Audit report, State Tollway Authority, a component unit of the state of Georgia, year ended June 30, 1994

GA
A800
aRl
Tb5 I ltC,3-91-
STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA, GEORGIA 30334

AUDIT REPORT STATE TOLLWAY AUTHORITY
A COMPONENT UNIT OF TIIE STATE OF GEORGIA
YEAR ENDED JUNE 30, 1994

STATE TOLLWAY AUTHORITY - TABLE OF CONTENTS -

SECTION!

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

EXHIBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET

ALL FUND TYPES

2

B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN

RETAINED EARNINGS

PROPRIETARY FUND TYPE - ENTERPRISE FUND

4

C STATEMENT OF CASH FLOWS

PROPRIETARY FUND TYPE- ENTERPRISE FUND

5

D NOTES TO THE FINANCIAL STATEMENTS

6

SUPPLEMENTARY INFORMATION

PROPRIETARY FUND TYPE- ENTERPRISE FUND

E

COMBINING BALANCE SHEET

16

F

COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES

IN RETAINED EARNINGS

18

G

COMBINING STATEMENT OF CASH FLOWS

19

FIDUCIARY FUND TYPE - AGENCY FUND

H

STATEMENT OF CHANGES IN ASSETS AND LIABILITIES

20

SCHEDULES

1 CASH AND CASH EQUIVALENTS

21

2 INVESTMENTS

22

3 ANALYSIS OF CONSTRUCTION IN PROGRESS

23

4 SCHEDULE OF OTHER OPERATING EXPENSES

24

SECTIONil FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER ORQUESTIONED COSTS

SECTION I FINANCIAL

CLAUDE L. VICKERS STATE AUDIIDR (404) 656-2174
TAX RATIO (404) 656-0494

~.epitrtm.ent nf ~ubits
254 WASHINGlON STREET, S.W. ROOM 214
J\tlnnta, ~eorgia 30334-8400
October 26, 1994

FINANCIAL AUDITS (404) 656-2180
PROGRAM AUDITS {404) 656-2006

Honorable Zell Miller, Governor Members ofthe General Assembly ofGeorgia . Members ofthe State Tollway Authority
and Honorable Arthur A. Vaughn, Secretary - Treasurer
INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have audited the accompanying financial statements (Exlnbits A through D) ofthe State Tollway Authority as ofand for the year ended June 30, 1994. These financial statements are the responsibility ofthe Authority's management. Our responsibility is to express an opinion on these financial siatements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial 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 opinion.
In our opinion, the :financial statements referred to above present fairly, in all material respects, the financial position ofthe State Tollway Authority as ofJune 30, 1994, and the results ofits operations and the cash flows of its proprietary fund type for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplementary infonnation (Exhibits E through H and Schedules 1 through 4) is presented for purposes of additional analysis and is not a required part of the financial statements of the State Tollway
94ARL-1X

Authority. Such-infonnation has been subjected to the auditing procedures applied in the audit ofthe financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.
Respectfully submitted,
~~/~
Claude L. Vickers State Auditor
CLV:cm 94ARL-1X

FINANCIAL STATEMENTS -I-

STATE TOLLWAY AUTHORITY
COMBINED BALANCE SHEET
ALL FUND TYPES
JUNE 30, 1994

EXHIBIT "A" Page 1

PROPRIETARY FIDUCIARY

TOTALS

FUND TYP-

FUND TYPE

(Memorndum Only)

--E-N-T-E-R-P-R-I-SE--- ----A-G-EN--CY----- J-U-N-E---3-0-,--1-9-9-4---JU-N-E---3-0-,--1-9-9-3

ASSETS

Cash and Cash Equivalents (See Schedule) Restricted Project Fund Construction Account Nonconstruction Account Capitalized Interest Account Revenue Fund Sinking Fund Interest Account Operating and Maintenance Fund Customer Deposits Unrestricted Total Cash and Cash Equivalents
Investments (See Schedule) Restricted Project Fund Construction Account Nonconstruction Account Capitalized Interest Account Revenue Fund Sinking Fund Interest Account Operating and Maintenance Fund Unrestricted

$ 1,123.68 44.53 717.80
1,407,503.81

$ 1,123.68$ 44.53 717 .80
1,407,503.81

6,714.54 -2,712.14
1,970.97 0.00

9,573.79

9,573.79

0.00

660.17

660.17

0.00

37,135.00

37,135.00

0.00

4,229,543.29$ 97,442.00 4,326,985.29 3,183,539.93

------------- ------------- ------------- -------------

$5,686,302.07
-------------

$ -----9-7 ,-4-4-2-.-0-0 $ --5-, 7--8-3-,-7-4-4-.-0-7 $ -3--,1-8--9-,5--1-3-.3--0

$ 303,276.01 2,249.21 0.00
4,268,075.77 6,494,286.73
218,038.18 1,771,264.49

$ 303,276.01 $1,447,235.33

2,249.21

109,751.89

0.00 8,524,061.81

4,268,075.77

0.00

6,494,286.73

0.00

218,038.18

0.00

1,771,264.49 1,693,613.58

Total Investments

$13,057,190.39

$13,057,190.39 $11,774,662.61

Interest Receivable Restricted Project Fund Construction Account Nonconstruction Account Capitalized Interest Account Unrestricted Total Interest Receivable
Accounts Receivable Prepaid Items Estate for Years (Note 1) Fixed Assets
Building Less: Accumulated Depreciation
Improvements Other than Building Less: Accumulated Depreciation
Equipment Less: Accumulated Depreciation
Construction in Progress (See Schedule)

