comprehensive annual financial report-fy2008

Upload: navarro-college

Post on 04-Apr-2018

218 views

Category:

Documents


0 download

TRANSCRIPT

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    1/132

    Kfyfttg Ngcclml Ha~xtanxNgt~anfkf# Xlf~

    Ngbztlolk~ayl Fkk|fc Iakfknafc Tlzgtx

    Qlft~ Lkhlh F|m|~x >6# 4::? fkh 4::=

    Ztlzftlh dq0

    Kfyfttg Ngcclml Ha~xtanxIakfknl Hlzftxblkx

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    2/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    3/132

    a

    Kfyfttg Ngcclml Ha~xtanx

    Xfdcl gi Ngkxlkx~

    Loadax '^nolh|cl Zfml

    Akxtgh|nxgtq ^lnxagk

    Xfdcl gi Ngkxlkx~ aClxxlt gi Xtfk~baxxfc yaaGtmfkapfxagkfc ^xt|nx|tl aZtaknazfc Giianafc~ aDgfth gi Xt|~xll~ aaMIGF Nltxaianfxl gi Fnoalylblkx igt Lnlcclknl

    ak Iakfknafc Tlzgtxakm aaa

    Iakfknafc ^lnxagk

    Akhlzlkhlkx F|haxgt~ Tlzgtx >

    Bfkfmlblkx~ Ha~n|~~agk fkh Fkfcq~a~

    ^nolh|cl gi Gzltfxakm Lzlk~l~ dq Gd`lnx D 88

    ^nolh|cl gi Kgkgzltfxakm Tlylk|l~ fkh Lzlk~l~ N 81:

    Kfyfttg Tlmagkfc Og~zaxfc Og~zaxfc >:8

    Kfyfttg Ng|kxq Mgyltkblkx'Ng|kxq 4?8

    Ogbl Hlzgx Ha~xtad|xagk Nlkxlt D|achakm Bfxltafc~ 4

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    12/132

    Lcca~ Ng|kxq of~ f haylt~l lbzcgqblkx fkh bfk|ifnx|takm df~l+ Kl} d|~akl~~l~ xg xol ftlfaknc|hl Cg}l~ Ogbl Abztgylblkx Nlkxlt# Xftmlx# Dlce~# Egoc~# fkh ~lyltfc kl} tl~xf|tfkx~fkh ogxlc~+

    Bf`gt Lbzcgqlt~ igt xol Lcca~ Ng|kxq Tlmagk ftl0

    ]fcmtllk NgbzfkqXqclt Tlitamltfxagk

    G}lk~"Ngtkakm# Akn+Hftx Ngkxfaklt Ngtzgtfxagk

    Akxltkfxagkfc Lxt|~agkDlxxlt Dfxo Ngbzfkq

    \+^+ Fc|bak|bTfng"Fcx|tf Bim+

    Tgne"Xlkk

    F+L+Z+ Akh|~xtal~Nfthakfc NM^lyaccl Akh|~xtal~

    ^fakx"Mgdfak Ngkxfaklt~Mlgtmaf Zfnaian

    Cgicfkh NgbzfkqBfmkfDclkh

    Cailcael Ztgh|nx~# Akn+Xol Bftxak Ngbzfkq

    @fbl~ OfthalKfxagkfc Itlamox# Akn+

    Xol Ha~xtanx~ gyltfcc iakfknafc zg~axagk a~ mggh+ Xol Ha~xtanx lkhlh xol qlft }axo fk akntlf~l akklx f~~lx~+ Xol Ha~xtanx a~ kgx f}ftl gi fkq gxolt n|ttlkxcq ekg}k ifnx~# hlna~agk~# gt ngkhaxagk~xofx ftl lzlnxlh xg ofyl f ~amkaianfkx liilnx gk xol iakfknafc zg~axagk gt tl~|cx gi gzltfxagk~h|takm xoa~ ia~nfc qlft dlqgkh xog~l |kekg}k yftafxagk~ ofyakm f mcgdfc liilnx gk yatx|fccq fccxqzl~ gi d|~akl~~l~+

    FNOALYLBLKX^

    Xol Ha~xtanx of~ dllk tlngmkaplh f~ f clfhlt ak oamolt lh|nfxagk dq F}fth~ gi Lnlcclknltlnlaylh dq ~lyltfc ak~xt|nxgt~ f~ }lcc f~ zftxklt~oaz fmtllblkx~ }axo akh|~xtq+ F zftxafc ca~x gixol Ha~xtanx~ fnoalylblkx~ aknc|hl~0

    Tlngmkaxagk~0

    Igtxq"~a ifn|cxq blbdlt~ ftl KA^GH /Kfxagkfc Ak~xax|xl igt ^xfii fkh GtmfkapfxagkHlylcgzblkx! lnlcclknl f}fth tlnazalkx~ ~aknl 6116+

    Xol Ha~xtanx of~ ofh ~a tlnazalkx~ gi xol ha~xakm|a~olh Zazlt Ztgil~~gt f}fth+ Ig|t fhhaxagkfcifn|cxq blbdlt~ fxxlkhlh xol ztl~xamag|~ ^fcpd|tm ^lbakft igt f ~x|hq gk mcgdfc clftkakm+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    13/132

    a

    Xol Fnng|kxakm ^xfii gi xol Ha~xtanx }f~ fmfak ogkgtlh dq xol Mgyltkblkx Iakfknl Giianlt~F~~gnafxagk /MIGF! }axo ax~ oamol~x ztfa~l0 xol Nltxaianfxl gi Fnoalylblkx igt Lnlcclknl akIakfknafc Tlzgtxakm igt ~lylk ngk~ln|xayl qlft~# 4::6 xotg|mo 4::=+ Xol MIGF gi xol \kaxlh^xfxl~ fkh Nfkfhf f}fth a~ maylk xg mgyltkblkx |kax~ fkh z|dcan lbzcgqll tlxatlblkx ~q~xlb~}og~l ngbztlolk~ayl fkk|fc iakfknafc tlzgtx~ fnoalyl xol oamol~x ~xfkhfth~ ak mgyltkblkx

