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 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
-TABLE OF CONTENTS- 
 
SECTION I 
 
FINANCIAL 
 
INDEPENDENT AUDITOR'S REPORT ON BASIC FINANCIAL STATEMENTS 
 
ACCOMPANIED BY REQUIRED SUPPLEMENTARY INFORMATION AND 
 
SUPPLEMENTARY INFORMATION 
 
1 
 
MANAGEMENT'S DISCUSSION AND ANALYSIS 
 
5 
 
EXHIBITS 
 
BASIC FINANCIAL STATEMENTS 
 
A BALANCE SHEET 
 
PROPRIETARY FUNDS-ENTERPRISE FUNDS 
 
12 
 
B STATEMENT OF REVENUES AND EXPENSES AND CHANGES IN 
 
FUND NET ASSETS 
 
PROPRIETARY FUNDS-ENTERPRISE FUNDS 
 
14 
 
C STATEMENT OF CASH FLOWS 
 
PROPRIETARY FUNDS-ENTERPRISE FUNDS 
 
16 
 
D STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES 
 
FIDUCIARY FUNDS-AGENCY FUNDS 
 
19 
 
E NOTES TO THE FINANCIAL STATEMENTS 
 
20 
 
SUPPLEMENTARY INFORMATION 
 
SCHEDULES 
 
1 CASH AND CASH EQUIVALENTS 
 
41 
 
2 INVESTEMENTS 
 
42 
 
3 RECONCILIATION OF SALARIES 
 
44 
 
SECTION II 
 
COMPLIANCE AND INTERNAL CONTROL REPORT 
 
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL 
 
REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED 
 
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 
 
47 
 
 SECTION I FINANCIAL 
 
 RUSSELL W. HINTor-; 
STATE AUDITOR (404) 6562174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
254 Washmglon Slreel. S.w.. SUile 214 Allama. Georgia 30334-8400 
September 5, 2002 
 
Honorable Roy E. Barnes, Governor M~mbers 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 REPORT ON BASIC FINANCIAL STATEMENTS ACCOMPANIED BY REQUIRED SUPPLEMENTARY INFORMATION AND SUPPLEMENTARY INFORMATION 
Ladies and Gentlemen: 
We have audited the accompanying basic financial statements of the George L. Smith, II Georgia World Congress Center Authority, a component unit of the State of Georgia, as of and for the year ended June 30, 2002, as listed in the table of contents. These financial statements are the responsibility of the Authority's management. Our responsibility is to express opinions on these financial statements based on our audit. 
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform 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 opinions. 
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the proprietary major funds and the agency funds of the George L. Smith, II Georgia World Congress Center Authority, as of June 30, 2002, and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. 
- 1- 
 
  As discussed in Note 3 to the basic financial statements, the George L. Smith, II Georgia World Congress Center Authority adopted Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments; Statement No. 37, Basic Financial Statements - and A1anagement's Discussion and Analysis - for State and Local Governments: Omnibus; and Statement No. 38, Certain Financial Statement Note Disclosures, as of June 30, 2002. 
In accordance with Government Auditing Standards, we have also issued a report dated September 5, 2002 on our consideration of the George L. Smith, II Georgia World Congress Center Authority's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That r~port is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report considering the results of our audit. 
The management's discussion and analysis on pages 5 through 9 is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. 
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the George L. Smith, II Georgia World Congress Center Authority's basic financial statements. The accompanying supplementary information (Schedules 1 through 3) is presented for purposes of additional analysis and is not a required part of the basic financial statements. The accompanying supplementary information (Schedules 1 through 3) has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. 
 
RWH:et 
 
Respectfully submitted, 
~--k 
Rus ell W. Hinton, CPA, CGFM 
State Auditor 
 
-3- 
 
  MANAGEMENT'S DISCUSSION AND ANALYSIS 
The following is a discussion and analysis of the George L. Smith, II Georgia World Congress Center Authority's financial performance, providing an overview of the activities for the fiscal year ended June 30, 2002. The Georgia World Congress Center Authority manages the activities of the Georgia World Congress Center, the Georgia Dome and Centennial Olympic Park. Please read it in conjunction with the Authority's financial statements, which follow this section. Because fiscal year 2002 represents the first year in which the State of Georgia, which includes the Georgia World Congress Center Authority, implemented the provisions of Governmental Accounting Standards Board (GASB) Statement No. 34, this discussion and analysis provides few comparisons with the previous year. Future reports are required to include extensive comparisons. 
HIGHLIGHTS 
Net Assets: As of the close of fiscal year 2002, the Authority's combined ending net assets totaled $99.6 million. Of this total, $31.0 million is invested in capital assets, $31.6 million is restricted to Phase IV construction, $21.5 million is restricted by the Georgia Dome Bond Covenants and $15.5 is unrestricted. 
Long-term Debt: The Authority's total long-term debt obligations consist of $183.6 million in revenue bonds for the Georgia Dome. 
-OVERVIEW OF THE FINANCIAL STATEMENTS 
This discussion and analysis is intended to serve as an introduction to the Georgia World Congress Center Authority's basic financial statements. The Authority's ba3ic financial statements are reported as a special purpose government (component unit of the State of Georgia) engaged in business-type activities and are comprised of fund financial statements for proprietary (enterprise) funds and fiduciary (agency) funds. A fund is a group of related accounts that is used to maintain control over resources that have been segregated for specific activities or objects. The Georgia World Congress Center Authority uses fund accounting to reflect results of operations and to ensure and demonstrate compliance with financial-related legal requirements. 
This report also contains other supplementary information in addition to the basic financial statements. 
Proprietary Funds: The Georgia World Congress Center Authority uses Enterprise Funds, a type of Proprietary Fund, to account for the activities of the Georgia World Congress Center (Regular) Fund, the Georgia Dome Fund and the Centennial Olympic Park Fund, all of which are considered to be major funds. Enterprise funds utilize accrual accounting, the same method used by private sector businesses, and report activities that provide 
-5 - 
 
 materials and services to the general public. The basic proprietary fund financial statements are the Balance Sheet, the Statement of Revenues and Expenses and Changes in Fund Net Assets and the Statement of Cash Flows. These statements can be found on pages 12 - 17 of this report. 
 
Fiduciary Funds: Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Accounting used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statement is the Statement of Fiduciary Assets and Liabilities. This statement can be found on page 19 of this report. 
 