$

0.00

0.00

0.00

6,344.47

-------------

$ 6,344.47
-------------

$ 73,994.31
-------------

$

0.00

-------------

$67,508,129.40
-------------

$ 4,B72,069.39 -309,438.19 2,622,612.12 -275,819.48
3,109,695.67 -583,569.87 2,299.97

$

0.00 $ 1,880.03

0.00

179.76

0.00 814,529.78

6,344.47

19,934.85

------------- -------------

$ 6,344.47 $ 836,524.42
------------- -------------

$ 73,994.31 $

0.00

------------- -------------

$

0.00 $ 2,076.00

$67,508,129.40 $67,508,129.40

$ 4,872,069.39 $ 143,880.00 -309,438.19 -39,567.00
2,622,612.12 267,672.80 -275,819.48 -122,683.44 3,109,695.67 301,991.91 -583,569.87 -285,206.96
2,299.97 11,030,753.81

Total Fixed Assets (Net of Accumulated Depreciation)$ 9,437,849.61

$9,437,849.61 $11,296,841.12

Total Assets

$95,769,810.25$ 97,442.00 $95,867,252.25 $94,607,746.85

The notes to the financial statements are an integral part of this statement. - 2-

STATE TOLLWAY AUTHORITY COMBINED BALANCE SHEET
ALL FUND TYPES JUNE 30 1 1994

EXHIBIT "A" Page 2

PROPRIETARY FIDUCIARY

TOTALS

FUND TYPE

FUND TYPE

(Memorandum Only)

-E--N-T-E-R-P-R-I-SE--- ---A--G-EN-C-Y----- J-U-N-E--3--0-, --1-9-94----JU-N-E---3-0-,--1-9-9-3

LIABILITIES AND FUND EQUITY

Accounts Payable Contracts Payable Payroll Withholdings Deferred Revenue Customer Deposits Payable Guaranteed Revenue Bonds Payable
Less: Unamortized Discount on Guaranteed Revenue Bonds
Accrued Interest Payable Funds Held for Others
Total Liabilities

$ 296,877.07 215,353.87 68.85 885,087.45 37,135.00
96,105,000.00

$ 296,877.07$ 411,434.21

215,353.87 517,857.69

68.85

68.85

885,087.45

166,393.00

37,135.00

0.00

96,105,000.00 96,105,000.00

-811, 479. 36

-811,479.36 -859,213.44

3,149,858.75$

3,149,858.75 3,149,858.76

-------------

-----9-7-,4--4-2-.0--0

-----9-7-,4--4-2-.0--0

249,762.40
-------------

$99,877,901.63 $ 97,442.00 $99,975,343.63 $99,741,161.47

Fund Equity Retained Earnings Unreserved Designated for Maintenance Undesignated

$1,208,550.64 -5,316,642.02

$1,208,550.64$ 1,153,200.00 -5,316,642.02 -6,286,614.62

Total Fund Equity

$-4, 108,091.38

$-4,108,091.38 $-5,133,414.62

Total Liabilities and Fund Equity $95,769,810.25$ 97,442.00 $95,867,252.25 $94,607,746.85

The notes to the financial statements are an integral part of this statement. - 3-

STATEMENT

QF

STATE TOLLWAY AUTHORITY REVENUES. EXPENSES AND CHANGES IN

RETAINED

EARNINGS

PROPRIETARY FUND TYPE - ENTERPRISE FUND

YEAR ENDED JUNE 30. 1994

EXHIBIT "B"

OPERATING REVENUES Administrative Fees Court Ordered Restitution Toll Fees Annual Toll Decals Cash Tolls Cruise Cards Tokens Total Operating Revenues
OPERATING EXPENSES Personal Services Regular Operating Expenses Equipment Real Estate Rentals Per Diem, Fees and Contracts Depreciation Total Operating Expenses Operating Income (Loss)
NONOPERATING REVENUES (EXPENSES) Interest Income Guaranteed Revenue Bond Interest Expense Extraordinary Expense Financing/Trustee Fees Arbitrage Rebate Penalty Adjustment Total Nonoperating Revenues (Expenses) Net Income (Loss)
RETAINED EARNINGS - JULY 1
RETAINED EARNINGS - JUNE 30

TO,TALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

$ 218,747.50$ 3,574.19
357,973.70 9,721,095.72 2,148,855.50
29,682.00

0.00 0.00
335,547.00 923,303.84
0.00 21,446.00

$12,479,928.61 $1,280,296.84

$ 1,937.76$ 1,159,211.16 65,207.61 437,912.00 3,217,909.89 721,370.14

2,260.72 58,243.28 16,669.47
528,375.00 724,455.80 63,400.66

$5,603,548.56$ 1,393,404.93

$6,876,380.05$ -113,108.09

$ 562,711.32$ 1,038,105.32

-6,496,724.67 -5,753,618.11

0.00 -301,360.14

-19,703.60

0.00

102,660.14

0.00

$-5,851,056.81 $-5,016,872.93

$1,025,323.24 $-5,129,981.02

-5,133,414.62

-3,433.60

$-4,108,091.38 $-5,133,414.62

The notes to the financial statements are an integral part of this statement.
- 4-

STATE TOLLWAY AUTHORITY STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30. 1994

EXHIBIT "C"