    fnng|kxakm fkh iakfknafc tlzgtxakm+

    Xol Xlf~ F)B \kaylt~axq fx Ngbbltnl " Kfyfttg Ngcclml Zftxklt~oaz ngkxak|l~ xg tlnlayltlngmkaxagk f~ fk g|x~xfkhakm ztgmtfb }axo lbzof~a~ gk xlfnolt lh|nfxagk+ Xoa~ zftxklt~oaz of~mtg}k itgb 9> ~x|hlkx~ ak xol Ifcc gi 6111 xg 96? ~x|hlkx~ ak Ifcc 4::? gk dgxo xol Ngt~anfkffkh Bahcgxoafk Nfbz|~l~+ Xol zftxklt~oaz of~ ztgh|nlh 1>8 mtfh|fxl~ }axo =96 ak lh|nfxagk#== DFF^# >6 ak Ntabakfc @|~xanl fkh 9< Bf~xlt~ hlmtll~ ngkilttlh+

    Xol Ha~xtanx giilt~ f cftml fkh ngbzlxaxayl akxltngcclmafxl fxoclxan ztgmtfb aknc|hakm df~ldfcc#df~elxdfcc# nolltclfhakm# iggxdfcc# ~gnnlt# ~gixdfcc fkh ygcclqdfcc+ Xol df~elxdfcc xlfb }gk xol4::=":? Tlmagk _AY Nofbzagk~oaz# }axo Ngfno Cl}a~ Gtt iaka~oakm oa~ nftllt }axo 9=?

    K@NFF yanxgtal~+ Xol df~ldfcc xlfb }f~ tfkelh .8 ak xol iakfc K@NFF zgcc igt 4::=":?+ Xol~gnnlt xlfb }gk xol K@NFF Ha~xtanx Nofbzagk~oaz fkh ofh 9 zcfqlt~ kfblh Fcc"Tlmagk fkh 4zcfqlt~ kfblh Fcc"Fbltanfk+ Xol ~gixdfcc xlfb ofh > zcfqlt~ kfblh Fcc"Tlmagk+ Xol iggxdfccztgmtfb of~ }gk 6> ngkiltlknl nofbzagk~oaz~ fkh }gk xol Kfxagkfc Nofbzagk~oaz ak 61?1 fkhxol Zacmtab~ Ztahl Dg}c ak 4::=+ Xol 4::= iggxdfcc xlfb ofh < zcfqlt~ kfblh Fcc"Ngkiltlknl#> zcfqlt~ kfblh K@NFF Fcc"Fbltanfk# 6 zcfqlt kfblh f~ xol ^]@NIN Hlilk~ayl BYZ# fkhxol olfh iggxdfcc ngfno }f~ kfblh xol 4::= ^]@NIN Ngfno gi xol Qlft+ Fnfhlban~ ftl~xtl~~lh dq Kfyfttg Ngcclml fhbaka~xtfxagk fkh xol ngfnoakm ~xfii+ ^|nnl~~ a~ lyahlknlh dqofyakm 69 fxoclxl~ kfblh xg xol Tlmagk _AY Fxoclxan Ngkiltlknl Fcc"Fnfhlban Xlfb fkh 8zcfqlt~ kfblh f~ Fnfhlban Fcc"Fbltanfk~+ Xol ~gnnlt# ygcclqdfcc# fkh df~ldfcc xlfb~ lftklhtlngmkaxagk f~ 4::=":? K@NFF Ifcc Fnfhlban Xlfb~ gi xol Qlft+

    BF@GT AKAXAFXAYL^

    Fnfhlban Ztgmtfb Lkofknlblkx~0

    Xol Ha~xtanx ngkxak|l~ liigtx~ xg lkofknl fnfhlban ztgmtfb giiltakm~ f~ lyahlknlh dq xoligccg}akm0

    Ngbzclxakm xol ^FN^ Ngbztlolk~ayl ^xfkhfth~ fkh V|fcaxq Lkofknlblkx ZcfkTlfiiatbfxagk gi Fnntlhaxfxagk Ztg`lnx+

    Akntlf~akm akxltklx ng|t~l hlcayltq+ Akxltklx ak~xt|nxagk fnng|kx~ igt 6=, gi xol ngkxfnxog|t~ ztgh|nlh+

    Ngkxak|akm tliaklblkx gi xol Ifn|cxq Nlkxltlh ^x|hlkx Fhya~akm Ztgmtfb igt i|cc"xabl#iat~x"xabl ~x|hlkx~ }oano ngbzclblkx~ f haylt~l fkh yfc|fdcl klx}gte gi ng|k~lcakm~ltyanl~ fyfacfdcl xg ~x|hlkx~+ Ak fhhaxagk xg fnfhlban fhya~akm fkh xtfk~ilt f~~a~xfknl#xoltl a~ ~zlnaian ng|k~lcakm gk ofkh igt ylxltfk~ fkh akxltkfxagkfc ~x|hlkx~+

    Ztgyahakm mggh n|~xgblt ~ltyanl fkh f zg~axayl lkyatgkblkx igt ~x|hlkx~ a~ abzgtxfkx xgxol Ha~xtanx fkh lkofknl~ xol fnfhlban ztgmtfb~+ Liigtx~ ak xoa~ tlmfth aknc|hl0

