COMPARED TO BUDGET REGULAR FUND YEAR ENDED JUNE 30, 2001

REVENUES
Operating Revenues Nonoperating Revenues
Total Revenues
EXPENSES/EXPENDITURES
Operating Expenses Personal Services RegUlar Operating Expenses Travel Motor Vehicle Purchases Equipment Computer Charges Telecommunications Per Diem, Fees and Contracts Capital Outlay Marketing Collaterals Projects FY 2000 Projects FY 2001 Projects Meeting Room Chair Inventory Depreciation
Total Operating Expenses/ Expenditures
Nonoperating Expenses Contract - Atlanta Convention and Visitors Bureau - City Contract - Atlanta Convention and Visitors Bureau - County Housing - Georgia World Congress Center Housing - Atlanta Convention and Visitors Bureau Transfer to Reserve Debt Service Gain/Loss on Capital Asset Disposals
Total Expenses/Expenditures
Net Income Before Operating Transfers
Operating Transfers Out
Net Income
See notes to the financial statements.

-42

ACTUAL GAAP BASIS (EXHIBIT "G"L

ADJUSTMENTS

$ 35,426,273.91 $
6,323,451.88
$ 41,749,725.79 $

-358,199.47 9,505,830.65
9,147,631.18

$ 17,351,481.33 $
8,140,732.40 123,769.92 0.00 107,306.10 653,795.90 175,635.35
2,294,354.46 1,060,539.63
0.00 0.00 0.00 0.00 0.00 837,324.74

-4,714.51 49,043.50
0.00 28,712.00 106,221.23 242,589.18
300.00 -237,154.74 640,661.56 259,372.84 589,837.09 230,893.99 128,264.35 1,073,100.00
0.00

$ 30,744,939.83 $ 3,107,126.49

0.00

8,444,453.30

0.00 179,619.60

1,061,377.35 0.00

119,746.40 0.00
15,207.36 10,975.77

0.00 0.00 0.00 -10,975.77

$ 31,070,488.96 $. 12,601,981.37

$ 10,679,236.83 $ -3,454,350.19

-1,484,769.76

0.00

$ 9,194,467.07 $ -3,454,350.19

SCHEDULE "2"

ACTUAL MODIFIED STATUTORY BASIS

APPROVED BUDGET
JSCHEDULE "1")

VARIANCE FAVORABLE (UNFAVORABLE),

$

35,068,074.44 $ 41,223,584.00 $ -6,155,509.56

15,829,282.53

0.00

15,829,282.53

$

50,897,356.97 $ 41,223,584.00 $

9,673,772.97

$

17,346,766.82 $ 17,770,587.00 $

423,820.18

8,189,775.90

7,108,043.00

-1,081,732.90

123,769.92

128,000.00

4,230.08

28,712.00

46,000.00

17,288.00

213,527.33

126,500.00

-87,027.33

896,385.08

786,000.00

-110,385.08

175,935.35

210,000.00

34,064.65

2,057,199.72

1,971,552.00

-85,647.72

1,701,201.19

0.00

-1,701,201.19

259,372.84

300,000.00

40,627.16

589,837.09

330,000.00

-259,837.09

230,893.99

150,000.00

-80,893.99

128,264.35

120,000.00

-8,264.35

1,073,100.00

1,100,000.00

26,900.00

837,324.74

224.000.00

-613.324.74

$

33,852.066.32 $ 30,370.682.00 $ -3,481.384.32

8,444,453.30

8,503.783.00

59,329.70

1,061,377.35 179,619.60

987,788.00 179,623.00

-73,589.35 3.40

119.746.40 0.00
15.207.36 0.00

119.748.00 1.061,960.00
0.00 0.00

1.60 1,061,960.00
-15,207.36 0.00

$

43,672,470.33 $ 41,223,584.00 $ -2,448,886.33

$

7,224,886.64 $

-1,484,769.76

0.00 $
0.00

7,224,886.64 -1,484.769.76

$ ......_ _5~,7_4_0,116.88 $

0.00 $ _..,:;:,5,740,116.88

-43 -

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 3D, 2001

REVENUES

Operating Revenues Nonoperating Revenues

Total Revenues

EXPENSES/EXPENDITURES

Operating Expenses

Personal Services



Regular Operating Expenses

Travel

Equipment

Computer Charges

Telecommunications

Per Diem, Fees and Contracts

Capital Outlay

Contractual - Game Tickets

Contractual - Falcons

Contractual - Stadium Reserve

Contract - Special Projects

Depreciation

Total Operating Expenses/ Expenditures

Nonoperating Expenses FinancingfTrustee Fees Debt Service Transfer from Reserve Gain/Loss on Capital Asset Disposals