CASH FLOW FROM OPERATING ACTIVITIES Cash Received from Customers Cash Paid to Vendors and Employees Net Cash Provided by Operating Activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Financing/Trustee Fees Paid Interest Paid on Guaranteed Revenue Bonds Acquisition and Construction of Capital Assets Net Cash Used in Capital and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Investment Securities Proceeds from Sale and Maturity of Investments Interest on Investments Net Cash Provided by Investing Activities Net Increase in Cash and Cash Equivalents
CASH AND CASH EQUIVALENTS - JULY 1
CASH AND CASH EQUIVALENTS - JUNE 30
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating Income (Loss) Adjustments to Reconcile Operating Income (Loss) to
Net Cash Provided by Operating Activities: Depreciation Changes in Assets and Liabilities: Increase in Accounts Receivable (Increase} Decrease in Prepaid Items Increase 1n Liabilities (Other than Customer Deposits) Increase in Customer Deposits Payable Increase in Deferred Revenues Total Adjustments
Net Cash Provided by Operating Activities

TOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993

$13,124,628.75$ 1,293,941.84 -4,700,327.71 -1,117,099.71

$ 8,424,301.04$

176,842.13

$ -19,703.60 $

0.00

-6,448,990.60 -5,705,884.03

680,580.84 -9,087,705.00

$ -5,788,113.36 $ -14,793,589.03

$-31,371,797.65 $ -57,254,412.30 30,089,269.87 71,319,701.40 1,392,891.27 1,311,337.08
$ 110,363.49$ 15,376,626.18 $ 2,746,551.17$ 759,879.28
2,939,750.90 2,179,871.62
$ 5,686,302.07$ 2,939,750.90 =z== ==

$ 6,876,380.05$ -113,108.09

$ 721,370.14$ -73,994.31 2 076.00 142:639.71 37,135.00 718,694.45
$ 1,547,920.99 $

63,400.66 0.00
-2,076.00 214,980.56
0.00 13,645.00
289,950.22

$ 8,424,301.04$ 176,842.13

The notes to the financial statements are an integral part of this statement.
- 5-

STATE TOLLWAY AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT"D"

NOTE 1; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY The State Tollway Authority was established as an instrumentality of the State of Georgia and a public corporation to finance the construction of toll highways and bridges in Georgia. The Authority consists of three (3) ex-officio members: the Governor, Commissioner ofthe Department ofTransportation and Director ofthe Office ofPlanning and Budget. Administrative services are provided to the Authority by the Department ofTransportation. The State Tollway Authority is considered a component unit ofthe State ofGeorgia and is included within the State of Georgia reporting entity 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 ofthe Governmental Accounting Standards Board Codification ofGovernmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING The State Tollway Authority uses funds to report on its financial position and the results of its operations determined in conformity with generally accepted accounting principles. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Funds presented in the accompanying financial statements are as follows:
PROPRIETARY FUND TYPE
ENTERPRISE FUND - The fund used to account for operations that are financed and operated in a nwmer similar to private business enterprises, where the intent is that costs ofproviding goods or services to the general public on a continuing basis are financed or recovered primarily through user charges or that periodic measurement of revenues earned and expenses incurred are appropriate for capital maintenance, public policy, accountability and other purposes.
FIDUCIARY FUND TYPE
AGENCY FUND - The fund used to account for assets held for use by other funds, governments, or individuals.
BASIS OF ACCOUNTING MEASUREMENT FOCUS
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Proprietaiy fund types should be accounted for on a flow ofeconomic resources measurement focus. With this measurement focus, all assets and all liabilities are included on the balance sheet. Operating statements ofthese
I
funds present increases, (i.e., revenues) and decreases (i.e., expenses) in net total assets.

-6-

STATE TOLLWAY AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING PROPRIETARY FUND TYPE ENTERPRISE FUND
The State Tollway Authority maintains its Enterprise Fund on the accrual basis of accounting. Under the accrual basis ofaccounting, revenues are recognized in the accounting period in which they are earned, and expenses are recognized when incurred.
FIDUCIARY FUND TYPE AGENCYFUND
The Agency Fund is custodial in nature in that assets are equally offset by liabilities to other funds, governmental units, or individuals. The modified accrual basis ofaccounting is utilized for recognizing assets and liabilities.
BUDGET An internal operations budget for management purposes is prepared by the State Tollway Authority. The budget is not subject to review or approval by the Legislature of the State of Georgia and therefore, is a nonappropriated budget.
ASSETS, LIABILITIES AND FUND EQUI'IY CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents include currency on hand, demand deposits with banks and other financial institutions, and cash management pools that have the general characteristics ofdemand 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 of the Georgia 400 Project Fund represent uninvested balances on deposit with the Trustee. Funds ofthe Georgia 400 Project Fund on deposit with the Trustee for the purpose of continual investment are reflected as Investments regardless of the term ofthe instruments. The aforementioned definitions were applied for the preparation ofthe Statement of Cash Flows.
INVESTMENTS Investments are defined as those financial instruments with terms of three months or more from the date of purchase and certain other securities held for the production of revenue. Investments are stated at cost.
INTEREST RECEIVABLE Interest on temporary investments and investments is recorded as revenue in the year the interest is earned.
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 those accounts expected to be uncollectible.