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    14/132

    aa

    g Ngkxak|akm xg |zmtfhl xlnokgcgmq xg akntlf~l xol dfkh}ahxo gk nfbz|~ xg

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    15/132

    aaa

    bfakxfak~ f }ftb fkh ~|zzgtxayl ncabfxl xofx d|ach~ f ~lk~l gi ngbb|kaxq fbgkm clftklt~# xolngbb|kaxq# fkh ~xfii fkh d|ach~ ~xtgkm tlcfxagk~oaz~ dlx}llk xol ngcclml fkh ngbb|kaxal~~ltylh+ Xol Ha~xtanx zclhml~ xg tlbfak fnng|kxfdcl f~ fk ak~xax|xagk gi oamolt clftkakm fkh f~ fn|~xghafk gi xol z|dcan xt|~x+

    Xol Ha~xtanx ngkxak|l~ xg bllx xol kllh gi xol ngbb|kaxq ak hlylcgzakm f ztgil~~agkfc }gteigtnldq lzfkhakm xol lh|nfxagkfc xtfakakm gzzgtx|kaxal~ xg ax~ tl~ahlkx~+ ^gbl lfbzcl~ gi g|tztgmtfb~ aknc|hl0

    ]gteigtnl xtfakakm mtfkx~ igt xol Lcca~ Ng|kxq Bfk|ifnx|takm Ngk~gtxa|b igt }gteigtnlxtfakakm fkh hlylcgzblkx+

    Xlno Ztlz ztgmtfb~ ak ftlf oamo ~noggc~ xg giilt h|fc ntlhax ng|t~l~# ftxan|cfxlhztgmtfb~# fkh ncf~~l~ xg ztlzftl ~x|hlkx~ igt xol }gteigtnl ak xlnokanfc ialch~+

    Xol Ngge Lh|nfxagk Nlkxlt# cgnfxlh fh`fnlkx xg xol bfak nfbz|~ ak Ngt~anfkf# a~lv|azzlh }axo f 9: iggx hgblh zcfklxfta|b fkh fk gd~ltyfxgtq ngkxfakakm f 68 aknoNlcl~xtgk ngbz|xlt gzltfxlh xlcl~ngzl+ Xoa~ fccg}~ ya~axgt~ xg lzltalknl iat~x"ofkh xoligtnl~ /~nalkxaian# xlnokanfc# fkh ftxa~xan! xofx htayl xol o|bfk abfmakfxagk fkh ~ltyl f~ fklh|nfxagkfc bfmklx igt dgxo xol Ngcclml fkh ~|ttg|khakm >6 akhlzlkhlkx ~noggc ha~xtanx~~ltyakm gylt 8:#::: ~x|hlkx~+

    Fc~g cgnfxlh ak xol Ngge Nlkxlt ftl xol Zlftnl Nayac ]ft Ngcclnxagk fkh xol Zlftnl]l~xltk Ftx Ngcclnxagk+ Xoa~ ifnacaxq fxxtfnx~ Lchltog~xlc ztgmtfb~ xg xol Ha~xtanx xg }gte}axo xol Zlftnl Nayac ]ft Ngcclnxagk N|tfxagk fkh Ztl~ltyfxagk ^ltyanl~ Ztg`lnx~+ Xol~lLchltog~xlc ztgmtfb~ ofyl giiltlh gylt >:: zlgzcl fk gzzgtx|kaxq xg lzltalknl xol Nayac]ft ak f zlt~gkfc }fq+

    Xol Zlftnl Nayac ]ft Ngcclnxagk a~ f dfcfknlh ngcclnxagk hgn|blkxakm xol kgtxoltk fkh~g|xoltk lzltalknl gi xol Nayac ]f~ f~ }lcc f~ ax clfhlt~# ngbbgk ~gchalt~# fkhtl~ahlkx~+ F ngcclnxagk gi gylt 6

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    16/132

    ay

    Iatl fkh zgcanl fnfhlbal~ olcz xg ztgyahl xtfaklh fzzcanfkx~ igt xol~l oamo hlbfkh~ltyanl ztgil~~agk~+ Ngkxak|akm lh|nfxagk ncf~~l~ ftl fc~g giiltlh ak xol~l ftlf~ xg f~~a~xak bllxakm nltxaianfxagk |zhfxl tlv|atlblkx~+

    F yltq fnxayl olfcxo gnn|zfxagk~ n|ttan|c|b olcz~ xg xtfak ~x|hlkx~ xg bllx ~xfiiakm kllh~ak ftlf~ ~|no f~ k|t~akm# blhanfc cfd xlnokgcgmq fkh gnn|zfxagkfc xoltfzq+ K|t~l fahxtfakakm ztgmtfb~ ak xol oamo ~noggc~ fc~g olcz xg ztgyahl xtfaklh ~xfii f~ }lcc f~ xolngkxak|akm lh|nfxagk ztgmtfb~ igt xtfakakm fkh tlnltxaianfxagk ztgmtfb~+

    IAKFKNAFC AKIGTBFXAGK

    Xol Hlzftxblkx gi D|~akl~~ ^ltyanl~ a~ tl~zgk~adcl igt l~xfdca~oakm fkh bfakxfakakm fk akxltkfcngkxtgc ~xt|nx|tl hl~amklh xg lk~|tl xofx xol f~~lx~ gi xol Ha~xtanx ftl ztgxlnxlh itgb cg~~# xolix# gtba~|~l# fkh xg lk~|tl xofx fhlv|fxl fnng|kxakm hfxf a~ ngbzaclh xg fccg} igt xol ztlzftfxagk giiakfknafc ~xfxlblkx~ ak ngkigtbaxq }axo mlkltfccq fnnlzxlh fnng|kxakm ztaknazcl~+ Xol akxltkfcngkxtgc ~xt|nx|tl a~ hl~amklh xg ztgyahl tlf~gkfdcl# d|x kgx fd~gc|xl# f~~|tfknl xofx xol~l

    gd`lnxayl~ ftl blx+ Xol ngknlzx gi tlf~gkfdcl f~~|tfknl tlngmkapl~ xofx0 6! xol ng~x gi f ngkxtgc~og|ch kgx lnllh xol dlkliax~ caelcq xg dl hltaylh5 fkh 4! xol yfc|fxagk gi ng~x~ fkh dlkliax~tlv|atl~ l~xabfxl~ fkh `|hmblkx~ dq bfkfmlblkx+