Notes to the financial statements: The notes to the financial statements provide additional infonnation that is essential to a full understanding of the data provided in the fund financial statements. The notes to the financial statements can be found on pages 20 - 37 of this report. 
Other information: In addition to the basic financial statements and accompanying notes, this report also presents certain supplementary infonnation concerning the Authority's cash, investments and salaries expenses. Schedules can be found on pages 41 - 44 of this report. 
FINANCIAL ANALYSIS 
Georgia World Congress Center Authority Net Assets 
 
Other Assets Capital Assets (net of depreciation) 
 
FY 2002 
 
$ 
 
101,768,622 
 
214,633,757 
 
Total Assets 
 
$ 
 
316,402,379 
 
Other Liabilities Long-Tenn Liabilities: 
Current Noncurrent 
 
$ 
 
33,198,824 
 
5,310,000 178,300,000 
 
Total Liabilities 
 
$ 
 
216,808,824 
 
Net Assets: Invested in capital assets, net of debt Restricted Unrestricted 
 
$ 
 
31,023,757 
 
53,115,137 
 
15,454,661 
 
Total Net Assets 
 
$ 
 
99,593,555 
 
-6 - 
 
 The largest component (54%) of the Authority's net assets is restricted for Phase IV . construction ($31.6 million) and for Georgia Dome revenue bond covenants ($21.5 million). Investments in capital assets (e.g. land, buildings, equipment, etc.) comprise 32% or $31 million of the Authority's net assets and the remaining $15.5 million is unrestricted. 
The Georgia World Congress Center Authority's net assets decreased by $5.1 million in FY 2002. This was due to the events of September 11, 2001 and the weakening economy. Although only one event actually cancelled after September 11, the attendance for most events was significantly down, which meant less revenue virtually across the board (rental, utility, parking and catering fees/commissions along with reduced hotel/motel tax collections). 
 
The following is a summary of the Revenues, Expenses and changes in Net Assets for FY 2002: 
 
Revenues: Program Revenues: Sales and Services Donations Rents and Royalties General Revenues: Hotel and Motel Tax Investment Income Other 
 
$ 
 
15,873,242 
 
105,233 
 
33,710,920 
 
18,683,678 2,826,048 
5,284 
 
Total Revenue: 
 
$ 
 
71,204,405 
 
Expenses: 
 
General and Administrative 
 
$ 
 
Goods and Services 
 
Depreciation 
 
Debt Service 
 
Other Nonoperating Expense 
 
(Gain)/Loss on Capital Asset Disposals 
 
24,914,592 30,658,478 10,156,880 10,384,019 
305,163 -46,072 
 
Total Expenses 
 
$ -----"7-6,-3-73',-0-60- 
 
-7 - 
 
 - - - - - - - - - - - - - - - - - - - - --------===~------ 
 
Increase(Decrease) in Net Assets 
Net Assets, Beginning of Year 
Adjustments Change in Capitalization Threshold Change in Accounting of Inventories 
Total Net Assets, End of Year 
 
$ 
 
-5,168,655 
 
105,958,390 
 
-1,050,844 -145,336 
 
$ 
 
99,593,555 
 
CAPITAL ASSETS AND DEBT ADMINISTRATION 
Capital Assets: The Georgia World Congress Center Authority's investment in capital assets as of June 30, 2002 amounts to $293.2 million, which with accumulated depreciation of $78.6 million, leaves a net book value of $214.6 million. This investment in capital assets includes land, buildings, improvements and equipment. The Authority's capital assets decreased $1.1 million due to a change in the State of Georgia's capitalization threshold. Actual depreciation charges for the year totaled $10.1 million. It should be noted that the land for the Georgia Dome and the land and buildings for the convention center are owned by the Department of Industry and Trade and are therefore reflected on the State of Georgia's financial statements. Since 1999 the State of Georgia has issued $252.1 million in bonds through Georgia State Financing and Investment Commission to fund construction of Phase IV on the Georgia World Congress Center. Included in this amount is $15 million for the purchase of equipment of the new building. The Georgia World Congress Center Authority has net assets in the amount of $31.6 million restricted for the Authority's contribution to the Phase IV project. Additional information on the Authority's capital assets can be found in note 6 on page 29 of this report. 
Debt Administration: The Georgia World Congress Center Authority issued Revenue Bonds in the amount of $200 million in 1990 for the construction ofthe Georgia Dome. These bonds are the only long-term debt held by the Authority. These bonds were refunded in 2000 in order to obtain a more favorable interest rate. A principal payment of $5 million was made in 2002. Additional information on the Authority's long-term debt can be found in note 8 on pages 30 - 32 of this report. 
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET 
The events of September 11, coupled with a slowing economy, resulted in operating revenues for the convention center falling by 20%. Thanks to the dedication of our staff, Regular Operating expenses decreased by 11.6% and Travel expenses decreased by 27%. This belt tightening occurred while we continued with construction of the 1.4 million square foot addition (phase IV). In fiscal year 2003 phase IV of the convention center will be completed. The new facility \\-ill add 420,000 square feet of exhibit space in four 
-8 - 
 
 .. new halls, plus an additional 29 meeting rooms, two new auditoriums and a second grand ballroom. This new phase alone is larger than most convention centers in the United States. In fiscal year 2002 the world turned to the Authority's campus as we hosted the President of the United States at the Georgia World Congress Center, the Men's Final Four at the Georgia Dome and the State of Georgia at a remembrance ceremony at Centennial Olympic Park. More than 6 million visitors traveled to the Georgia World Congress Center Authority campus in fiscal year 2002, generating $1.2 billion in new dollars and more than $1.9 billion in economic impact. The events on the Authority's campus this past year generated more than $101 million in state and local tax revenue. With events booked out through 2018, the Georgia World Congress Center continues to be a leader in the industry. The Atlanta Falcons, with new team owner, Arthur Blank., along with $5 million in new video boards in the Dome have sold over 21,000 more season tickets for games to be held in the Georgia Dome in fiscal year 2003 than were sold at the same time in the prior year. The Authority's sales team has sold over 800 new club seat licenses. The NCAA women's final four will also be played in the Georgia Dome in March 2003 and the Men's final four will return in 2007. Centennial Olympic Park will continue to be a gathering place where people can relax and unwind or cool off in the "Fountain of Rings". The park also offers a variety of company picnics, family fun days, corporate events and free concerts. and perhaps more importantly serves as the anchor for revitalization in downtown Atlanta. 
-9 - 
 
  .. 
BASIC FINANCIAL STATEMENTS - 11 - 
 
 --------------------------- ---- --- ----- - 
 
GEORGE L SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
BALANCE SHEET PROPRIETARY FUNDS-ENTERPRISE FUNDS 
JUNE 3D, 2002 
 
EXHIBIT "A" 
 
~ 
 
REGULAR FUND 
 
GEORGIA DOME FUND 
 
CENTENNIAL 
OLYMPIC PARK FUND 
 
TOTAL 
 
Current Assets Cash and Cash EqUivalents Accounts RecelV8ble Prepaid Items Invenlones 
 
S 8.862.055 74 $ 11.715.52475 S 
 
3.877.29756 
 
998.32476 
 
46,71821 
 
1.706.661 19 
 
437.11994 
 
67960697 $ 231.19222 
75.76586 
 
21.257.18746 5.106.81454 1.829.14526 437.11994 
 
Total Current Assets 
 
$ 13,223191 45 $ 14.420,51070 S 
 
986,56505 S 28.630,26720 
 
Noncurrem Assets Restncled Cash and Cash EqulV8lents Customer DeposrlS Investments Revenue Bond Covenant Accounts 
 