-7-

STATE TOLLWAY AUTiiORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 1; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ASSETS, 'LIABILITIES AND FUND EQUITY ESTATE FOR YEARS
On July 10, 1991, the State ofGeorgia Department ofTransportation granted to the State Tollway Authority an "Estate for Years" in return for a portion ofthe proceeds ofthe sale of 1991 Guaranteed Revenue Bonds in the amount of$67,508,129.40. This "Estate" entitles the State Tollway Authority the right to possess and operate the Georgia 400 Extension. Upon payment in full of the 1991 Guaranteed Revenue Bonds by the Authority, all rights, titles and interest acquired in this agreement shall revert to the State of Georgia Department ofTransportation.
FIXED ASSETS Fixed assets are recorded at cost. Donated fixed assets are recorded at fair market value on the date donated and disposals are deleted at recorded cost. Depreciable assets are depreciated over the estimated useful lives ofthe assets using the straight-line method ofdepreciation.
During the year under review, the Georgia 400 construction project was virtually completed. As a result, the Construction in Progress Account reflected in prior year reports was substantially closed and transferred to the appropriate fixed asset category and current year expense, where appropriate.
RESTRICTED ASSETS Specified portions ofthe Authority's Cash and Cash Equivalents and Investments are classified as restricted assets on the Combined Balance Sheet. Certain revenue bond proceeds recorded in the Enterprise Fund, as well as certain resources set aside for their repayment, are reflected as restricted assets on the Combined Balance Sheet because their use is limited by applicable bond covenants. The "Project Fund" as established under terms of the Trust Indenture consists of the "Construction Account" which is used to report those proceeds of the revenue bonds that are restricted for use in construction; the "Nonconstruction Account" which is used to report administrative expenditures; and the "Capitalized Interest Account" which is used to segregate resources accumulated for debt service payments during the construction phase of the Georgia 400 project. The "Revenue Fund" is used to record deposits of all Pledged Revenues as defined in the Trust Indenture. Funds in the "Revenue Fund" are distributed monthly by the Trustee to other funds and accounts as set forth in the Trust Indenture. The "Sinking Fund" is currently comprised ofthe "Interest Account" which is used for the payment of interest on the Series 1991 Guaranteed Revenue Bonds. The "Operating and Maintenance Fund" is used to pay the operating and maintenance expenses.
In addition, Restricted Assets include customer deposits paid to the Authority for the Georgia Cruise Card.
ASSETS, LIABILITIES AND FUND EQUITY LONG-TERM OBLIGATIONS
Long-term debt is recognized as a liability of proprietary fund types when those liabilities are expected to be financed from proprietary fund operations. (See Note 5)

-8-

STATE TOLLWAY AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1994

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ASSETS; LIABil.JTIES AND FUND EQUITY UNAMORTIZED DISCOUNT ON REVENUE BONDS PAYABLE
The original issue discount on the Series 1991 Guaranteed Revenue Bonds (Georgia 400 Project) is to be amortized over the term of the bonds using the straight-line method. The unamortized bond discount is recorded as an offset to the principal amount ofthe revenue bonds outstanding.
FUND EQUITY Designations of Unreserved Retained Earnings represent tentative managerial plans or intent for financial resource utilization in a future period.
MEMORANDUM ONLY - TOTAL COLUMNS Total columns on the Combined Balance Sheet are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. lnterfund eliminations have not been made in the aggregation ofthis data.
COMPARATIVE DATA Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding ofchanges in the Authority's financial position and operations. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand.
NOTE 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
COMPLIANCE WITH GUARANTEED REVENUE BOND COVENANTS The Authority is subject to certain covenants with regard to the issuance of the Series 1991 Guaranteed Revenue Bonds (Georgia 400 project).
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds ofthe State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu ofa surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(1) Bonds, bills, notes, certificates ofindebtedness or other direct obligations of the United States or ofthe State of Georgia.
(2) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities ofthe State of Georgia.
(3) Bonds ofany public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use of the bonds for this purpose.
-9-

STATE TOLLWAY AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT"D"

NOTE 2: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES
(4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia.
(5) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofa subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, and debt obligations issued by the Federal Land Banlc, the Federal Home Loan Banlc, the Federal Intermediate Credit Banlc, the Central Banlc for Cooperatives, the Farm Credit Banlcs, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
(6) Guarantee or insurance ofaccounts provided by the Federal Deposit Insurance Corporation.
As authorized in the Official Code ofGeorgia Annotated Section S0-17-53, the State Depository Board has adopted policies which allow agencies ofthe State of Georgia the option ofexempting demand deposits from the collateral requirements.
NOTE 3: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all banlc balances which include demand deposits and/or interest bearing accounts. These banlc balances are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk.
Included on Schedule "l" of this report is an amount of $97,442.00 for Contractors' Retainage Escrow Deposits which have not been included in the custodial credit risk categoriz.ation. Offici~ Code ofGeorgia Section 32-2-77 provides that the Authority shall not be liable to the contractors for the failure ofthe escrow agents (See Note 7).
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.

Category 2 - Amounts collateralized with securities (at market value) held by the financial institution's trust department or agent in the Authority's name.

Category 3 - Amounts collateralized with securities (at market value) held by the financial institution or by its trust department or agent, but not in the Authority's name, and amounts uncollateralized.

Carrying Amount

Bank Balance

Risk Categories

2

3

c..b Depoaita

S 4214,301.20 S U7B 910 79 S 419 62B7 S 974 258 75 S 3 985 026 67

- 10-

STATE TOLLWAY AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT"D"

NOTE 3: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS Investments are stated at cost. The carrying amounts shown below include amounts maintained in an investment pool by the Office ofTreasury and Fiscal Services and amounts maintained in demand notes and are not subject to risk categom.ation. Demand notes represent short-term investment of portfolio reserves in various investment instruments similar to open-end mutual funds.

