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( -. .... \: ' ... ..~ ( .',, I '\', ' ' _,, I, J :. ' I ,.,. . ',, ' '"'\ '~.....':.,.~ ,~; . ... ', ' , '1': .., , 'I" ' I ~ ....,.. LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY MANAGEMENT REPORT -TABLE OF CONTENTS- LETTER OF TRAN SMITTAL SELECTED FINANCIAL INFORMATION EXHIBITS A ANALYSIS OF CHANGES IN FUND BALANCE BUDGET FUND 1 B SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET BUDGET FUND 2 C SCHEDULE OF OTHER REVENUES RETAINED 3 D RECONCILIATION OF PER DIEM AND FEES 4 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 w. RUSSELL HINTON STATE AUDITOR (404) 656-2174 Atlanta, Georgia 30334-8400 January 9, 2003 Honorable Sonny Perdue, Governor 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 basic financial statements of the State of Georgia presented in the State of Georgia Comprehensive Annual Financial Report, and the issuance of a Statewide Single Audit Report pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 2002, we have performed certain audit procedures at the Lake Lamer Islands Development Authority. Accordingly, the financial statements and compliance activities of the Lake Lanier Islands Development Authority were examined to the extent 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 controls as required by the Single Audit Act Amendments of 1996. This Management Report contains information pertinent to the financial and compliance activities of the Lake Lamer Islands Development Authority as of and for the year ended June 30, 2002 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 State of Georgia and members of the Board and is not intended to be and should not be used by anyone other than these specified parties. Respectfully submitted, RWH.jsa / SELECTED FINANCIAL INFORMATION LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY ANALYSIS OF CHANGES IN FUND BALANCE BUDGET FUND YEAR ENDED JUNE 30, 2002 EXHIBIT "A" FUND BALANCE - JULY 1, 2001 Unreserved ADDITIONS Excess of Funds Available over Expenditures Exhibit"B" DEDUCTIONS Unreserved Fund Balance Camed Over from Prior Year as Funds Available $ 8,069,735.93 $ 5,911,750.35 $ 8,069,735.93 FUND BALANCE - JUNE 30, 2002 $ 5,911,750.35 SUMMARY OF FUND BALANCE Unreserved Designated Capital Projects - Bridge Capital ProJects - Golf Course at Richard B. Russell State Park Undesignated $ 1,956,819.60 1,132,850 94 $ 3,089,670 54 2,822,079.81 $ 5,911,750 35 -1- LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET BUDGET FUND YEAR ENDED JUNE 30, 2002 EXHIBIT"B" FUNDS AVAILABLE REVENUES Other Revenues Retained CARRY-OVER FROM PRIOR YEAR Transfer from Unreserved Fund Balance BUDGET ACTUAL VARIANCEFAVORABLE {UNFAVORABLE) $ 6,933,769.00 $ 3,918,425 60 $ -3,015,343 40 0 00 8,069,735.93 8,069,735.93 EXPENDITURES Personal Services Regular Operating Expenses Travel Motor Vehicle Purchases Equipment Computer Charges Real Estate Rentals Telecommumcat1ons Per Diem and Fees Capital Outlay Payback Accumulation $ 6,933,76900 $ 11,988,161 53 $ 5,054,392 53 $ 222,159 00 $ 718,779.00 0 00 1,900.00 0 00 0.00 18,000 00 6,000 00 135,000.00 4,500,000 00 1,331,931 00 191,982 96 $ 1,092,882 31 84 00 1,900 00 2,098.00 124 90 18,120.00 3,724.97 8,193 51 3,425,369 53 1,331,931 00 30,176 04 -374, 103 31 -84 00 0 00 -2,098.00 -124.90 -120 00 2,275 03 126,806.49 1,074,630 47 0 00 $ 6,933,769 00 $ 6,076,411 18 $ _ _~8;;;_;57..:..,3~5;.;...7....:::8,;;;;,.2 Excess of Funds Available over Expenditures $ 5,911,750 35 $ 5,911 750 35 -2 - LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY SCHEDULE OF OTHER REVENUES RETAINED YEAR ENDED JUNE 30, 2002 EXHIBIT "C" Hotel Occupancy Tax Interest Earned Rents KSL Lake Lanier, Incorporated Other Commissions Georgia Power Franchise Liquor License $ 472,888.10 256,708.18 3,105,607.00 $ 13,289.93 37,932.39 32,000.00 83,222.32 $ 3,918,425.60 -3- LAKE LANIER ISLANDS DEVELOPMENT AUTHORITY RECONCILIATION OF PER DIEM AND FEES YEAR ENDED JUNE 30, 2002 EXHIBIT"D" Totals per Annual Supplement Adjustment Georgia Department of Law FEE AMOUNT EXPENSE AMOUNT $ 7,270.50 $ 96.08 $ TOTAL 7,366 58 800.00 26.93 826.93 $ 8,070 50 $ 123 01 $ 8,193.51 -4-