S 6.860.830 00 26.564.506 19 
 
S 6.860.83000 26,564.506 19 
 
Total Reslne:ted Assets 
 
S 33.425,336 19 
 
S 33425.336 19 
 
InllSslments 
 
$ 39.668.094 65 
 
$ 
 
4492413 $ 39,713.01878 
 
Advances loIfrom Other Funds 
 
$ 4.762 397 49 $ -4,762,39749 
 
S 
 
000 
 
Caprtal Assets Land 
Bu~dlflll 
Less ACQJmulated DepreClallon Improvements O1her than Buddlngs 
Less ACQJmulated Depl'llClallon EqUipment 
Less ACQlmulared Depll!Clallon 
 
$ 
 
800,00000 
 
$ 36.482.885 56 $ 37.282.88556 
 
S 209.402.736 05 
 
209.402.73605 
 
-69.800.93067 
 
-69.800.93067 
 
35.797.67453 
 
35.797.674 53 
 
-1.193.25582 
 
-1 193,25582 
 
4.340.590 65 
 
5.972.077 74 
 
484.27081 
 
10.796.93920 
 
-3.10274373 
 
-4 273.659 13 
 
-275.88923 
 
-7.652 292 09 
 
CaPlllsl Assets (Net of ACQJmulated DepreCiallon) S 2,037.846 92 S 141,300.22399 $ 71.295.68585 S 214633.75676 
 
TollslNoncurrentAssets 
 
S 46.468339 06 S 169.963 162 69 $ 71.34060998 S 287 772 111 73 
 
Total Assets 
 
$ 59,691,53051 S 184,383.67339 $ 72.327,17503 S 316.402.37893 
 
The notes to the financial statements are an Integral part of thiS statement 
- 12- 
 
 GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
BALANCE SHEET PROPRIETARY FUNDS-ENTERPRISE FUNDS 
JUNE 30, 2002 
 
EXHIBIT "An 
 
The notes to the financial statements are an Integral part of this statement 
- 13 - 
 
 The notes to the financial statements are an Integral part of this statement 
- 14- 
 
 GEORGEL SMITH, II 
 
EXHIBIT "B" 
 
GEORGIA WORLD CONGRESS CENTER AUTHORITY 
 
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 
 
PROPRIETARY FUNDS-ENTERPRISE FUNDS 
 
YEAR ENDED JUNE 30, 2002 
 
OPERATING EXPENSES 
Personal Sennces Regular Operating Expenses Travel EquIpment Computer Charges TelecommunicalJons Per Diem and Fees Contracts Caprtal Ou~ay Contractual - Game TICkets Contractual - Falcons Depreaallon 
 
REGULAR FUND 
 
GEORGIA DOME FUND 
 
CENTENNIAL OLYMPIC 
PARK FUND 
 
TOTAL 
 
$ 17,023,65349 $ 6,623.423 75 97,78991 125.94879 487,06392 259,37054 524,81904 2.639.27048 2,535,647 73 
546,00160 
 
6,127,081 28 $ 3,852.40022 
26.26719 41,961 50 205.59876 210,361 84 596.40837 1,458.299 19 1,712.534 18 3,445,404 00 5,238.210 60 8,338.01525 
 
1.141.18714 $ 556.57472 2.37532 2.21000 47856 26.50501 69.65470 562.56971 
1.27286346 
 
24.291,92191 11,032,398 69 
126,43242 170,12029 673,141 24 496.23739 1,190,882 11 4,660,139 38 4,248,18191 3.445.404 00 5.238.210 60 10 156,88031 
 
Total Operating Expenses 
Operating Loss 
NONOPERATING REVENUES (EXPENSES) 
Hotel and Motel Tax Manta, City of (Net) Fulton County (Ne1) 
DonalJons Investment Income Vendor's CompensalJon on Sales Tax ColleclJons FlnancmgfTrustee Fees HOUSing - Georgia World Congress Center Housing - A~anta Convention and Visitors Bureau Debt Sennce Gain on Caprtal Asset Disposals 
Total Nonoperating Revenues (Expenses) 
Net Loss Before Transfers 
TRANSFERS 
Transfer In Transfer Out 
Changes In Net Assets 
TOTAL NET ASSETS - JULY 1 
Adjustments Change In Captlahzal10n Threshold Change In Method of Accountmg for Invenlones 
 
$ 30,842,989 25 $ $ -6,577,117 40 $ 
 
31,252,54238 $ 3,634,41862 $ -6,539,024 02 $ -3,029,64699 $ 
 
65,729,95025 -16,145,78841 
 
$ 3,688.385 74 $ 88.006 95 
1,501.436 14 29621 
-179,61840 -119,74560 
191900 
$ 4,980,680 04 $ 
S -1,596.43736 $ 
 
13,327,82102 $ 1.579,464 36 
1.300.093 12 4.97277 -5.79900 
 
S 
105,23325 24.51870 1460 
 
-10.384,01878 2250000 
 
21,65307 
 
5.845 033 49 $ 
 
151,41962 S 
 
-693.990 53 $ -2.878,227 37 $ 
 
17,01620676 1,667.47131 105.23325 2,826,047 96 5.28358 -5.79900 -179.61840 -119.74560 
-10.384.01878 46072 07 
10,977.133 15 
-5.168,655 26 
 
-1,527.25809 $ -3.123,69545 $ 
56,911,085 77 
 
1.527,25809 
-693.990 53 $ -1,350,96928 $ -24.464,467 56 73,511.771 82 
 
1.527.258 09 -1,527.25809 
-5,168.65526 
105,958.39003 
 
-669,27301 -145,33666 
 
-345,14507 
 
-36.42545 
 
-1,050,843 53 -145,33666 
 
TOTAL NET ASSETS - JUNE 30 
 
$ 52.972?80 65 $ -25.503.603 16 $ 72.124.377 09 $ 
 
99.593.554 58 
 
The notes to the finanCial statements are an Integral part of thiS statement 
- 15 - 
 
 ---------- ---~===~-------- 
 
GEORGE L SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
STATEMENT OF CASH FLOWS PROPRIETARY FUNDS-ENTERPRISE FUNDS 
YEAR ENDED JUNE 30, 2002 
 
EXHIBIT "C" 
 
REGULAR FUND 
 
GEORGIA DOME FUND 
 
CENTENNIAL OLYMPIC 
PARK FUND 
 
TOTAL 
 
CASH FLOWS FROM OpERATING ACT!VITIES 
 
Cash Received from Customars Customar DepoSIt Forfeitures - GeorgIa Dome Cuslomer Seal and SlIfIe DePOSits - Georgia Dome Customer Seat and Suite license Fees - Georgia Dome Capital lease Income Cash Paid to Vendors Cem Paid 10 Employees Anr.~el Paymenl (Contractual- Falcons) 
 
