STATE OF GEORGIA
DEPARTMENT OF AUDITS AND ACCOUNTS
Russell W. Hinton State Auditor
MANAGEMENT REPORT SOUTHWEST GEORGIA RAILROAD EXCURSION AUTHORITY A COMPONENT UNIT OF THE STATE OF GEORGIA YEAR ENDED JUNE 30, 2004
SOUTHWEST GEORGIA RAILROAD EXCURSION AUTHORITY MANAGEMENT REPORT -TABLE OF CONTENTS-
LETTER OF TRANSMITTAL
SELECTED FINANCIAL INFORMATION
EXHIBITS
A SCHEDULE OF NET ASSETS
ENTERPRISE FUND
1
B SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN FUND NET ASSETS
ENTERPRISE FUND
2
DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S.W., Suite 214
w. RUSSELL
HINTON
STATE AUDITOR (404) 656-2174
Atlanta, Georgia 30334-8400
December 14, 2004
Honorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the Southwest Georgia Railroad Excursion Authority
and Members of the Department of Natural Resources Board
Ladies and Gentlemen:
As part of our audit of 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, 2004, we have performed certain audit procedures at the Southwest Georgia Railroad Excursion Authority. Accordingly, the financial statements and compliance activities of the Southwest Georgia Railroad Excursion 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 Southwest Georgia Railroad Excursion Authority as of and for the year ended June 30, 2004. 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 Authority and Board, and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,
Russell W. Hinton State Auditor
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SELECTED FINANCIAL INFORMATION
SOUTHWEST GEORGIA RAILROAD EXCURSION AUTHORITY SCHEDULE OF NET ASSETS ENTERPRISE FUND JUNE 30, 2004
EXHIBIT "A"
ASSETS
Current Assets: Cash and Cash Equivalents Accounts Receivable (Net of Allowances for Uncollectibles)
Noncurrent Assets: Capital Assets Machinery and Equipment Accumulated Depreciation
Total Assets
LIABILITIES
None Recorded
NET ASSETS
Invested in Capital Assets, Net of Related Debt Unrestricted
Total Net Assets
$
354,575.71
97.54
566,832.00 -198,344.00
$
723,161.25
$
0.00
$
368,488.00
354,673.25
$
723,161.25
-1-
SOUTHWEST GEORGIA RAILROAD EXCURSION AUTHORITY EXHIBIT "B" SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
ENTERPRISE FUND YEAR ENDED JUNE 30, 2004
OPERATING REVENUES
Sales and Services
OPERATING EXPENSES
Services and Supplies Depreciation
Total Operating Expenses
Operating Loss before Transfers
TRANSFERS
Transfers In Department of Natural Resources
Changes in Net Assets
NET ASSETS - JULY 1
Adjustments Correction of Prior Year Error Adjustment to Prior Year Machinery and Equipment
$
535,015.44
$
835,368.93
88,425.54
$
923,794.47
$
-388,779.03
407,696.00
$
18,916.97
661,107.48
-7,909.20 51,046.00
NET ASSETS - JUNE 30
$ =====7=23=,1=61=.2=5
-2-