Canying Amount

Market Value

State Investment Pool Demand Notes

$ 2,472,565.62 $ 2,472,565.62 11,285,925.90 11,285,925.90

$13,758 491.52 $13,758,491.52

NOTE 4: OPERATING LEASE

The State Tollway Authority has entered into an agreement to lease real property which is classified as an operating lease. This lease contains a provision that, at the conclusion of each year of occupancy, the Authority has the option of terminating the lease. Future minimum commitments for the operating lease as of June 30, 1994, are $26,988.00. This amount represents the fiscal year 1995 commitment for which an option to renew has been exercised.

In addition, under a contractual agreement with the State of Georgia Department of Transportation, the Authority operates the F. J. Torras Causeway. The Causeway is owned by the Department of Transportation and leased to the State Tollway Authority in order to collect tolls for the purpose ofearning sufficient revenues to make poSSible the maintenance, repair and improvements to the Causeway. Terms ofthe lease, as revised, call for payments to the Department of $413,000.00 per year to the expiration ofthe lease on December 31, 2021. The lease may be terminated at anytime by mutual agreement between the Department and the Authority.

Expenditures for rental of real property and equipment under operating leases for the year ended June 30,

1994, totaled $441,800.39.



NOTE 5: LONG-TERM DEBT

GUARANTEED REVENUE BONDS PAYABLE
The State Tollway Authority issued State of Georgia Guaranteed Revenue Bonds (Georgia 400 Project), Series 1991, for the purpose of:financing a portion of the costs of acquiring, constructing and maintaining the Georgia 400 Project. These bonds are backed by the toll revenues to be generated from the usage of the Georgia 400 Extension. Further, the State of Georgia has guaranteed the full payment ofthe bonds and the

- 11-

STATE TOLLWAY AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
RJNE 30, 1994

EXHIBIT"D"

NOTES: LONG-TERMDEBT

GUARANTEED REVENUE BONDS PAYABLE interest thereon in accordance with the Constitution ofthe State ofGeorgia and has reserved $9,599,040.00 in. the State ofGeorgia Guaranteed Revenue Debt Common Reserve Fund which is on deposit at the Office
ofTreaswy and Fiscal Services. Guaranteed revenue bonds outstanding at June 30, 1994, are as follows:

Pur.pose

Interest Rates

Amount

Georgia 400 Project

6.250-6.80%

$96,105,000.00

Guaranteed revenue bond debt service requirements to maturity are as follows:

Fiscal Year Ending June 30

Total Debt

Interest

Principal

1995 1996 1997 1998 1999 2000-2011

$ 9,594,717.50 $6,299,717.50 $ 3,295,000.00 9,598,780.00 6,093,780.00 3,505,000.00 9,594,717.50 5,874,717.50 3,720,000.00 9,597,217.50 5,642,217.50 3,955,000.00 9,595,030.00 5,395,030.00 4,200,000.00
115,164,327.50 37,734,327.50 77,430,000.00

$163,144,790.00 $67,039,790 00 $96 105,000.00
Interest due on July 1, 1994, in the amount $3,149,858.75 was recorded as a liability ofthe Enterprise Fund
at June 30, 1994.

NOTE 6: OTHER FINANCIAL NOTES

DEFICIT RETAINED EARNINGS
The Georgia 400 Project has a deficit retained earnings position of$9,009,039.91 at June 30, 1994.

NOTE 7: CONTRACTORS' RETAINAGE ESCROW DEPOSITS

The State Tollway Authority, in accordance with the Official Code of Georgia Annotated Section (O.C.G.A). 32-2-76, has provided for the maintenance of escrow accounts in an amount equal to at least the amount of the retainage authorized in contracts for the purpose of constructing, improving or maintaining any road, highway or bridge. These accounts have been established in lieu of the retained amounts provided for in O.C.G.A Section 32-2-75. These accounts are maintained in the name ofthe contractor and are in the form ofcertificates ofdeposits with the bank designated by the contractor, subject to the Authority's approval. As interest on the certificates ofdeposits held in escrow becomes due, it is collected by the escrow agent and paid to the contractor. After certification by the State Highway Engineer that the work has been satisfactorily

- 12-

STATE TOLLWAY AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIDBIT "D"

NOTE 7: CONTRACTORS' RETAINAGE ESCROW DEPOSITS
completed and is accepted in accordance with the contract plans and specifications, the funds are withdrawn ftom the escrow account by the Authority, based on written approval ofthe Authority's Treasurer, and paid to the contractor. In the event ofa failure ofthe escrow agent to perform under the escrow agreement, the State Tollway Authority or the State of Georgia shall not be liable to the contractor in accordance with O.C.G.A Section 32-2-77.
Due to the historically low probability ofa contractor default and subsequent collection of deposited funds by the State Tollway Authority, all activity regarding the contractors' retainage deposits is reflected on Exhibit "H", "Statement ofChanges in Assets and Liabilities - Fiduciary Fund Type - Agency Fund".
NOTES: RELATEDPARTIES
The Georgia Department of Transportation and the State Tollway Authority are considered to be related parties due to certain common management personnel. The Commissioner of the Department of Transportation serves as one of three members of the State Tollway Authority and the Treasurer of the Department ofTransportation also serves as the Secretary-Treasurer ofthe Authority.
NOTE9: CONTINGENCIES
Litigation, claims and assessments filed against the State Tollway Authority, if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department ofAdministrative Services maintains a program ofpurchased insurance and self- insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State ofGeorgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1994.
NOTE 10: BONDING INFORMATION
Operators ofthe F. J. Torras Causeway, administrators ofthe Georgia 400 Project, and accounting services for the State Tollway Authority are provided by the Georgia Department ofTransportation.
All employees ofthe Department ofTransportation and the State Tollway Authority are bonded under a Public Employees Blanket Bond written by Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October 1, 1994. Under this agreement the Public Employee Dishonesty Coverage insures the Department and Authority to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The Faithful Performance of Duty Coverage insures the Department and Authority to a maximum of $100,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment.