$ 44.924 n307 $ 40,200,061 93 $ 
 
879,72932 $ 86,004,564 32 
 
576.40000 
 
576400 00 
 
-4,330,950 00 
 
-4,330.95000 
 
11 868.259 26 
 
11.868.259 26 
 
12850000 
 
128.500 00 
 
-39.911.566 55 
 
-49,092.97977 
 
-1,998.048 01 
 
-91.002.594 33 
 
-8,814,790 25 
 
-4.041.780 03 
 
-576.10107 
 
-13.43267135 
 
-7,978,49059 
 
-7.978,49059 
 
Nel Cesh Uaad In Operabng ActiVlbes 
 
$ -3,801,563 73 $ -12,670,97920 $ -1.694.41976 $ -18.166,98269 
 
CASH FLOWS FROM NONCAPITAl FINANCING ACTIVITIES 
 
Donabons Received Hotel and Motel Tex RecolVlld Hotel end Motel Tax Distributed Operabng Transfer - CentennIal OlymPIC Pari< Operabons Repayment of Funds from GeorgIa Dome Fund Vendo~s Compensabon on Sales Tax COUecbonS 
 
$ 11.891 988 44 -8,414.95975 -1.527.258 09 2,635,26234 $ 296 21 
 
$ 
-2 835.262 34 4.97277 
 
105.233 25 $ 
1527,25809 1460 
 
105.23325 1189198844 -8414.95975 
000 000 5.28358 
 
Nel Cash Provided by (Used In) Noncapital Flnanong Acllvities 
 
$ 
 
4,585.329 15 $ -2.630.28957 $ 1632,50594 S 
 
3.587.54552 
 
CASH FLOWS FROM CAPITAL AND RELATER FINANCING Acny!TIEs 
 
FlnanongfTrustee Fees P8Id Inlerest PelCl on Refunding Revenue Bonds Pnnopel Paymenl on Rafundlng Revenue Bonds Hotel end Motel Tex ReceIved - Ded,cated 10 Geor91a Dome AcqUISition and Construebon of Capital Assets 
 
$ 
 
-579900 
 
-10.687,21253 
 
-5 005.000 00 
 
14.907.28540 
 
S 
 
-72,331 13 
 
-209,47320 
 
$ 
 
-5,799 00 
 
-10687,21253 
 
-5,005000 00 
 
14 907,285 40 
 
-281.804 33 
 
Nel Cash Used In Capital and Related FInancing Activibes $ 
 
-72,331 13 $ -1,000,19933 
 
$ -1,07253046 
 
CASH FLOWS FROM INVESTING ACTIVITIES 
 
Purchase of Inve SbTlent Secunbes Proceeds from sale and Maturity of Investments Interest on Investments 
 
$ -39,668.094 65 $ -196,983.602 42 $ 
 
34.276.36282 216.n3.62746 
 
1,501,43614 
 
1,300,093 12 
 
-44 92413 $ -236.696621 20 
 
43.27546 253.093.285 74 
 
24.51870 
 
2,826.047 96 
 
Net Cash Provuled by (Used In) Invesbn9 AC\Ivlbes 
 
$ -3.890.275 69 $ 23.090,11816 $ 
 
22.87003 $ 19.222.71250 
 
Net Increase (DeQ'8aso) in Cash and Cash EqUlvelenls $ -3,178.861 40 $ 
 
6,788.65006 $ 
 
-39,04379 $ 
 
3.570,744 87 
 
CASH AND CASH EOUlYAlENTS JULY 1 
 
12.040,917 14 
 
11,787,704 69 
 
718.650 76 
 
24,547272 59 
 
CASH AND CASH EO UIVAlENTS - JUNE 30 
 
S 8.862.05574 $ 18.576354 75 $ 
 
679.60697 $ 28118.017 46 
 
The notes to the finanCIal statements are an Integral part of thiS statement 
- 16- 
 
 GEORGE L SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
STATEMENT OF CASH FLOWS PROPRIETARY FUNPS-ENTERPRISE FUNDS 
YEAR ENDE:: JUNE 3D, 2002 
 
EXHIBIT Cn 
 
REGULAR FUND 
 
GEORGIA DOME FUND 
 
CENTENNIAL OLYMPIC 
PARK FUND 
 
TOTAL 
 
RECONCILIATION OF OPERATING LOSS TO NET CASH USER IN OPERATING ACTIVITIES 
 
Operating Loss 
 
S -6 577,117 40 S -6 539,024 02 S -3.029.646 99 S -16,145,788 41 
 
Adjustments to Rllconale Operabng Loss to Net Cash Used in Operating Activities Adrmnistrative Ovemead DepreciBbon Centrad with MGB, Incorporated lor Equipment Purchases Changes in Assets and Liabd,bes Deaease in Accounts Receivable (Increase) Decrease in Prepaid IIams Incraase in Inventones Incraase (Decrease) in liabilities (Other than Customer DepoSIts) Decrease in Customer Deposits Payable Inaease (Decnsase) ,n Deferred Revenues 
 
S 
 
-297,75800 S 
 
297.75800 
 
S 
 
000 
 
546,00160 
 
8.33801525 S 1.272.863 46 
 
10,156,860 31 
 
-17.044 80 
 
-188.65300 
 
-205.89780 
 
302.37289 8,59278 
-175.92875 
 
900.89844 -1,547.n143 
 
37.936 83 -12.88586 
 
1,241.20818 -1.552,044 51 
-175.92875 
 
92.51988 2,316,77829 
 
-3.281.14654 "".330.950 00 -6,320.105 90 
 
7.04260 30.250 00 
 
-3.181.584 08 "",330.950 00 -3.973.07761 
 
TaIBI Adjustments 
 
$_~.:.2..7:7.5:,~5~3.3:6.7. S -6,131.95518 S 1.335.227 23 $ -2.021.194 28 
 
Net Cash Used In Operabng ACtivities 
 
S -3.801.58373 S -12670.97920 $ -1.694.41976 $ .18.166.98269 
 
The notes to the finanCial statements are an Integral part of thiS statement 
- 17- 
 
  GEORGE L SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES 
FIDUCIARY FUNDS-AGENCY FUNDS JUNE 30, 2002 
ASSETS 
 
EXHIBIT "on 
 
Cash and Cash Equivalents 
 
$ ======1=,8=6=2=:,0=7 
 
LIABILITIES Due to Others 
 
$ ====1=,8=6=2=:,0=7 
 
The notes to the finanCial statements are an Integral part of this statement 
- 19- 
 
 - --- - - - - - --- - -- - - ----~===~----- 
 
GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
A, 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 of Governors. The Board of Governors ofthe Authority consists of fifteen (15) members appointed by the Governor. The Authority is considered a component unit of the State of Georgia for financial reporting purposes because of the significance of its legal, operational and financial relationships with the State of Georgia. These reporting entity relationships are defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. 
B. BASIS OF PRESENTATION The Authority reports its financial position and the results of its operations under accounting principles generally accepted in the United States of America for a special purpose government (component unit of the State of Georgia) engaged in business-type activities utilizing the follo~lng funds: 
Major Funds PROPRIETARY FUND TYPES Enterprise Funds These funds account for those activities for which the intent of management is to recover, primarily through user charges, the cost of providing goods or services to the general public, or where sound financial management dictates that periodic detenninations of results of operations are appropriate. 
Regular Fund - Used to report activity associated with operations of the Georgia World Congress Center and certain administrative responsibilities related to the Georgia World Congress Center, Georgia Dome and Centennial Olympic Park. 
Georgia Dome Fund - Used to report activity associated \\lth operations ofthe Georgia Dome. 
Centennial Olympic Park Fund - Used to report activity associated with operations of the Centennial Ol)mpic Park. 
Non-Major Funds FIDUCIARY FUNDS Agency Funds These funds report assets held for use by other funds, governments, or individuals. 
Interfund Eliminations In accordance with the License Agreement, the Regular Fund of the Authority collects an 
 