Total Expenses/Expenditures

Net Income

ACTUAL GAAP BASIS jEXHIBIT "G"t

ADJUSTMENTS

$ 26,151,294.09 $
19,706,018.56

-59,107.38 0.00

$ 45,857,312.65 $ _ _-..:::.59::::J.,0~1~7~.3~8

$ 6,228,051.44 $ 3,816,578.03 47,978.15 24,248.42 10,697.88 215,521.77 1,829,670.34 550,267.63 3,272,316.00 7,973,490.59 0.00 0.00 8,405,268.46

-43,032.86 -63,957.70
0.00 77,735.85 76,777.95
0.00 88,664.70 158,284.64
0.00 0.00 0.00 0.00 0.00

$ 32,374,088.71 $

294,472.58

14,346.67 10,837,134.07
0.00 3,828.43

0.00 0.00 0.00 -3,828.43

$ 43,229,397.88 $ _---:2:.::::9.:::.&O,~64~4;;..:.1..:::..5

$ 2,627,914.77 $ ====:;;;-3~4~9,.;,;75;;.,:1,;,;;.5;,;;;.3

See notes to the financial statements.

- 44-

SCHEDULE "3"

ACTUAL MODIFIED STATUTORY BASIS

APPROVED BUDGET
(SCHEDULE "1"l

VARIANCE FAVORABLE JUNFAVORABLE)

$

26,092,186.71 $ 45,237,598.00 $ -19,145,411.29

19,706,018.56

0.00

19,706,018.56

$

45.798,205.27 $ 45,237,598.00 $ _ _-=5:.:::6.:::,,0,.::.;60::.:,7.::.2:.:..7

$

6,185,018.58 $

6,645,014.00 $

459,995.42

3,752,620.33

3,763,255.00

10,634.67

47,978.15

50,000.00

2,021.85

101,984.27

204,000.00

102,015.73

87,475.83

111,000.00

23,524.17

215,521.77

235,000.00

19,478.23

1,918,335.04

1,929,760.00

11,424.96

708,552.27

750,000.00

41,447.73

3,272,316.00

3,500,000.00

227,684.00

7,973,490.59

6,922,729.00

-1,050,761.59

0.00

250,000.00

250,000.00

0.00

250,000.00

250,000.00

8,405,268.46

8,633,660.00

228,391.54

$

32,668,561.29 $ 33,244,418.00 $

575,856.71

14,346.67 10,837,134.07
0.00 0.00

0.00 10,831,106.00
1,162,074.00 0.00

-14,346.67 -6,028.07
1,162,074.00 0.00

$

43,520,042.03 $ 45,237,598.00 $ _........:1..t.:.,7~17:.J:,5~5~5~.9.!...7

$

2,278,163.24 $

0.00 $ ==~2,~27;,,;;;8, 163.24

- 45-

GEORGE L. SMITH, \I GEORGIA WORLD CONGRESS CENTER AUTHORITY
PROPRIETARY FUND TYPE - ENTERPRISE FUND SCHEDULE OF REVENUES AND EXPENSES COMPARED TO BUDGET CENTENNIAL OLYMPIC PARK FUND YEAR ENDED JUNE 30, 2001

REVENUES
Operating Revenues Nonoperating Revenues
Total Revenues
EXPENSES/EXPENDITURES
Operating Expenses Personal Services Regular Operating Expenses Travel Equipment Computer Charges Telecommunications Per Diem, Fees and Contracts Hardscape Repair Programming Atlanta Programming Fountain Choreography Holiday Festival Depreciation
Total Operating Expenses/ Expenditures
Nonoperating Expenses Debt Service Transfer to Reserve Loss on Capital Asset Disposals
Total Expenses/Expenditures
Net Loss Before Operating Transfers
Operating Transfers In
Net Income
See notes to the financial statements.

-46 -

ACTUAL GAAP BASIS (EXHIBIT "G")

ADJUSTMENTS

$ 695,464.34 $
428,886.41
$ 1,124,350.75 $

0.00 0.00
~O~.O~O

$ 1,210,510.34 $

-20,183.25

520,581.12

4,698.73

1,650.24

0.00

611.00

24,078.61

2,628.18

12,313.40

20,815.48

0.00

539,696.67

-164,439.19

0.00

14,712.86

0.00

36,920.16

0.00

9,671.00

0.00

7,695.00



0.00

227,102.23

96,764.38

0.00

$ 2,393,257.41 $

152,569.55

1,464.84 0.00
2,111.08

0.00 0.00 -2,111.08

$ 2,396,833.33 $ _ _1.!.::5~0~,4~58~.::!.47!....