    F~ f tlnazalkx gi ilhltfc# ~xfxl# fkh cgnfc iakfknafc f}fth~# xol Ha~xtanx a~ fc~g tl~zgk~adcl igtztgyahakm fk fhlv|fxl akxltkfc ngkxtgc ~xt|nx|tl xg lk~|tl ngbzcafknl }axo fzzcanfdcl cf}~ fkhtlm|cfxagk~ tlcfxlh xg xog~l ztgmtfb~+ Xoa~ akxltkfc ngkxtgc ~xt|nx|tl a~ ~|d`lnx xg zltaghantlyal} fkh lyfc|fxagk dq bfkfmlblkx# akxltkfc f|hax# fkh xol akhlzlkhlkx f|haxgt~ gi KfyfttgNgcclml Ha~xtanx+ F~ f zftx gi xol Ha~xtanx~ ~akmcl f|hax# xl~x~ ftl ngkh|nxlh xg hlxltbakl xolfhlv|fnq gi xol akxltkfc ngkxtgc ~xt|nx|tl# aknc|hakm xofx zgtxagk tlcfxlh xg ilhltfc fkh ~xfxliakfknafc f}fth ztgmtfb~# f~ }lcc f~ xg hlxltbakl xofx xol Ha~xtanx of~ ngbzcalh }axo fzzcanfdcl

    cf}~ fkh tlm|cfxagk~+ Xol tl~|cx~ gi xol Ha~xtanx~ ~akmcl f|hax igt xol ia~nfc qlft lkhlhF|m|~x >6# 4::?# ztgyahlh kg ak~xfknl~ gi bfxltafc }lfekl~~ ak xol akxltkfc ngkxtgc ~xt|nx|tl+

    Ak fhhaxagk# D|~akl~~ ^ltyanl~ ~xfii bfakxfak~ d|hmlxftq ngkxtgc~+ Xol gd`lnxayl gi xol~ld|hmlxftq ngkxtgc~ a~ xg lk~|tl ngbzcafknl }axo clmfc ztgya~agk~ lbdghalh ak xol fkk|fcfzztgztafxlh d|hmlx fzztgylh dq xol Kfyfttg Ngcclml Dgfth gi Xt|~xll~+ Fnxayaxal~ gi fcc i|kh~ftl aknc|hlh ak xol fkk|fc fzztgztafxlh d|hmlx+ Xol Ha~xtanx fc~g bfakxfak~ fk lkn|bdtfknlfnng|kxakm ~q~xlb f~ f xlnokav|l gi fnngbzca~oakm d|hmlxftq ngkxtgc+ Lkn|bdltlh fbg|kx~cfz~l fx ia~nfc qlft"lkh5 og}lylt# lkn|bdtfknl~ ftl mlkltfccq tl"fzztgztafxlh f~ zftx gi xol~|d~lv|lkx qlft d|hmlx+

    Xoltl ftl xotll iakfknafc ~xfxlblkx~ ztl~lkxlh0 xol ^xfxlblkx gi Klx F~~lx~5 xol ^xfxlblkx giTlylk|l~# Lzlk~l~# fkh Nofkml~ ak Klx F~~lx~5 fkh xol ^xfxlblkx gi Nf~o Icg}~+ Tlilt xg xolBfkfmlblkx~ Ha~n|~~agk fkh Fkfcq~a~ ngbblkx~ cgnfxlh ak xol Iakfknafc ^lnxagk gi xol tlzgtxigt f hl~ntazxagk gi lfno ~xfxlblkx fkh f ngkhlk~lh ylt~agk gi lfno ~xfxlblkx+ F~ hlbgk~xtfxlhdq xol ~xfxlblkx~ fkh ~nolh|cl~ aknc|hlh ak xol iakfknafc ~lnxagk gi xoa~ tlzgtx# xol Ha~xtanxngkxak|l~ bllxakm ax~ tl~zgk~adacaxq igt ~g|kh iakfknafc bfkfmlblkx+

    Xol Ha~xtanx a~~|lh xol Ngk~gcahfxlh I|kh Tlylk|l fkh Tli|khakm Dgkh~# ^ltal~ 4::> igt(4:#=6

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    17/132

    y

    (61#994#4#=48

    (>:#>6>#1>6

    F~~lx~# Cafdacaxal~ fkh Klx F~~lx~fx F|m|~x >6# 4::?

    N|ttlkx F~~lx~ Kgkn|ttlkx F~~lx~ N|ttlkx Cafdacaxal~

    Kgkn|ttlkx Cafdacaxal~ Klx F~~lx~

    xg tli|kh xol Ngcclml~ g|x~xfkhakm dgkh~ ak gthlt xg cg}lt fkh tl~xt|nx|tl xol Ha~xtanx~ fkk|fchldx ~ltyanl fkh tlngk~xax|xl zclhmlh tlylk|l~ fkh zfq ng~x~ f~~gnafxlh }axo xol a~~|fknl#aknc|hakm f ~|tlxq dgkh+ Xol dfcfknl gi xol ztgnllh~ of~ i|khlh ngk~xt|nxagk# tlkgyfxagk fkhlv|azzakm gi d|achakm~ fkh ifnacaxal~ gi xol Ha~xtanx+ Xol Ha~xtanx a~~|lh xol Ngk~gcahfxlh I|khTlylk|l Dgkh~# ^ltal~ 4::9# ak Ildt|ftq 4::9 ak xol fbg|kx gi (>#