- 20- 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
B. BASIS OF PRESENTATION administrative overhead fee from the Georgia Dome Fund. The effect of this interfund activity has been eliminated from the Regular Fund's operating expenses. 
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund is determined by its measurement focu~. Proprietary fund types are reported using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless ofthe timing ofcash flows. 
The Authority has elected to follow generally accepted accounting principles prescribed by the Governmental Accounting Standards Board (GASB) as well as Statements and Interpretations 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. 
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues ofthe Authority's enterprise funds are charges to customers for sales and services and rents and royalties. Operating expenses include the cost ofsales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. 
Agency Funds are custodial in nature and do not measure results of operations or have a measurement focus. The accrual basis ofaccounting is utilized for recognizing assets and liabilities. 
D. ASSETS, LIABILITIES AND NET ASSETS CASH AND CASH EQUIVALENTS 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 any time and also may withdraw 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 of the Georgia Dome Fund on deposit with the Trustee for the purpose of continual investment are reflected as investments regardless of the term of the instruments. The aforementioned definitions were applied 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 \\<ith the Securities and Exchange Commission (SEC) but does operate in a manner consistent with the SEC's Rule 2a7 of the Investment Company Act of 1940. The State of Georgia's Office of Treasury and Fiscal Services (OTFS) manages Georgia Fund 1 in accordance with policies and procedures 
- 21 - 
 
 GEORGE L. SMITH. II 
GEORGIA WORLD CONGRESS CENTER AUTHORITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
D. ASSETS, LIABILITIES AND NET ASSETS CASH AND CASH EQUIVALENTS 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. 
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 cost or amortized cost. Accounting principles generally accepted in the United State ofAmerica require that investments be reported at fair value, however, the variance in cost/amortized cost and fair value is deemed immaterial to the financial statements. 
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 of the United States government fully guaranteed by the United States government. 
(3) Obligations of the Federal Home Loan Banle 
(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, 2002, are recorded as prepaid items. 
INVENTORIES Supply inventories are valued at cost, using the first-in/first-out (FIFO) method. These expendable supplies are recorded as inventories at the time of purchase and are recorded as expense based on consumption. 
- 22- 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
 
D. ASSETS, LIABILITIES AND NET ASSETS RESTRICTED ASSETS Certain refunding revenue bond resources recorded' in the Dome Fund are reflected as restricted assets on the Balance Sheet because their use is limited by applicable bond covenants. 
 
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 Interfund receivables and payables represent construction expenses incurred by the Regular Fund for construction of the Georgia Dome. Amounts due within one year are reported as due to/from other funds; amounts not expected to be repaid within one year are reported as advances to/from other funds. 
 
CAPITAL ASSETS Capital assets, which include property, plant and equipment, are recorded in the Balance Sheet at historical cost. Donated capital assets are recorded at fair market value on the date donated and disposals are deleted at recorded cost. All land is capitalized regardless of cost. Buildings and Building Improvements are capitalized when the cost of individual items or projects exceeds $100,000. Equipme-nt is capitalized when the cost of individual items exceed $5,000. The costs of normal maintenance and repairs that do not add to the value of assets or materially extend asset lives are not capitalized. 
 
Applicable capital assets of the Authority are depreciated using the straight-line method over the following estimated useful lives: 
 
Assets 
 
Buildings 
 
30 
 
Improvements Other than Buildings 
 
30 
 
Equipment 
 
3-7 
 
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. 
 
- 23- 
 
 ----- -------------- - - - - - 
 
GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 2002 
 
EXHIBIT "E" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
D. ASSETS, LIABILITIES AND NET ASSETS LONG-TERM OBLIGAnONS Long-term debt is recognized as a liability ofproprietary fund types ifthose liabilities are expected to be financed from proprietary fund operations. 
NET ASSETS The difference between fund assets and liabilities is "Net Assets". Net assets are reported in three categories: 
Net Assets Invested in Capital Assets, Net of Related Debt consists of capital assets, net of accumulated depreciation and reduced by outstanding balances for bonds, notes and other debt that are attributed to the acquisition, construction, or improvement of those assets. 
Restricted Net Assets result when constraints placed on net asset use are either externally imposed by creditors, grantors, contributors, and the like, or imposed by law through constitutional provisions or enabling legislation. The Authority reports the following restricted net assets: 
Phase IV Construction - represents the Authority's required local match for state bond proceeds utilized through the Georgia State Financing and Investment Commission for construction of Phase IV of the Georgia World Congress Center. 
Revenue Bond Covenants - represents the balance of assets restricted by the revenue bond covenants not obligated for payment of current liabilities. 
Maintenance of Art - represents restriction placed by contract \\Tith AHEPA Centennial Foundation, Inc. for the maintenance and repair or works of art placed in Centennial Olympic Park. 
Unrestricted Net Assets consist of net assets that do not meet the definition of the two preceding categories. Unrestricted net assets often are designated, indicating they are not available for general operations. Such designations have internally imposed constraints on resources, but can be removed or modified. 
The Authority does not have a policy to distinguish between restricted and unrestricted resources for expenses ofthe Georgia Dome Fund with the exception ofcertain expenses paid in accordance with refunding revenue bond covenants, which are paid from restricted resources. When both restricted and unrestricted resources are available for use, it is the Authority's policy to use restricted resources first, then unrestricted resources as they are needed. 
 
- 24- 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORlTY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
 
E. 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. 
 
. 
 
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 as earned. Cost of annual leave of terminated employees is covered by operations of the related fund. 
 
KEY EMPLOYEE INCENTIVE COMPENSATION Key employee incentive compensation represents the obligation of the Authority to pay certain administrative employees bonuses based on annual personal performance evaluations and an evaluation of the overall performance of the Authority made by the Board. The annual bonuses are expensed in the fund from which the employee's salary is paid in the year earned and paid over a three year period. If an employee tenninates prior the complete payout of the bonus, the balance is forfeited at tennination. 
 
F. INTERFUND TRANSFERS Interfund transfers are used to move a portion ofHotel/Motel tax revenues from the Regular Fund to the Centennial Olympic Park Fund for operations of Centennial Olympic Park. 
 
NOTE 2: BUDGETS 
An internal operations budget for management purposes is prepared by the Authority. The budget is not subject to review or approval by the General Assembly ofthe State of Georgia and therefore, is a nonappropriated budget. 
 
