Management report, Lake Lanier Islands Development Authority, a component unit of the state of Georgia, year ended June 30, 1999

MANAGEMENT REPORT LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY
A COMPONENT UNIT OF TIIE STATE OF GEORGIA YEAR ENDED JUNE 30, 1999
STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS
254 WASHINGTON STREET
ATLANTA, GEORGIA 30334-8400

LAKE LANIER ISLANDS DEVELOPMENT AUTHORTIY MANAGEMENT REPORT -TABLE OF CONTENTS-

LEITER OF TRANSMITTAL

_SELECTED FINANCIAL INFORMATION

EXHIBITS

A ANALYSIS OF CHANGES IN FUND BALANCE

BUDGETFUND

1

B SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES

COMPARED TO BUDGET

BUDGETFUND

2

C SCHEDULE OF OTHER REVENUES RETAINED

3

w. RUSSELL HINTON
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
January 19, 2000

Honorable Roy E. Barnes, Governor Members ofthe General Assembly of Georgia Members ofthe Lake Lanier Islands Development Authority
and Honorable Frank Lee Smith, Executive Director
Ladies and Gentlemen:
As part ofour audit ofthe general pmpose financial statements ofthe State of Georgia presented in the State of Georgi,a Comprehensive Annual Financial Report and the issuance of a Statewide Single Audit Report pursuant to the Single Audit Act Amendments, as ofand for the year ended June 30, 1999, we have performed certain audit procedures at the Lake Lanier Islands Development Authority. Accordingly, the financial statements and compliance activities ofthe 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 f(){egoing 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 financial and compliance activities ofthe Lake Lanier Islands Development Authority as of and for the year ended June 30, 1999. The particular information provided is enumerated in the Table of Contents.
This report is intended solely for the information and use of management of the Lake Lanier Islands Development Authority and members ofthe Authority and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,
~ w. .
Russell W. Hinton State Auditor
RWH:jb

SELECTED FINANCIAL INFORMATION

LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY ANALYSIS OF CHANGES IN FUND BALANCE BUDGET FUND YEAR ENDED JUNE 30.1999
FUND BALANCE - JULY 1, 1998 Unreserved
ADDITIONS Excess of Funds Available over Expenditures Exhibit "B"
DEDUCTIONS None Recorded
FUND BALANCE - JUNE 30. 1999
SUMMARY OF FUND BALANCE Unreserved Designated Capital Project - Boat Safety Capital Project - Bridge Capital Project - Water Testing
Undesignated

EXHIBIT"A"

$ 4,853,559.71

$ 426,630.15

$

0.00

$ 5,280,189.86

$

75,918.00

1,957,119.60

15,000.00

$ 2,048,037.60
3,232, 152.26

$ 5,280,189.86

-1-

LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES
COMPARED TO BUDGET BUDGET FUND
YEAR ENDED JUNE 30, 1999

EXHIBIT"B"

FUNDS AVAILABLE REVENUES
Other Revenues Retained

BUDGET

ACTUAL

VARIANCEFAVORABLE (UNFAVORABLE)

$ 3,4TT,793.00 $ 4,155,967.79 $ _ _ _6_78-'-,1_7_4_.7_9

EXPENDITURES
Personal Services Regular Operating Expenses Travel Computer Charges Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Capital Outlay Loan Repayment: 20-Year Loan

$ 229,812.00 $ 513,250.00 300.00 500.00 0.00 5,000.00 65,000.00 0.00
2,663,931.00

172,581.45 $ 634,247.14
7.00 174.80 16,068.00 4,110.38 6,809.47 231,408.40 2,663,931.00

57,230.55 -120,997.14
293.00 325.20 -16,068.00 889.62 58,190.53 -231,408.40
0.00

$ 3,4TT,793.00 $ 3,729,337.64 $ _ _ _-2_51...:_ .,544_.64_

Excess of Funds Available over Expenditures

$ 426,630.15 $ ===4=2=6=,6=3=0=.1=5

-2-

LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY SCHEDULE OF OTHER REVENUES RETAINED YEAR ENDED JUNE 30, 1999

EXHIBIT"C"

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

$

614,657.46

300,045.99

3,155,729.18

$

18,474.04

31,061.12

36,000.00

85,535.16

$ 4,155,967.79

-3-