Management report, Lake Lanier Islands Development Authority, a component unit of the state of Georgia, year ended June 30, 1998

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MANAGEMENT REPORT LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY
A COMPONENT UNIT OF THE STATE OF GEORGIA YEAR ENDED JUNE 30, 1998
STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS
254 WASHINGTON STREET
ATLANTA, GEORGIA 30334-8400

LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY MANAGEMENT REPORT -TABLEOFCONTENTS-

LETTER OF TRANSMITTAL

SECTION I

SELECTED FINANCIAL INFORMATION

EXHIBITS

A ANALYSIS OF CHANGES IN FUND BALANCE

BUDGET FUND

B SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES

COMPARED TO BUDGET

BUDGET FUND

2

C SCHEDULE OF OTHER REVENUES

3

SECTIONll AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS

CLAUDE L. VICKERS
STATE AUDITOR
(404) 6562174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400
December 16, 1998

Governor of the State of Georgia Members of the General Assembly of Georgia Members of the Lake Lanier Islands Development Authority
and Honorable Frank Lee Smith, Executive Director
Ladies and Gentlemen:
As part of our audit of the general purpose fmancial statements of the State of Georgia presented in the Start' o/Georgia Comprehensive Annual Financial Report and the issuance of a Statewide Single Audit Rq)orr pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 1998, we have perfonncd certain audit procedures at the Lake Lanier Islands Development Authority. Accordingly, the financial statements and compliance activities of the Lake Lanier Islands Development Authority were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996.
This Management Report contains information pertinent to the fmancial and compliance activities of the Lake Lanier Islands Development Authority as ofand for the year ended June 30, 1998. The particular information provided is enumerated in the Table of Contents.
This report is intended solely for the use of management of the Lake Lanier Islands Development Authority. However, this report is a matter of public record and its distribution is not limited.
Respectfully submitted,

CLV:gp

Claude L. Vickers State Auditor

SECTION I SELECTED FINANCIAL INFORMATION

LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY ANALYSIS OF CHANGES IN FUND BALANCE BUDGET FUND YEAR ENDED JUNE 30, 1998
FUND BALANCE - JULY 1, 1997 Unreserved
ADDITIONS Excess of Funds Available lHlder Expenditures Exhibit "B" Reimbursement of Prior Year's Expenditures
DEDUCTIONS Adjustments to Prior Year's Accounts Receivable
FUND BALANCE - JUNE 3D. 1998
SUMMARY OF FUND BALANCE Unreserved Designated Capital Project - Boat Safety Capital Project - Bridge Capital Project - Water Testing
Undesignated

EXHIBIT "A"
$ 8,741,028.79
$ -3,883,241.01 1,433.93
$ -3,881,807,08 $ _ _5,,-,-,6~6=2.;..;;..0~0 $ 4,853,559.71
$ 249,446.00 2,000,000.00 30,000.00
$ 2,279,446.00 2,574,113.71
$ 4,853,559.71

- 1-

LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES
COMPARED TO BUDGET BUDGET FUND
YEAR ENDED JUNE 30, 1998

EXHIBIT"B"

FUNDS AVAILABLE REVENUES
Other Revenues Retained

BUDGET

ACTUAL

VARIANCE FAVORABLE (UNFAVORABLE)

$ 3,469,319.00.$ 3,855,165.34 $ _ _...;;3..:..85:.,.:..,84.:....;..;;.6..:...34_

EXPENDITURES
Personal Services Regular Operating Expenses Travel Computer Charges Telecommunications Per Diem, Fees and Contracts Loan Repayment: 20-Year Loan Payment to Georgia State Financing and
Investment Commission

$ 165,349.00 $ 512,439.00 600.00 1,000.00 7,000.00 119,000.00
2,663,931.00

153,346.28 $ 635,190.21
170.95 422.65 5,797.57 103,918.61 2,663,931.00

0.00

4,175,629.08

12,00272 -122,75121
42905 577 35 1.20243 15,081 39
000
-4,175,62908

$ 3,469,319.00 $ 7,738,406.35 $

-4,269.087.35

Excess of Funds Available under Expenditures

$ -3,883,241.01 $ =====-3:1:,8=8=:3:0;;,2..4..1...;;;;;0,;,.1

-2-

LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY SCHEDULE OF OTHER REVENUES YEAR ENDED JUNE 30. 1998

EXHIBIT"C"

Hotel Occupancy Tax Interest Earned Rents
KSL Lake Lanier, Incorporated Stouffer/Pinelsle Other Commissions Georgia Power Franchise Tax Liquor License

$

584,842.86

301,589.59

$ 2,850,000.00 28,053.00

2,878,053.00

$

18,488.76

36,694.13

35,497.00

90,679.89

$ 3,855,165.34

-3-

SECTION II AUDlTEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY AUDITEE'S RESPONSE
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 1998

PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FS-913-97-01

Previously Reported Corrective Action Implemented