- 25 - 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 3: ACCOUNTING CHANGES 
In fiscal year 2002, the Authority implemented the following new accounting standards issued by GASB: 
Statement 34, Basic Financial Statements - and A1anagement 's Discussion and Analysis -for State and Local Governments; 
Statement 37, Basic Financial Statements - and Management's Discussion and Analysis -for State and Local Governments: Omnibus; and 
Statement 38, Certain Financial Statement Note Disclosures. 
Statement 34, as amended by Statement 37, establishes new financial reporting requirements for state and local governments. It requires new information and restructures much of the information that governments have presented in the past. Comparability with reports issued in prior years is affected. 
Statement 38 requires certain note disclosures when Statement 34 is implemented. 
I 
No adjustments to beginning net assets were required as a result of the implementation of these Statements. 
In addition to the implementation of the new accounting standards mentioned above, the Authority made the following changes in accounting policy which required adjustments to beginning net assets: 
Prior to fiscal year 2002, the Authority accounted for certain supply inventories using the purchases method, in which expendable supplies were recorded as expenses at the time of purchase. Other supply inventories were recorded as inventories at the time ofpurchase and were recorded as expense based on consumption. During fiscal year 2002, the Authority accounted for all supply inventories using the consumption method. The beginning net assets for the Regular Fund was decreased by $145,336.66 to reflect this change in accounting principal. 
In fiscal year 2002, the Authority increased capitalization thresholds for capital assets as outlined in the State ofGeorgia Capital Asset Guide. This change in the capitalization threshold resulted in decreases to beginning net assets in the amount of$669,273.01 in the Regular Fund, $345,145.07 in the Georgia Dome Fund, and $36,425.45 in the Centennial Olympic Park Fund. 
 
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). 
 
- 26- 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 2002 
 
EXHIBIT "E" 
 
NOTE 4: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (continued) 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds of the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral 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 of development authorities created by the laws of the State of Georgia. 
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, 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. 
(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, 2002, 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. 
- 27- 
 
 GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 5: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS (continued) 
 
CATEGORIZATION OF DEPOSITS 
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 Categories 
 
2 
 
3 
 
$ 6 062 J4975 S 12 382 566 3 I $ 3 I7 248 12$ 12 063333 36S==do8~2;,,!f84~7~6 
 
CATEGORIZATION OF INVESTMENTS 
For purposes ofanalysis of custodial credit risk, investments consist ofU. S. Government securities and repurchase agreements and are summarized and classified as to custodial credit risk within the categories described below: 
 
Category I - 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. 
 
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, 2002, are categorized below. These amounts also include amounts maintained in the State investment pool by the Office ofTreasury and Fiscal Services that are not subject to risk categorization. 
 
Tvpe of Investment 
 
Risk Categories 
 
2 
 
3 
 
li. S Government 
 
Securities 
 
$ 
 
Repurchase Agreements 
 
o00 $ 56. I32.600.84 S 
3 J.J 73.453 87 
 
Total 
 
$,===="O!!,o,lO~O $ 87 306 054 7 I S'==~~ 
 
State Investment Pool 
 
- 28 - 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 6: CAPITAL ASSETS 
 
As mentioned in Note 3, increases 10 capitalization thresholds for capital assets resulted 10 
 
adjustments to beginning balances: 
 
Balance 
 
Balance (Restated) 
 
July 1,2001 
 
Restatements 
 
July 1,2001 
 
Capital Assets Not Being Depreciated Land 
Total Capital Assets Not Being Depreciated 
 
$ 37.282,885.56 $ 37.282,885 56 S 
 
S 0.00 $ 
 
37,282.885 56 37.282,885.56 
 
Capital Assets Being Depreciated Buildings Improvements Other Than BUildings Equipment 
Total Capital Assets Being DepreCiated 
 
$ 209,402,73605 35,797,67453 15,636,307.46 $ 
S 260,836,718.04 $ 
 
$ 
(5.073.526 18) (5,073.52618) $ 
 
209.402,73605 35,797,674.53 10.562.781.28 
255.763.19186 
 
Less Accumulated Depreciation For Buildings Improvements Other Than BUildings Equipment 
Total Accumulated Depreciation 
 
$ (62,045,270.67) 
(10,766.426.53) $ $ (72.811.697 20) S 
 
$ (62,045.27067) 
 
4,022.682 65 
 
(6,743.74388) 
 
4.022.682 65 $ (68.789.01455) 
 
Total Capital Assets Being DepreCiated, Net 
 
S 188.025,020 84 $ (1.050.843.53) $ 186,974.177 31 
 
Total Capital Assets. Net 
 
S 225.307.90640 S (1,050.84353) $ 224.257.062.87 
 
Capital asset activity for the year ended June 30, 2002, was as follows: 
 
Balance (Restated) 
 
July I, 2001 
 
Additions 
 
Deletions 
 
Balance June 30. 2002 
 
Capital Assets Not Being Depreciated Land 
Total Capital Assets I'ot Being DepreCiated 
 
$ 
 
37,282.88556 
 
$ 37,282.885 56 $ 
 
000 S 
 
$ 000 S 
 
37.282.885 56 37.282.885 56 
 
Capital Assets Being DepreCiated BUildings Improvements Other Than Buildings EqUipment 
Total Capital Assets Being Depreciated 
 
$ 209,402.73605 35.797,67453 10,562.78128 S 
$ 255.763.191 86 $ 
 
545.972 13 $ 545.972.13 S 
 
S 
(311.81421) (311.81421) $ 
 
209,402.736 05 35.797,67453 10.796.93920 
255.997.34978 
 
Less Accumulated Depreciation For BUildings Improvements Other Than Buildings EqUipment 
Total Accumulated Depreciation 
Total Capital Assets Being DepreCiated. Net 
Total Capital Assets. Net 
 
$ (62.045.27067) S (7.755.66000) 
 
(1.193.25582) 
 
(6.743,74388) 
 
(1.207.964 49) $ 
 
S (68.789.01455) $ (10.156.880 31) S 
 
$ 186.974.177 31 $ (9.610,908 18) $ 
 
S 224,257.06287 $ (9.610.908 18) $ 
 
S 
299.41628 299.41628 $ 
 
(69.800.93067) (1.193.255 82) (7.652.29209) (78.646.478 58) 
 
(12,39793) S 177.350.871 20 
 
(12.39793) $ 214.633.75676 
 
- 29- 
 
 ------------------- ------------------------ 
 
GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 7: 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, 2002, 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 Ended June 30 
 
2003 2004 2005 
Total Minimum Commitments 
 
$ 52,592.13 19,036.89 6,563.48 
 
$ 
 
78.192.50 
 
====== 
 
Expenditures for rental of real property and equipment under operating leases for the year ended June 30, 2002, totaled $390,552.95. 
 