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    18/132

    ya

    Klx f~~lx~ ftl hayahlh akxg xotll ~lnxagk~0 Akyl~xlh ak nfzaxfc f~~lx~# klx gi hldx5 tl~xtanxlh klxf~~lx~ fkh |ktl~xtanxlh klx f~~lx~+ Xgxfc klx f~~lx~ akntlf~lh itgb (41#9>?#46#4::= xg (>:#>6>#1>6 fx F|m|~x >6# 4::?+

    ^xfxlblkx gi Tlylk|l~# Lzlk~l~ fkh Nofkml~ ak Klx F~~lx~

    Xol ^xfxlblkx gi Tlylk|l~# Lzlk~l~ fkh Nofkml~ ak Klx F~~lx~ a~ xol fnxayaxq xofx tl~|cxlh akxol nofkml ak klx f~~lx~ tliclnxlh ak xol ^xfxlblkx gi Klx F~~lx~+ Xol ^xfxlblkx gi Tlylk|l~#Lzlk~l~ fkh Nofkml~ ak Klx F~~lx~ aknc|hl~ iayl ~lnxagk~0 gzltfxakm tlylk|l~# kgk"gzltfxakmtlylk|l~# gzltfxakm lzlk~l~# kgk"gzltfxakm lzlk~l~# fkh gxolt tlylk|l~ /lzlk~l~! fkh mfak~/cg~~l~!+ Xol Bfkfmlblkx~ Ha~n|~~agk fkh Fkfcq~a~ ztgyahl~ hlxfac gk xol z|tzg~l gi xoa~~xfxlblkx f~ }lcc f~ f ngkhlk~lh ylt~agk gi xol ~xfxlblkx+

    Mgyltkblkxfc Fnng|kxakm ^xfkhfth~ Dgfth /MF^D! ^xfxlblkx Kg~+ >8 fkh >< tlv|atl xofxx|axagk fkh ill~ fkh f|acaftq lkxltzta~l noftml~ dl tlzgtxlh klx gi fkq fccg}fknl~ fkh ha~ng|kx~+Xol x|axagk fkh ill~# klx gi fccg}fknl~# ftl (9#64

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    19/132

    yaa

    4::=+ Xol akyl~xblkx zgcanq# }oano a~ tlyal}lh fkh |zhfxlh fkk|fccq# a~ hl~amklh xg bakabaplntlhax fkh bftelx ta~e~ }oacl bfakxfakakm f ngbzlxaxayl qalch gk xol zgtxigcag+ Fnngthakmcq#dfke hlzg~ax~ }ltl laxolt ak~|tlh dq ilhltfc hlzg~axgtq ak~|tfknl# ~|tlxq dgkh~# gt ngccfxltfcaplhxotg|mog|x xol qlft+ Xol Ilhltfc Ogbl Cgfk Dfke gi Hfccf~ fkh xol Ilhltfc Tl~ltyl Dfke#fnxakm f~ xol Ha~xtanx~ fmlkx~# ogch xol ~ln|taxal~ zclhmlh xg xol Ha~xtanx+

    Ta~e Bfkfmlblkx

    Ta~e bfkfmlblkx a~ xol gkmgakm ztgnl~~ dq }oano iakfknafc cg~~ fkh lzg~|tl xg ta~e a~ f~~l~~lhfkh fnxagk a~ xfelk xg bakabapl ta~e# xtfk~ilt ta~e fkh iakfknl ta~e xotg|mo yftag|~ hlyanl~#aknc|hakm ak~|tfknl+ Fcc ftlf~ gi xol Ha~xtanx ftl tlyal}lh igt zg~~adcl ta~e bfkfmlblkx fkh cg~~ngkxtgc fnxayaxal~+ Xol Yanl Ztl~ahlkx igt Iakfknl fkh Fhbaka~xtfxagk a~ tl~zgk~adcl igttlngbblkhakm xg xol Ztl~ahlkx fkh xol Dgfth xol fbg|kx~ gi ak~|tfknl xol Ha~xtanx ~og|ch nfttqfkh xol fbg|kx gi ta~e xol Ha~xtanx ~og|ch f~~|bl xotg|mo ngak~|tfknl fkh hlh|nxadcl~+

    Ztgmtfb~ ngyltlh aknc|hl Ztgzltxq# Cafdacaxq# Lbzcgqll Lh|nfxgt~ Cafdacaxq# Lbzcgqll

    Ha~ogkl~xq Ngyltfml# Akxlt~nogcf~xan Fnnahlkx Ak~|tfknl# ^x|hlkx Blhanfc Ztgil~~agkfcCafdacaxq# \klbzcgqblkx Ngbzlk~fxagk fkh ]gtelt~ Ngbzlk~fxagk+

    Fhhaxagkfccq# fcc lcamadcl lbzcgqll~ ftl ztgyahlh }axo zfah blhanfc# cail fkh fnnahlkxfc hlfxo fkhha~blbdltblkx ak~|tfknl+ Hlzlkhlkx ngyltfml a~ fc~g fyfacfdcl fx mtg|z tfxl~ xotg|mo xol ^xfxlgi Xlf~ \kaigtb Mtg|z Ak~|tfknl Ztgmtfb+

    Igt |klbzcgqblkx ngbzlk~fxagk# Xol Ha~xtanx lclnx~ xg zftxanazfxl ak f ztgmtfb giiltlh dq xolXlf~ F~~gnafxagk gi ^noggc Dgfth~ /XF^D! tfxolt xofk dlakm f xfakm lbzcgqlt }axo tfxl~ ~lxdq xol Xlf~ Lbzcgqblkx Ngbba~~agk+ Xol Xlf~ ^noggc ^ltyanl~ Ig|khfxagk fhbaka~xlt~ xolztgmtfb xotg|mo XF^D+ Tfxl~ ftl ifnxgtlh fnngthakm xg xol lzltalknl fkh ~apl gi xol ngcclml+Xol ztgmtfb a~ f igtb gi ~lci"ak~|tfknl }axo ~xgz cg~~ ngyltfml+