-13 -

STATE TOLLWAY AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
RJNE 30, 1994

EXHIBIT"D"

NOTE 10; BONDING INFORMATION
All employees of the Department of Transportation and State Tollway Authority are also bonded under a
Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626 011675 2, on which the premium was paid to October 1, 1994. Under this additional public employee
dishonesty coverage, the policy insures the Department and Authority to a maximum of$4,000,000.00 against
loss sustained through fraudulent or dishonest acts by its employees.

- 14-

SUPPLEMENTARY INFORMATION - 15-

STATE TOLLWAY AUTHORITY COMBINING BALANCE SHEET
PROPRIETARY FUND TYPE - ENTERPRISE FUND
JUNE 30, 1994

EXHIBIT "E" Page 1

ASSETS
Cash and Cash Equivalents Restricted Project Fund Construction Account Nonconstruction Account Capitalized Interest Account Revenue Fund Sinking Fund Interest Account Operating and Maintenance Fund Customer Deposits Unrestricted
Total Cash and Cash Equivalents
Investments Restricted Project Fund Construction Account Nonconstruction Account Revenue Fund Sinking Fund Interest Account Operating and Maintenance Fund Unrestricted
Total Investments
Interest Receivable Unrestricted
Accounts Receivable
Estate for Years
Fixed Assets Building Less: Accumulated Depreciation Improvements Other than Building Less: Accumulated Depreciation Equipment Less: Accumulated Depreciation Construction in Progress
Total Fixed Assets (Net of Accumulated Depreciation)

F. J. TORRAS GEORGIA 400

CAUSEWAY

PROJECT

TOTAL

$ 1,123.68$ 1,123.68

44.53

44.53

717 .80

717.80

1,407,503.81 1,407,503.81

$3,393,275.70

9,573.79 660.17
37,135.00 836,267.59

9,573.79 660.17
37,135.00 4,229,543.29

$3,393,275.70$ 2,293,026.37$ 5,686,302.07

$ 303,276.01 $ 303,276.01

2,249.21

2,249.21

4,268,075.77 4,268,075.77

6,494,286.73 6,494,286.73

218,038.18 218,038.18

$1,771,264.49

1,771,264.49

$1,771,264.49 $11,285,925.90 $13,057,190.39

$ 6,344.47

$

6,344.47

$ 2,738.19$ 71,256.12 $ 73,994.31

$67,508,129.40 $67,508,129.40

$ 143,880.00$ 4,728,189.39$ 4,872,069.39

-46,761.00 -262,677.19 -309,438.19

267,672.80 2,354,939.32 2,622,612.12

-144,989.52 -130,829.96 -275,819.48

301,991.91 2,807,703.76 3,109,695.67

-292,609.36 -290,960.51 -583,569.87

2,299.97

2,299.97

$ 229,184.83$ 9,208,664.78$ 9,437,849.61

Total Assets See notes to the financial statements.

$ 5,402,807.68 $90,367,002.57 $95,769,810.25 - 16 -

STATE TOLLWAY AUTHORITY COMBINING BALANCE SHEET PROPRIETARY FUND TYPE - ENTERPRISE FUND
JUNE 30, 1994

EXHIBIT "E" Page 2

F. J. TORRAS GEORGIA 400

CAUSEWAY

PROJECT

TOTAL

LIABILITIES AND FUND EQUITY

Liabilities Accounts Payable Contracts Payable Payroll Withholdings Deferred Revenue Cust0111er Deposits Payable Guaranteed Revenue Bonds Payable Less: Unamortized Discount on Guaranteed Revenue Bonds Accrued Interest Payable
Fund Equity Retained Earnings Unreserved Designated for Maintenance Undesignated Total Fund Equity

$ 228,300.69$ 68,576.38$ 296,877.07

97,002.66 118,351.21 215,353.87

68.85

68.85

176,486.95

708,600.50

885,087.45

37,135.00

37,135.00

96,105,000.00 96,105,000.00

-811,479.36 -811,479.36

3,149,858.75 3,149,858.75

------------- ------------- -------------

$ 501,859.15 $99,376,042.48 $99,877,901.63
------------- ------------- -------------

$1,208,550.64

$1,208,550.64

3,692,397.89 $-9,009,039.91 -5,316,642.02

------------

$4,900,948.53 $-9,009,039.91 $-4,108,091.38

Total Liabilities and Fund Equity

$5,402,807.68 $90,367,002.57 $95,769,810.25 ~ m

See notes to the financial statements.

- 17 -

STATE TOLLWAY AUTHORITY
COMBINING STATEMENT OF REVENUES. EXPENSES ANO CHANGES IN RETAINED EARNINGS
PROPRIETARY FUND TYPE - ENTERPRISE FUND YEAR ENDED JUNE 30, 1994

EXHIBIT "F"

OPERATING REVENUES

Adlllinistrative Fees

Court Ordered Restitution

Toll Fees



Annual Toll Decals

Cash Tolls

Cruise Cards

Tokens

Total Operating Revenues

OPERATING EXPENSES

PERSONAL SERVICES Salaries and Wages Employer's Contribution for: F.I.C.A.

