State of Georgia General Obligation Debt Sinking Fund budgetary compliance report for the fiscal year ended June 30, 2013 [June 30, 2013]

General Obligation Debt Sinking Fund
Budgetary Compliance
Report
For the Fiscal Year
Ended June 30, 2013
Department of Audits and Accounts
Greg S. Griffin State Auditor
State Government Division David Pennington, Director

GENERAL OBLIGATION DEBT SINKING FUND BUDGETARY COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
-TABLE OF CONTENTS-
COMPLIANCE SECTION
Independent Accountant's Report i ooooooooooooo oo ooooooooooooo oooo oooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo oo oooo Statement of Funds Available and Expenditures Compared to Budget
By Program and Funding Source Budget Fund OoOoooooooooooooooooooooooooooooooooooooOOoOOOoooooooooo oooooooooooooooooooooooooooo 0000 0000000000000000000 oo oo l

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COMPLIANCE SECTION

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Greg S. Griffin
STATE AUDITOR (404) 656-2180

DEPARTMENT OF AUDITS AND ACCOUNTS
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400
INDEPENDENT ACCOUNTANT'S REPORT

Mr. Steve McCoy, State Treasurer Office ofthe State Treasurer,

Ms. Diana Pope, Director Financing and Investment Division Georgia State Financing and Investment Commission
and Members of the Georgia State Financing and Investment Commission

We have examined the General Obligation Debt Sinking Fund's compliance with the 2013 Appropriations Act, as amended, (Final Budget) and Article VII, Section IV Paragraph VIII ofthe Constitution ofthe State of Georgia for fiscal year ended June 30,2013. Management is responsible for the General Obligation Debt Sinking Fund's compliance with the following requirements:

An appropriated budget unit cannot overspend their authorized budgeted amounts at the legal level ofbudgetary control (funding source within program). This means that amounts reflected in the "variance" column under the heading of Expenditures Compared to Budget in the Statement ofFunds Available and Expenditures Compared to Budget by Program and Funding Source Budget Fund are not negative vanances.

Article VII, Section IV Paragraph VIII of the Constitution of the State of Georgia provides, in part, " ... the credit of the State shall not be pledged or loaned to any individual, company, corporation or association." As applied here, this means that amounts reflected in the "variance" column under the heading of Excess (Deficiency) of Funds Available Over/(Under) Expenditures in the Statement of Funds Available and Expenditures Compared to Budget by Program and Funding Source Budget Fund are not negative variances.

Our responsibility is to express an opinion on compliance with the aforementioned requirements for the General Obligation Debt Sinking Fund based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, includes examining, on a test basis, evidence about the General Obligation Debt Sinking Fund' s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the aforementioned organization' s compliance with the specified requirements; however, our report may be useful to legal counsel or others in making such determinations.
In our opinion, the General Obligation Debt Sinking Fund complied, in all material respects, with the aforementioned requirements for the fiscal year ended June 30, 2013.
A separate management report will be issued to management of the Office of the State Treasurer disclosing other information pertinent to the financial and compliance activities of the organization.
This report is intended solely for the information and use of the Commission and management of the General Obligation Debt Sinking Fund and management of the State of Georgia, including the Governor and the Georgia General Assembly. This report is not intended to be and should not be used by anyone other than these specified parties. However, this report is a matter of public record and its distribution is not limited.
Respectfully submitted,

October 25, 2013

Greg S. Griffin State Auditor

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General Obligation Debt Sinking Fund
Statement of Funds Available and Expenditures Compared to Budget By Program and Funding Source Budget Fund For the Fiscal Year Ended June 30,2013

General Obligation Debt Sinking F und - Issued State Appropriation State General Funds State Motor Fuel Funds State Funds - Prior Year Carry-Over State General Funds - Prior Year State Motor Fuel Funds- Prior Year Federal Funds Federal Recovery Funds Not Specifically Identified
Total General Obligation Debt Sinking Fund - Issued
General Obligation Debt Sinking Fund - New State Appropriation State General Funds State Funds - Prior Year Carry-Over State General Funds - PriorYear State Motor Fuel Funds - Prior Ycar
Total General Obligation Debt Sinking Fund - New
Budget Unit Totals

Original Aeeroeriation

Amended Aeer2Jlriation

Final Budset

Funds Current Year
Revenues

$ 859,04 I,245.00 182,874,06 1.00
11 ,353,993.00 1,053,269,299.00

$ 742,478,092.00 126,088,473.00
16,456,398 .00 885,022,963 .00

$ 742,478,091.00 126,088,473.00
1.00 55,041 ,716.00
16,456,398.00
940,064,679.00

$ 742,478,092.00 126,088,473.00
17,683,460.03 886,250,025. 0 3

83, 0 22,008 .00

8 1,708,040.00

8 1'708,040.00 19,650,526.00

81,708,040.00

83,022,008.00

8 1,708,040.00

10 I,358,566.00

8 1,708,040.00

$ 1, 136,291 ,307.00 $ 966,731,003.00 $ 1,041,423,245.00 $ 967,958,065.03

1

Available Comeared to Budset

Prior Year Reserve Program Transfers

Carry-Over

or Adjustments

Total Funds Available

Variance Positive (N!J!ative)

E~nditures Coml!!!red to BudGet

Variance

Actual

Positive (N!J!ative)

Excess (Deficiency) of Funds Available
Ovcr/(Under) EXJlenditures

$

$

0.21 55,041,715.29
16,456,397.79
71 ,498,113.29

$ 742,478,092.00 126,088,473.00
0.21 55,041,715 .29
34,139,857.82
957,748,138.32

$

1.00 $ 740,357,081.26

97,653,909.36

(0.79) (0.71)

0.21 55,041,715.29

I 7,683,459.82

16,456,397.79

17,683,459.32

909,509,103.91

$ 2, 12 1,009.74 28,434,563.64
0.79 0.71
0.21
30,555,575.09

$ 2,121,010.74 28 ,434,563.64
17,683,460.03 48,239,034.41

39,802 ,706.00 I I,444,000.00 5 I ,246,706.00
$ 122,744,8 19.29 $

81,708,040.00
39,802,706.00 I 1,444,000.00
132,954,746.00

20, I52, 180.00 I I ,444,000.00
3 I,596, I80.00

66,674,536.00 I 9,650,526.00
86,325,062.00

15,033,504.00 I5,033,504.00

15,033,504.00
20, I52, I80.00 I 1,444,000.00
46,629,684 .00

$1,090,702,884.32 $ 49,279,639.32 $ 995,834,165.91 $ 45,589,079.09 $ 94,868,718.41

2