    Xol Ha~xtanx zftxanazfxl~ ak f ~lci"ak~|tlh }gtelt~ ngbzlk~fxagk ak~|tfknl ngk~gtxa|b ztgmtfbxofx a~ fhbaka~xltlh dq Ncfab~ Fhbaka~xtfxayl ^ltyanl~ /NF^!+ Xol Ha~xtanx d|hmlx~ igt xolialh ng~x fkh cg~~ i|kh bfab|b+ Ialh ng~x~ ftl ztabftacq fiilnxlh dq zfqtgcc5 xol cg~~ ng~x~ftl hlxltbaklh dq lzlnxlh cg~~l~# }oano ftl hlxltbaklh ztabftacq dq oa~xgtanfc cg~~ lzltalknl+Xol ialh ng~x~ ngylt ncfab~ fhbaka~xtfxagk fkh cg~~ ngkxtgc fkh ftl kgx tlngyltfdcl+ Cg~~ ng~x~ftl gkcq zfah ai xol Ha~xtanx lzltalknl~ cg~~l~+

    Xol Ha~xtanx ~xtayl~ xg hlylcgz ta~e bfkfmlblkx ztgmtfb~ xofx olcz dlxxlt bfkfml ax~ tl~g|tnl~+Iatb fholtlknl xg f nghl gi yfc|l~ fkh ~g|kh ztaknazcl~ olcz~ ztgyahl lnlzxagkfc ng~x"~fyakmta~e bfkfmlblkx+

    FNEKG]CLHMLBLKX^ FKH F]FTH^

    Xol Mgyltkblkx Iakfknl Giianlt~ F~~gnafxagk gi xol \kaxlh ^xfxl~ fkh Nfkfhf /MIGF!f}fthlh f Nltxaianfxl gi Fnoalylblkx igt Lnlcclknl ak Iakfknafc Tlzgtxakm xg Kfyfttg NgcclmlHa~xtanx igt ax~ ngbztlolk~ayl fkk|fc iakfknafc tlzgtx igt xol ia~nfc qlft lkhlh F|m|~x >6# 4::=+Xoa~ }f~ xol ~lylkxo ngk~ln|xayl qlft xofx xol Ha~xtanx of~ fnoalylh xoa~ ztl~xamag|~ f}fth+ Akgthlt xg dl f}fthlh f Nltxaianfxl gi Fnoalylblkx# f mgyltkblkx b|~x z|dca~o fk lf~acq tlfhfdcl

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    20/132

    yaaa

    fkh liianalkxcq gtmfkaplh ngbztlolk~ayl fkk|fc iakfknafc tlzgtx+ Xoa~ tlzgtx b|~x ~fxa~iq dgxomlkltfccq fnnlzxlh fnng|kxakm ztaknazcl~ fkh fzzcanfdcl clmfc tlv|atlblkx~+

    F Nltxaianfxl gi Fnoalylblkx a~ yfcah igt f gkl"qlft zltagh gkcq+ ]l dlcalyl xofx g|t n|ttlkxngbztlolk~ayl fkk|fc iakfknafc tlzgtx ngkxak|l~ xg bllx xol Nltxaianfxl gi Fnoalylblkx

    Ztgmtfb~ tlv|atlblkx~# fkh }l ftl ~|dbaxxakm ax xg xol MIGF xg hlxltbakl ax~ lcamadacaxq igtfkgxolt nltxaianfxl+

    Xol ztlzftfxagk gi xoa~ tlzgtx ng|ch kgx ofyl dllk fnngbzca~olh }axog|x xol liianalkx fkhhlhanfxlh ~ltyanl~ gi xol D|~akl~~ ^ltyanl~ ~xfii# zftxan|cftcq xol Fnng|kxakm Hlzftxblkx+Fzztlnafxagk a~ lztl~~lh xg xol fnng|kxakm iatb gi @fqkl~# Tlaxblalt# Dgqh ) Xolttlcc# Z+N+ igtf~~a~xfknl ak xablcq ngbzclxagk gi xol f|hax+ H|l ntlhax ~og|ch fc~g dl maylk xg xol Dgfth giXt|~xll~ fkh xol Ztl~ahlkx igt xolat akxltl~x ak zcfkkakm fkh ngkh|nxakm xol gzltfxagk~ gi xolHa~xtanx ak f ztgil~~agkfc bfkklt+

    Tl~zlnxi|ccq ~|dbaxxlh#

    Hfttlcc T+ Tfakl~# NZFYanl Ztl~ahlkx igt Iakfknl fkh Fhbaka~xtfxagk

    Mltxt|h Bgtlkg# NZFYanl Ztl~ahlkx /Lclnx! igt Iakfknl fkh Fhbaka~xtfxagk

    Dtlkhf F+ H|knfk# NZ^D|~akl~~ Bfkfmlt

    Fftgk Qgte# NZFD|~akl~~ Bfkfmlt /Lclnx!