REGULAR OPERATING EXPENSES Supplies and Materials Repairs and Maintenance Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses (See Schedule) Publications and Printing

EQUIPMENT Equipment Purchases Lease/Purchase of Equipment

REAL ESTATE RENTALS PER DIEM, FEES AND CONTRACTS
Per Diem and Fees Contracts

DEPRECIATION Total Operating Expenses Operating Income
NONOPERATING REVENUES fEXPENSESl Interest Income Guaranteed Revenue Bond Interest Expense Financing/Trustee Fees Arbitrage Rebate Penalty Adjustment Total Nonoperating Revenues (Expenses) Net Income
RETAINED EARNINGS - JULY 1

F. J. TORRAS GEORGIA 400

CAUSEWAY

PROJECT

$ 218,747.50$ 218,747.50

$ 3,574.19

3,574.19

357,973.70 926,133.42
29,682.00

8,794,962.30 2,148,855.50

357,973.70 9,721,095.72 2,148,855.50
29,682.00

$ 1,317,363.31 Sll,162,565.30 $12,479,928.61

$ 1,800.00 l37.76
$ 1,932.76

$ 1,800.00

137,Z

$

1,937 I 76

$ 11,417.21 $ 969,375.77$ 980,792.98

16,373.46

15,715.96

32,089.42

75.00

3,813.39

3,888.39

14,753.00

14,753.00

5,989.89 120,302.98 126,292.87

1,394.50

1,394.50

$ 48,608.56$ 1,110,602.60$ 1,159,211.16

$ 2,694.00 $
$ 2,694.00$ $ 413,000.00$

56,637.79$ 5,875.82
62,513.61 $
24,912.00$

59,331.79 5,875.82
65,207.61
437,912.00

$ 2,421.50$ 2,421.50 $ 520,100.96 2,695,387.43 3,215,488.39 $ 520,100.96$ 2,697,808.93$ 3,217,909.89 $ 36,902.48$ 684,467.66$ 721,370.14 $ 1.023,243.76 $4,580,304.80$ 5,603,548.56
$ 294,119.55$ 6,582,260.50$ 6,876,380.05

$ 146,780.27$ 415,931.05$ 562,711.32 -6,496,724.67 -6,496,724.67 -19,703.60 -19,703.60 102,660.14 102,660.14
$ 146,780.27 $-5,997,837.08 $-5,851,056.81
$ 440,899.82$ 584,423.42$ 1,025,323.24
4,460,048.71 -9,593,463.33 -5.133,414.62

RETAINED EARNINGS - JUNE 30 See notes to the financial statements.

$ 4.900.948.53 $-9.009.039.91 $-4.108.091.38 - 18 -

STATE TOLLWAY AUTHORITY COMBINING STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUND
YEAR ENDED JUNE 30, 1994

EXHIBIT "G"

CASH FLOWI FROM OPERATING ACTIVITIES Cash Received from Customers Cash Paid to Vendors and Employees Net Cash Provided by Operating Activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Financing/Trustee Fees Paid Interest Paid on Guaranteed Revenue Bonds Acquisition and Construction of Capital Assets Net Cash Used in Capital and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Investment Securities Proceeds fr011 Sale and Maturity of Investments Interest on Investments Net Cash Provided by Investing Activities Net Increase in Cash and Cash Equivalents
CASH AND CASH EQUIVALENTS - JULY 1

F. J. TORRAS GEORGIA 400

CAUSEWAY

PROJECT

$1,324,719.07$ 11,799,909.68$ 13,124,628.75 -947.940.64 -3.752.387.07 -4,700.327.71
$ 376,778.43 $ 8,047,522.61 $ 8.424.301,04

$ -19,703.60 $ -19,703.60

-6,448,990.60 -6,448,990.60

680,580.84

680,580.84

$ -5,788,113,36 $ -5,788,113,36

$-4,194,390.32 $-27,177,407.33 $-31,371,797.65 4,116,739.41 25,972,530.46 30,089,269.87 160,370.65 1,232,520.62 1,392,891.27

$ 82,719.74$ 27,643.75$ 110.363.49

$ 459,498.17$ 2,287,053.00$ 2,746,551.17

2,933,777.53

5,973.37 2,939,750.90

CASH AND CASH EQUIVALENTS - JUNE 30

s s $ 31393 1275.70 21293 1 026.37 51686 1302.01

RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Operating Income

$ 294,119.55$ 6.582,260.50 $ 6.876,380.05

Adjustments to Reconcile Operating Income to

Net Cash Provided by Operating Activities:

Depreciation

$

Change in Assets and Liabilities:

Increase in Accounts Receivable

Decrease in Prepaid Items

Increase in Liabilities (Other than Customer Deposits)

Increase in Customer Deposits Payable

Increase in Deferred Revenues

36,902.48$ -2,738.19 38,400.64 10,093.95

684,467.66$
-71,256.12 2,076.00
104,239.07 37,135.00 708,600.50

721,370.14 -73,994.31
2,076.00 142,639.71 37,135.00 718,694.45

Total Adjustments

$_~8.2...,..6...5. 8.88$ 1,465.262.11 $ 1,547,920.99

Net Cash Provided by Operating Activities

$ 376,778.43$ 8.047,522.61 $ 8,424,301.04

See notes to the financial statements.