NOTE 8: LONG:'TERM DEBT 
 
Long-term obligations at June 30, 2002, and changes for the fiscal year then ended are as follows: 
 
Julv I. 2001 
 
Increases 
 
Decreases 
 
June 30 2002 
 
Amounts Due Within One Year 
 
Refundmg Revenue Bonds S Compensated Absences Key Employee incentive 
Compensation 
 
188.615.00000 S 1.423,464 14 
 
000 S 1,038,042 30 
 
405.54300 
 
298.44700 
 
(5.005,00000) $ (972.86064) 
 
183,610.00000 S 1.488.645 80 
 
(215.99000) 
 
488.00000 
 
5.310.000 00 121.524 i7 
208.51300 
 
$ 190.444.007 14 $ 1.336,489 30 S (6.193.85064) S 185.586.645 80 S 
 
5.640.037 77 
 
- 30- 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 8: LONG-TERM DEBT (continued) 
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 of Atlanta and Fulton County, Georgia, as well as future operating revenues derived from the operation of the Georgia Dome. Refunding revenue bonds outstanding at June 30, 2002, are as follows: 
 
Revenue bond debt service requirements to maturity are as follows: 
 
Purpose 
 
Interest Rates 
 
Amount 
 
Domed Stadium Project 
 
5.50% - 6.00% 
 
$ 183,610,000.00 
 
Fiscal Year Ended June 30 
2003 2004 2005 2006 2007 2008-2012 2013-2017 2018-2021 
 
Principal 
 
Interest 
 
Total 
 
$ 5,310,000.00 $ 5,265,860.35 $ 10,575,860.35 
 
5,645,000.00 10,055,368.76 15,700,368.76 
 
6,000,000.00 
 
9,706,018.76 15,706,018.76 
 
6,380,000.00 
 
9,334,618.76 15,714,618.76 
 
6,780,000.00 
 
8,939,818.76 15,719,818.76 
 
40,895,000.00 37,847,543.80 78,742,543.80 
 
55,255,000.00 23,933,471.88 79,188,471.88 
 
57,345,000.00 
 
6,533,862.50 63,878,862.50 
 
$ 183,610,000.00 $ 111,616,563.57 $ 295,226,563.57 
 
Interest due on July 1, 2002, in the amount of $5,112,359.40 was recorded as a liability of the Enterprise Fund at June 30, 2002. 
COMPENSATED ABSENCES Compensated absences are liquidated by the fund they are reported in and do not have scheduled future debt service requirements beyond one year. 
 
- 31 - 
 
 ------------------------ 
 
GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 8: LONG-TERM DEBT (continued) 
KEY EMPLOYEE INCENTIVE COMPENSATION Future debt service requirements are as follows: 
 
Fiscal Year Ended June 30 
 
2003 
 
$ 
 
2004 
 
2005 
 
$ 
 
208,513.00 214,750.00 
64,737.00 
488,000.00 
 
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 of June 30, 2002, no monies have been paid by the Insurer on this policy. 
NOTE 9: 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 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 of Georgia to process claims in accordance Vvith the State Employees' Health Benefit Plan as established by the Department of Community Health. 
 
- 32- 
 
 GEORGE L. SMITH. II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 9: RISK MANAGEMENT (continued) 
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 10: 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 of ERS is defined by State statute and was significantly modified on July 1, 1982. Unless elected othernrise, 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. 
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 ~;th a reduced benefit. Additionally, there are certain provisions allowing for retirement after 25 years of service regardless of age. 
 
- 33 - 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHIBIT "E" 
 
NOTE 10: RETIREMENT PLANS (continued) 
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA 
Plan Description Retirement benefits paid to members are based upon a fonnula 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 nonnal 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 (lRC) 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 of other 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, 2002, for employees covered by ERS was $14,797,346.73. The Authority's total payroll for all employees was $18,889,804.00. 
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 pa}Toll detennined annually by actuarial valuation. For the year ended June 30, 2002, the ERS employer contribution rate for the Authority amounted to 14.06% of covered payroll and included the amounts contributed on behalf ofthe employee under the old plan referred to above. Employer contributions are also made on amounts paid for accumulated leave to retiring employees. 
Total contributions to the plan made during fiscal year 2002 amounted to $1,801,552.99, of which $1,556,675.39 was made by the Authority and $244,877.60 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: 
 
- 34 - 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 2002 
 
EXHIBIT "E" 
 
NOTE 10: RETIREMENT PLANS (continued) 
 
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA Funding Policy 
 
Fiscal Year 
 
Annual Pension Cost (APC) 
 
Percentage ofAPC 
Contributed 
 
Net Pension Obligation 
 
2002 
 
$ 1,556,675.39 
 
100% 
 
N/A 
 
2001 
 
$ 1,958,105.60 
 
100% 
 
N/A 
 
2000 
 
$ 1,683,210.36 
 
100% 
 
N/A 
 
Actuarial and Trend Information Actuarial and historical trend information is presented in the ERS June 30, 2002, 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. ODCP 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 hislher account, the Board has the option ofrequiring a lump sum distribution to the member in lieu ofmaking periodic pa}ments. Upon the death ofa member, a lump sum distribution equaling the amount credited to hislher account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. 
 
The Employees' Retirement System of Georgia (ERS) issues a financial report each fiscal year which may be obtained through ERS. 
 
Contributions and Vesting Member contributions are seven and one-halfpercent (7.5%) of gross 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, 2002, for employees covered by ODCP was $2,087,974.39. The Authority's total payroll for all employees was $18,889,804.00. 
 
- 35 - 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30. 2002 
 
EXHIBIT "E" 
 
NOTE 10: RETIREMENT PLANS (continued) 
GEORGIA DEFINED CONTRIBUTION PLAN 
Contributions and Vesting Total contributions made by employees during fiscal year 2002 amounted to $156,609.24 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. 
 
NOTE 11: 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 of the State contribute to the health insurance fund based upon amounts recommended by the Department of Community Health and set forth in the State of Georgia's Appropriations Act. The plan is funded on a "pay-as-you-go" basis. Expenses of the 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 12: 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 IE - Compensated Absences. 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. 
 
- 36- 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002 
 
EXHffiIT"E" 
 
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). On February 12,2002, The Five Smiths, Incorporated assigned the rights to the Falcons Agreement to the Atlanta Falcons Football Club, LLC. The expiration ofthe Falcons Agreement is the latter of June 30, of the license year (state fiscal year) of the maturity of the re~ding revenue bonds or June 30 ofthe 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 of each year. The remainder ofthe payment is due by December 1 each year. 
The Authority may elect to defer payment of the annual contingent payment until April 1 of the same fiscal year provided that the pa)'ment 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 2002, the Authority calculated the annual contingent payment to be $1,238,210.60 based on fiscal year 2002 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 30,2002. 
- 37- 
 
  SUPPLEMENTARY INFORMATION - 39- 
 
  GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
CASH AND CASH EQUIVALENTS JUNE 30, 2002 
 
SCHEDULE "1" 
 