$ -1,272,482.58 $
1,484,769.76

-150,458.47 0.00

$ 212,287.18 $ ====-1~5;,;;:0,a;;:,4:;;;,58;;;,;.~47;.,

SCHEDULE "4"

ACTUAL MODIFIED STATUTORY BASIS

APPROVED BUDGET
jSCHEDULE "1"L

VARIANCE FAVORABLE JUNFAVORABLEL

$

695,464.34 $

2,546,342.00 $

-1,850,877.66

428,886.41

0.00

428,886.41

$

1,124,350.75 $

2,546,342.00 $

-1,421,991.25

$

1,190,327.09 $

1,276,482.00 $

86,154.91

525,279.85

508,590.00

-16,689.85

1,650.24

4,000.00

2,349.76

24,689.61

40,000.00

15,310.39

14,941.58

8,800.00

-6,141.58

20,815.48

15,000.00

-5,815.48

375,257.48

288,500.00

-86,757.48

14,712.86

15,000.00

287.14

36,920.16

40,000.00

3,079.84

9,671.00

20,000.00

10,329.00

7,695.00

25,000.00

17,305.00

227,102.23

250,000.00

22,897.77

96,764.38

40,000.00

-56,764.38

$

2,545,826.96 $

2,531,372.00 $

-14,454.96

1,464.84 0.00 0.00

0.00 14,970.00
0.00

$

2,547,291.80 $ 2,546,342.00 $

-1,464.84 14,970.00
0.00
-9::,.4:.=9.:.:.8.:::.,0

$

-1,422,941.05 $

1,484,769.76

0.00 $
0.00

-1,422,941.05 1,484,769.76

$ = = =..6...1..,828.71 $

0.00 $ = =.....6...1.,.82.8.,;,;,.7=1


- 47-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
CASH AND CASH EQUIVALENTS JUNE 30, 2001
,

SCHEDULE "5"

NONINTEREST BEARING ACCOUNTS
Wachovia Bank of Georgia, Atlanta, Georgia

$ 177,098.58

INTEREST BEARING ACCOUNTS
Wachovia Bank of Georgia, Atlanta, Georgia
Cash Investment Accounts No. 07-012-328 No. 12-444-810 No. 13-343-950 No. 18-206-588 No. 18-544-651 No. 18-544-684 No. 18-777-499 No. 18-777-510
Repurchase Agreements Purchase Date: June 30, 2001, Maturity Date: JUly 1, 2001
Funds on Deposit with Office of Treasury and Fiscal Services State Investment Pool

$ 1,702,837.53
-195,667.32 -914,553.38 -154,796.27 1,083,537.50 262,894.13 -787,344.55
-752.89 $

996,154.75

23,185,774.72 $ 24,181,929.47

19,900.50 24,201,829,97

OTHER Cash on Hand

247,010.00

$ 24,625,938,55

See notes to the financial statements.

49 -

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
INVESTMENTS JUNE 30, 2001

FUND/INVESTMENT TYPE
REGULAR FUND
Bank of America, Charlotte, North Carolina
Federal Home Loan Mortgage Corporation Discount Notes Discount Notes Discount Notes Discount Notes
Student Loan Marketing Association Discount Notes
PaineWebber, Incorporated Atlanta, Georgia
Federal Farm Credit Bank Discount Notes
Wachovia Bank of North Carolina, Institutional Trust Custody Winston-Salem, North Carolina
Federal Home Loan Bank Discount Notes Discount Notes
Federal Home Loan Mortgage Corporation Discount Notes Discount Notes
Federal National Mortgage Association Discount Notes Discount Notes Discount Notes Discount Notes Discount Notes

GEORGIA DOME FUND
Restricted Funds Held by Refunding Revenue Bond Trustee Bank of New York, New York, New York Revenue Fund Repurchase Agreement Debt Service Fund Interest Account Repurchase Agreement Principal Account Repurchase Agreement Renewal and Extension Fund U. S. Treasury Bill Early Retirement and Surplus Fund U. S. Treasury Bill U. S. Treasury Bill U. S. Treasury Bill

See notes to the financial statements.