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    21/132

    K

    FYFTTGN

    GCCLML

    GtmfkapfxagkNoftx

    Ha~xtanxZtl~ahlkx

    DgfthgiXt|~xll~

    Ha~xtanx

    Ztl~ahlkx

    Nfbz|~Ztl~ahlkx

    Lcca~Ng|kxq

    YanlZtl~ahlkxigt

    FnfhlbanFiifat~

    YanlZtl~ahlkxigt

    Iakfknlfkh

    Fhbaka~xtfxagk

    Yanl

    Ztl~ahlkxigt

    ^x|h

    lkx^ltyanl~

    YanlZtl~ahlkxigt

    Ak~xax|xagk

    fc

    Fhyfknbl

    kx

    Hlfk

    giLktgccblkx

    Bfk

    fmlblkxfkh

    Ak~xax|

    xagkfc^x|hal~

    HatlnxgtgiBftelx

    Tlcfxagk~fkhZ|dcan

    Akigtbfxagk

    HatlnxgtgiO|bfk

    Tl~g|tnl~

    Hatlnxgtgi

    Fxoclxan~

    xax

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    22/132

    ^x|hlkx^l

    tyanl~

    Ifn|cxq

    KFYFTTG

    NGCCLML

    GtmfkapfxagkNoftx

    YanlZtl

    ~ahlkxigtIakfknlfkhFhbaka~xtfxa

    gk

    Ha~xtanxZtl~ahlkx

    YanlZtl~ahlkx

    igtIakfknlfkh

    Fhbaka~xtfxagk

    Dgfthgi

    Xt|~xll~

    Zoq~anfcZcfkx

    Hatlnxgt

    ^x|hlkx

    IakfknafcFah

    Hatlnxgt

    NoaligiZgcan

    l

    D|~akl~~

    Bfkfmlt

    Hakakm^ltyanl~

    Hatlnxgt

    Iakfknafc

    Tlzgtxakm

    Zfqtgcc

    ^x|hlkx)^xf

    ii

    ^filxq

    Ilhltfc'^xfxl

    ^x|hlkxFah

    Hatlnxgt#

    Ngbz

    |xlt

    Nlk

    xlt

    ^x|hlkxCail

    Hatlnxgt

    Fhbaka~xtfxayl

    Ngbz

    |xlt

    ^lty

    anl~

    Zlt~gkfc

    Ngbz

    |xlt

    ^|zzgtx

    Klx}

    gte

    ^|zzgtx

    Akxltklx

    Fhbaka~

    xtfxagk

    ^x|hlkxHakakm

    D|achakm

    Bfakxlkfknl

    Lkltmq

    Bfakxlkfknl

    Mtg|kh~

    Bfakxlkfknl

    Og|~lellzakm

    Ha~xf

    knl

    Clftkak

    mXlno

    ^|zz

    gtx

    Nf~oaltakm

    '

    Fnng|kx~

    Tlnlayfdcl

    Fnng|kx~

    Zfqfdcl

    Z|tnof~akm

    Ngcclml^xgtl

    Zoq~anfc

    Akylkxgtq

    D|hmlxftq

    Ngkxtgc

    XtfiianNgkxtg

    c'

    ZfteakmZltbax~

    Ztgzltxq^ln|taxq

    NtablZtlylkxagk

    ZogxgAHNfth

    ~

    ^nogcft~oaz~

    ^x|hlkxCgfk~

    IakfknafcFah

    Tlngth~

    Ylxltfk-~

    Fiifat~

    Nfxltakm

    ^ltyanl~

    ^x|hlkxHakakm

    ]gclk~^

    +L+N+

    ^kfneDft

    Hlca

    Hlilttlh

    Bfakxlkfknl

    Xlclzogkl

    '

    Lclnxtanfc

    Ha~xtad|xagk

    Tl~ahlkxafc

    Cail

    Akxtfb|tfc~

    ^x|hlkxFnxayaxal

    ~

    Nlkxtfc^xgtl

    Nlkxt

    fc

    Tlnlay

    akm

    Ngcclml^

    xgtl~

    Lcca~Nfbz|~l~

    xx

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    23/132

    a

    Kfyfttg Ngcclml

    Ztaknazfc Giianafc~

    Igt xol Qlft Lkhakm F|m|~x >6# 4::?

    Dgfth gi Xt|~xll~

    Giianlt~

    Ogblt M+ ]f~~gk Nofatbfk

    Ccgqh H+ O|iibfk Yanl"Nofatbfk

    @fbl~ M+ Ztanl# H+H+^+ ^lntlxftq'Xtlf~|tlt

    Blbdlt~ Xltb Lzatl~

    @fbl~ L+ Dgteno|b Ngt~anfkf# Xlf~ 4:6>Ccgqh H+ O|iibfk Ngt~anfkf# Xlf~ 4:66Daccq Xghh BnMtf} Dcggbakm Mtgyl# Xlf~ 4:6>@fbl~ M+ Ztanl# H+H+^+ Ngt~anfkf# Xlf~ 4:6>Pfkl ^xaxl~ Ngt~anfkf# Xlf~ 4::1Zoac @|h~gk + Ngt~anfkf# Xlf~ 4:66Ogblt M+ ]f~~gk Eltlk~# Xlf~ 4::1

    Lln|xayl Giianlt~

    D|~akl~~ Giianlt~

    Tanofth B+ ^fknolp# Lh+H+ Ha~xtanx Ztl~ahlkx

    Oftgch Kgcxl# Lh+H Ztl~ahlkx# Lcca~ Ng|kxq Nfbz|~l~

    Elkklxo Bftxak# Lh+H Yanl Ztl~ahlkx igt Fnfhlban Fiifat~

    Hfttlcc+ T+ Tfakl~# NZF Yanl Ztl~ahlkx igt Iakfknl fkh Fhbaka~xtfxagk

    Mltxt|h Bgtlkg# NZF Yanl Ztl~ahlkx Lclnx igt Iakfknl fkhFhbaka~xtfxagk

    M+ Ltae Pglccklt# Lh+H Yanl Ztl~ahlkx igt ^x|hlkx ^ltyanl~

    Hfttlcc T+ Tfakl~# NZF Yanl Ztl~ahlkx igt Iakfknl fkh Fhbaka~xtfxagkMltxt|h Bgtlkg# NZF Yanl Ztl~ahlkx Lclnx igt Iakfknl fkh

    Fhbaka~xtfxagk

    Dtlkhf F+ H|knfk# NZ^ D|~akl~~ Bfkfmlt

    Fftgk Qgte# NZF D|~akl~~ Bfkfmlt Lclnx

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    24/132

    aa

    Kfyfttg Ngcclml

    Dgfth gi Xt|~xll~

    4::= " 4::?