NONINTEREST BEARING ACCOUNTS 
WachoV18 Bank of Georgia. AUanta. GeorgIa 
INTEREST BEARING ACCOUNTS 
Bank of Amenca, AUanta. GeorgIa 
WachoVla Bank of GeorgIa AUanla, Georgl8 
Cash Investmenl Accounts No 07-012328 .No 12-444-810 No 1~34~950 No 18-208-588 No 18-544-851 No 18-777-499 No 18-777-510 
RepUrchase Agreements Purchase Dale June 30. 2002. Maturity Data July 1.2002 
Funds on Oeposrt with OffIce of Treasury and Fiscal SBMces Stale Investment Pool 
 
$ 
 
223.464 39 
 
$ 
 
50000 
 
$ 1.532,14254 -178,909 68 
-1,480.323 23 -4,012.97589 
993.309 50 -1.181.36178 
21,37977 $ -4.306,73877 
 
31.173,45387 26.866,71510 
 
775,50004 
 
27.642,71514 
 
Cash on Hand 
 
253.700 00 $ 28119.87953 
 
See notes to the finanCial statements 
 
- 41 - 
 
 - - - - - - - - - - - - - - - - - - - - - - -- ------------ 
 
GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
INVESTMENTS JUNE 30, 2002 
 
SCHEDULE "2" 
 
FUND/INVESTMENT TYPE 
 
PURCHASE DATE MATURITY DATE 
 
REGULAR FUND 
 
Bank of Amenca, Charlotte, North Carolina 
Federal Home Loan Mortgage Corporation Discount Notes Discount Notes 
Federal Home Loan Bank Discount Notes Discount Notes Discount Notes Discount Notes 
Federal National Mortgage Association DIscount Notes Discount Notes 
 
December 27,2001 March 19, 2002 
July 25,2001 November 15,2001 November 21, 2001 November 28, 2001 
August 13, 2001 December 11, 2001 
 
December 5, 2002 $ December 27.2002 
July 8, 2002 October 4. 2002 October 4, 2002 November 22, 2002 
August 13,2003 November 8, 2002 
 
979,99167 1,827,99785 
1,062,78333 2.650,581 00 
980,891.94 4.009,641 69 
2,040,00000 4.760,09717 
 
$ 18,311,984 65 
 
Bank of Columbus, Columbus, Georgia 
Certificates of Deposrt No 1182292 No 1182409 No 1182410 
 
October 29, 2001 February 13, 2002 February 20, 2002 
 
October 29,2002 $ December 13, 2002 December 20, 2002 
 
2,000,00000 3,100.00000 5,000,000 00 
 
$ 10,100,00000 
 
WachoVla Bank of North Carolina, Institutional Trust Custody 
 
Winston-Salem, North Carolina 
 
Federal Home Loan Bank 
 
Discount Notes 
 
October 2,2001 
 
Federal National Mortgage ASSOCiation 
 
Discount Notes 
 
March 6, 2001 
 
Discount Notes 
 
Apn113,2001 
 
Discount Notes 
 
August 27, 2001 
 
February 14,2005 $ 
July 9, 2007 July 9, 2007 July 9. 2007 
 
2,033,08000 
3,063,75000 2.050,00000 4,109.28000 
 
$ 11.256,11000 
 
$ 39,668,094 65 
 
See notes to the finanCial statements 
 
- 42- 
 
 GEORGE L SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
INVESTMENTS JUNE 30, 2002 
 
SCHEDULE "2" 
 
FUND/INVESTMENT TYPE 
 
PURCHASE DATE 
 
GEORGIA DOME FUND 
 
Restneted 
 
Funds Held by Refunding Revenue Bond Trustee 
 
Bank of New York, 
 
New York, New York 
 
Revenue Fund 
 
U. S Treasury Bill 
 
June 27,2002 
 
Debt Service Fund 
 
Interest Account 
 
Federal National Mortgage Association 
 
Discount Notes 
 
June 27, 2002 
 
Pnnclpal Account 
 
Federal National Mortgage Association 
 
Discount Notes 
 
June 27, 2002 
 
Renewal and Extension Fund 
 
U S Treasury B,II 
 
June 20,2002 
 
Early Retirement and Surplus Fund 
 
U. S Treasury Bill 
 
May 30, 2002 
 
MATURITY DATE 
 
July 25, 2002 
 
$ 11,571,17642 
 
July 1, 2002 
July 1,2002 December 19, 2002 November 29, 2002 
 
5,272,36238 
5,310,70800 1.567.679.71 2,842,579.68 
 
CENTENNIAL OLYMPIC PARK FUND 
WachoVia Bank of Georgia, Atlanta, Georgia 
Certificates of DePOSit No 6043489 No 6043496 
 
February 9, 2002 March 31,2002 
 
February 11, 2003 $ March 31, 2003 
$ 
 
38.56612 6.35801 
44,924 13 
 
$ 66.277.52497 
 
See the notes to the financial statements 
 
- 43 - 
 
 GEORGE L. SMITH, II GEORGIA WORLD CONGRESS CENTER AUTHORITY 
RECONCILIATION OF SALARIES YEAR ENDED JUNE 30, 2002 
 
SCHEDULE "3" 
 
Total per Annual Supplement 
Accruals Salanes Payable June 30, 2001 June 30, 2002 
Compensated Absences Payable June 30, 2001 June 30, 2002 
Key Employee Incentive Compensabon Payable June 30, 2001 June 30, 2002 
Adjustments Prior Year's Voided Checks Reimbursement for Temporary Salaries Special Events 
Total per Report 
 
$ 19,288,756.77 
-249,272 00 199,047.82 
-1,322,30761 1,382,857.22 
-405,543.00 488,00000 
98869 -492,72389 
$ 18,889,804 00 
 
See notes to the financial statements 
 
- 44 
 
 SECTION II COMPLIANCE AND INTERNAL CONTROL REPORT 
- 45 - 
 
  RUSSELL \V. HINTON 
STATE AUDITOR 
(4()4) 656-2174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
254 Washmgton Street, S.W., SUJlC 214 Atlanta, Georgia 30334-8400 
September 5, 2002 
 
Honorable Roy E. Barnes, Governor Mem\Jers 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 
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT A UDITING STANDARDS 
Ladies and Gentlemen: 
We have audited the basic financial statements of the George L. Smith, II Georgia World Congress Center Authority, a component unit of the State of Georgia, as of and for the year ended June 30, 2002, and have issued our report thereon dated September 5, 2002. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 
Compliance As part of obtaining reasonable assurance about whether the George L. Smith, II Georgia World Congress Center Authority's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance \\ith those provisions was not an objective of our audit and, accordingly we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. 
Internal Control Over Financial Reporting In planning and performing our audit, we considered the George L. Smith, II Georgia World Congress Center Authority's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. Our consideration ofthe internal control over financial reporting would not necessarily disclose all matters in the internal control that 
A7 _ 
 
  might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. 
This report is intended solely for the information and use ofmanagement, members ofthe Authority, and management ofthe State of Georgia, and is not intended to be and should not be used by anyone other than these specified parties. 
Respectfully submitted, 
\.t).~ 
R sell W. Hinton, CPA, CGFM State Auditor 
RWH:et