- 19 -

STATE TOLLWAY AUTHORITY STATEMENT QF CHANGES IN ASSETS AND LIABILITIES
FIDUCIARY FUND TYPE - AGENCY FUND YEAR ENDED JUNE 30. 1994

EXHIBIT "H"

FUND Contractors' Retainage Escrow Deposits

ASSETS/ LIABILITIES JULY 1, 1993

ADDITIONS

DELETIONS

ASSETS/ LIABILITIES JUNE 30, 1994

$ 249,762.40$ 1,908.79$ 154,229.19 $ 97,442.00
----- ............. -------- .............

See notes to the financial statements.

- 20 -

STATE TOLLWAY AUTHORITY CASH AND CASH EQUIVALENTS
JUNE 30. 1994

SCHEDULE "1"

NONINTEREST BEARING ACCOUNTS
Trust Company Bank of Southeast Georgia, N.A., Brunswick, Georgia
INTEREST BEARING ACCOUNTS
------~------------------
NationsBank of Georgia, N.A., Atlanta, Georgia
Wachovia Bank of Georgia, Atlanta, Georgia
Contractors' Retalnage Escrow Deposits (List on File)
Funds on Deposit with Office of Treasury and Fiscal Services State Investment Pool
OTHER
Cash on Hand Petty Cash

$ 910,040.51
$ 784,481.00 1,419,623.78 97,442.00 2,472,565.62 4,774,112.40
70,699.74 28,891.42
$ 5,783,744.07
----------

See notes to the financial statements.

- 21 -

STATE TOLLWAY AUTHORITY INVESTMENTS
JUNE 30, 1994

SCHEDULE "2"

FUND/INVESTMENT TYPE

PURCHASE DATE

F. J. TORRAS CAUSEWAY

Certificates of Deposit Fredrica Bank ana Trust, St. Simons Island, Georgia No. 2107 No. 2126 Trust Company Bank of Southeast Georgia, N.A., BrNunos. w1ic1k70130G9e1orgia

June June

4d,

1994 1994

April 25, 1994

Total F. J. Torras Causeway

GEORGIA 400 PROJECT

Restricted

Project Fund

Construction Account

Demand Notes - Stico Treasury Tax Advantage

Wachovia Bank of Georgia,

Atlanta, Georgia

N/A

Nonconstruction Account

Demand Notes - Stico Treasury Tax Advantage

Wachovia Bank of Georgia,

Atlanta, Georgia

N/A

Total Project Fund

Revenue Fund

Demand Notes - Fidelity Treasury Cash Port,

Number 53

Wachovia Bank of Georgia,

Atlanta, Georgia

N/A

Demand Notes - Stico Treasury Tax Advantage

Wachovia Bank of Georgia,

Atlanta, Georgia

N/A

Total Revenue Fund

Sinking Fund

Interest Account

Demand Notes - Fidelity Treasury Cash Port,

Number 53

Wachovia Bank of Georgia,

Atlanta, Georgia

N/A

Operating and Maintenance Fund

Demand Notes - Stico Treasury Tax Advantage

Wachovia Bank of Georgia,

Atlanta, Georgia

N/A

Total Georgia 400 Project

MATURITY DATE

June June

4 d

,

1995 1995

July 25, 1994

N/A N/A
N/A N/A
N/A N/A

AMOUNT
$ 749,192.33 675,708.06 346,364.10
$1,771,264.49
$ 303,276.01 2,249.21
$ 305,525.22
$ 2,655,758.75 1,612,317.02
$ 4,268,075.77
$ 6,494,286.73 $ 218,038.18 $11,285,925.90 $13,057,190.39
1t---------

See notes to the financial statements.

- 22 -

STATE TOLLWAY AUTHORITY ANALYSIS OF CONSTRUCTION IN PROGRESS
YEAR ENDED JUNE 30, 1994

SCHEDULE 3

BALANCE - JULY 1 CHARGES IN DURING FISCAL YEAR
Per Diem, Fees and Contracts Contracts
CHARGES OUT DURING FISCAL YEAR To Fixed Assets To Expense
BALANCE - JUNE 30

$11,030,753.81
557,083.04 $11,587,836.85 $ 9,811,206.67 1,774,330.21 11,585,536.88
$......2.,2.9.9...9.7.

See notes to the financial statements.

- 23 -

STATE TOLLWAY AUTHORITY SCHEDULE OF OTHER OPERATING EXPENSES
YEAR ENDED JUNE 30, 1994

SCHEDULE "4"

OTHER OPERATING EXPENSES
------------------------
Regular Operating Expenses Bank Charges Credit Card Charges Lt nen Service Training
Uniforms

F. J. TORRAS GEORGIA 400

CAUSEWAY

PROJECT

TOTAL

------------ -----------

$

193.10 $ 1,125.07$ 1,318.17

71,070.53

71,070.53

4,983.40

4,983.40

48,107.38

48,107.38

813.39

813.39

------------- ------------- -------------

$ 5,989.89$ 120,302.98$ 126,292.87
---------- ------------ ------

See notes to the financial statements.

- 24 -

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

STATE TOLLWAY AUTHORITY SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1994
CURRENT YEAR
INVESTMENTS Uncollateralized Investments Financial Statements Audit Control Number 927-94-01
At June 30, 1994, the State Tollway Authority failed to have its investments fully collateralized as provided for by the Official Code of Georgia Annotated Section 50-17-59. The following investments were not fully collateralized:
Frederica Banlc and Trust, St. Simons Island, Georgia Certificates ofDeposit Amount: $749,192.33 Amount: $675,708.06
The Authority should establish the necessary controls to ensure that all investments are fully collateralized.