- 50-

PURCHASE DATE

MATURITY DATE

April 2, 2001 April 30, 2001 May 7, 2001 May 22,2001
April 25, 2001

April 2, 2002 October 20,2003 November 7, 2002 November 22, 2002
April 25, 2002

February 28, 2001

August 28, 2002

August 23, 1999 March 26, 2001
March 14,2001 March 28, 2001
April27,2000 March 1, 2001 March 6, 2001 April 13,2001 June 26, 2001

August, 23, 2001 December 26, 2003
September 12, 2003 March 19, 2007
August 10, 2001 October 26, 2005 July 9,2007 July 9,2007 December 26, 2003

June 25, 2001

June 28, 2001
June 21, 2001
June 21, 2001
December 20, 2000 January 4, 2001 January 25, 2001

July 25, 2001
July 2, 2001 July 2,2001 December 20, 2001 November 29, 2001 November 29, 2002 November 29, 2003

SCHEDULE "6"

$ 2,022,867.26
2,723,850.00 2,054,203.25 4,868,465.98
1,109,619.50 $ 12,779,005.99

1,055,129.27

$ 4,086,217.82
1,013,984.56
746,710.32 2,086,680.84
4,078,178.28 2,049,708.36 3,165,708.30 2,114,333.38 1,100,725.70

20,442,247.56 $ 34,276,382.82

$ 17,756,899.42

5,417,132.71

5,009,935.30

1,527,448.18



$ 2,508,792.28
3,797,443.71 2,745,836.21

9,052,072.20 $ 38,763,487.81

- 51 -

GEORGE L. SMITH, \I GEORGIA WORLD CONGRESS CENTER AUTHORITY
INVESTMENTS JUNE 30, 2001

FUND/INVESTMENT TYPE
GEORGIA DOME FUND
Restricted Customer Deposits Bank of America, Charlotte, North Carolina Federal Home Loan Mortgage Corporation Discount Notes Discount Notes Federal National Mortgage Association Discount Notes
Wachovia Bank of North Carolina, Institutional Trust Custody Winston-Salem, North Carolina
Federal National Mortgage Association Discount Notes
CENTENNIAL OLYMPIC PARK FUND
Wachovia Bank of Georgia, Atlanta, Georgia
Certificates of Deposit No. 6043489 No. 6043496

PURCHASE DATE
April 23, 2001 May 8,2001 June 25, 2001 June 26, 2001
February 11, 2001 March 29, 2001

MATURITY DATE
April 23, 2003 May 8,2002 June 25, 2003 December 26, 2003
February 11, 2002 March 29, 2002

See notes to the financial statements.

52 -

SCHEDULE "6"

$ 2,924,715.04 2,013,010.77 3,052,262.06 $ 7,989,987.87
1,601,055.55 $ 9,591,043.42 $ 48,354,531.23

$

37,150.95

6,124.51

43,275.46

$ 82,674,189.51

53



GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
ANALYSIS OF CONSTRUCTION IN PROGRESS CENTENNIAL OLYMPIC PARK FUND
YEAR ENDED JUNE 30, 2001

SCHEDULE "7"

BALANCE - JULY 1 CHARGES IN DURING FISCAL YEAR
Per Diem, Fees and Contracts Contracts
CHARGES OUT DURING FISCAL YEAR Transfer to Fixed Assets - Centennial Olympic Park Fund
BALANCE - JUNE 30

$ 72,265,973.01 14,587.08
-72,280,560.09 $ ===~O~.O.;;;.O


See notes to the financial statements.
- 54-

GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY
SCHEDULE OF OTHER OPERATING EXPENSES YEAR ENDED JUNE 30, 2001

SCHEDULE "8"

OPERATING EXPENSES
Regular Operating Expenses Administrative Overhead Advertising and Promotion Bank Service Charges Faithful Service Awards Freight Laundry Service Registration Fees SUbscriptions and Dues Teaching/Educational Programs

REGULAR FUND

GEORGIA DOME FUND

CENTENNIAL OLYMPIC
PARK FUND

TOTAL

$ $ 471,647.83
129,805.74 11,961.94 21,344.11
201,118.47 53,631.18 46,784.91 70,084.36

290,084.19
144,387.50 $
15,499.82
7,784.24 69,430.12
8,294.00 8,120.15 15,824.78

$
5,419.01 128.00
742.42 12,135.47 2,140.00
1,010.00

290,084.19 621,454.34 145,433.56
11,961.94 29,870.77 282,684.06 64,065.18 55,915.06 85,909.14

$ 1,006,378.54 $ 559,424.80 $

21,574.90 $ 1,587,378.24

See notes to the financial statements.

- 55-

GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY
RECONCILIATION OF SALARIES YEAR ENDED JUNE 30, 2001
Total per Annual Supplement
Accruals Salaries Payable June 30, 2000 June 30, 2001
Compensated Absences Payable June 30, 2000 June 30, 2001
Key Employee Incentive Compensation Payable June 30, 2000 June 30, 2001
Adjustments Prior Year's Voided Checks Reimbursement for Temporary Salaries Special Events
Total per Report

SCHEDULE "9"
$ 19,120,781.39
-206,357.86 249,272.00 -1,248,959.70 1,322,307.61 -445,434.98 405,543.00
1,266.04

-388,655.13
$ 18,809,762.37

See notes to the financial statements.

- 56-