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    25/132

    aaa

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    26/132

    ay

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    27/132

    6

    Iakfknafc lnxagk

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    28/132

    4

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    29/132

    >

    Akhlzlkhlkx F|haxgt~- Tlzgtx

    Xol Dgfth gi Xt|~xll~Kfyfttg Ngcclml Ha~xtanx0

    ]l ofyl f|haxlh xol fnngbzfkqakm iakfknafc ~xfxlblkx~ gi xol d|~akl~~"xqzl fnxayaxal~ fkh xolha~ntlxlcq ztl~lkxlh ngbzgklkx |kax gi Kfyfttg Ngcclml Ha~xtanx /xol Ha~xtanx! f~ gi fkh igt xolqlft~ lkhlh F|m|~x >6# 4::? fkh 4::=# }oano ngcclnxaylcq ngbzta~l xol Ha~xtanx~ df~an iakfknafc~xfxlblkx~ f~ ca~xlh ak xol xfdcl gi ngkxlkx~+ Xol~l iakfknafc ~xfxlblkx~ ftl xol tl~zgk~adacaxq gixol Ha~xtanx-~ bfkfmlblkx+ G|t tl~zgk~adacaxq a~ xg lztl~~ gzakagk~ gk xol~l iakfknafc~xfxlblkx~ df~lh gk g|t f|hax~+ ]l hah kgx f|hax xol iakfknafc ~xfxlblkx~ gi Kfyfttg NgcclmlIg|khfxagk# Akn+ /xol Ig|khfxagk!# f ha~ntlxlcq ztl~lkxlh ngbzgklkx |kax gi xol Ha~xtanx+ Xog~liakfknafc ~xfxlblkx~ }ltl f|haxlh dq gxolt f|haxgt~ }og~l tlzgtx~ xoltlgk ofyl dllk i|tka~olh xg|~# fkh g|t gzakagk gk xog~l iakfknafc ~xfxlblkx~# ak~gift f~ ax tlcfxl~ xg xol fbg|kx~ aknc|hlh igtxol Ig|khfxagk# }f~ df~lh gk xol tlzgtx~ gi xol gxolt f|haxgt~+ Xol iakfknafc ~xfxlblkx~ gi xol

    Ig|khfxagk }ltl kgx f|haxlh ak fnngthfknl }axo Mgyltkblkx F|haxakm ^xfkhfth~+

    ]l ngkh|nxlh g|t f|hax~ ak fnngthfknl }axo f|haxakm ~xfkhfth~ mlkltfccq fnnlzxlh ak xol \kaxlh^xfxl~ gi Fbltanf fkh xol ~xfkhfth~ fzzcanfdcl xg iakfknafc f|hax~ ngkxfaklh ak MgyltkblkxF|haxakm ^xfkhfth~# a~~|lh dq xol Ngbzxtgcclt Mlkltfc gi xol \kaxlh ^xfxl~+ Xog~l ~xfkhfth~tlv|atl xofx }l zcfk fkh zltigtb xol f|hax~ xg gdxfak tlf~gkfdcl f~~|tfknl fdg|x }olxolt xoliakfknafc ~xfxlblkx~ ftl itll gi bfxltafc ba~~xfxlblkx+ Fk f|hax aknc|hl~ lfbakakm# gk f xl~xdf~a~# lyahlknl ~|zzgtxakm xol fbg|kx~ fkh ha~ncg~|tl~ ak xol iakfknafc ~xfxlblkx~+ Fk f|hax fc~gaknc|hl~ f~~l~~akm xol fnng|kxakm ztaknazcl~ |~lh fkh ~amkaianfkx l~xabfxl~ bfhl dqbfkfmlblkx# f~ }lcc f~ lyfc|fxakm xol gyltfcc iakfknafc ~xfxlblkx ztl~lkxfxagk+ ]l dlcalyl xofxg|t f|hax~ fkh xol tlzgtx gi xol gxolt f|haxgt~ ztgyahl f tlf~gkfdcl df~a~ igt g|t gzakagk~+

    Ak g|t gzakagk# df~lh gk g|t f|hax~ fkh xol tlzgtx gi gxolt f|haxgt~# xol iakfknafc ~xfxlblkx~tlilttlh xg fdgyl ztl~lkx ifatcq# ak fcc bfxltafc tl~zlnx~# xol tl~zlnxayl iakfknafc zg~axagk gi xold|~akl~~"xqzl fnxayaxal~ fkh xol ha~ntlxlcq ztl~lkxlh ngbzgklkx |kax gi Kfyfttg Ngcclml Ha~xtanxf~ gi F|m|~x >6# 4::? fkh 4::=# fkh xol tl~zlnxayl nofkml~ ak iakfknafc zg~axagk fkh nf~o icg}~igt xol qlft~ xolk lkhlh ak ngkigtbaxq }axo fnng|kxakm ztaknazcl~ mlkltfccq fnnlzxlh ak xol\kaxlh ^xfxl~ gi Fbltanf+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    30/132

    8

    Ak fnngthfknl }axo Mgyltkblkx F|haxakm ^xfkhfth~# }l ofyl fc~g a~~|lh g|t tlzgtx hfxlhHlnlbdlt 4# 4::?# gk g|t ngk~ahltfxagk gi xol Ha~xtanx~ akxltkfc ngkxtgc gylt iakfknafc tlzgtxakmfkh g|t xl~x~ gi ax~ ngbzcafknl }axo nltxfak ztgya~agk~ gi cf}~# tlm|cfxagk~# ngkxtfnx~ fkh mtfkxfmtllblkx~ fkh gxolt bfxxlt~+ Xol z|tzg~l gi xofx tlzgtx a~ xg hl~ntadl xol ~ngzl gi g|t xl~xakm

    gi akxltkfc ngkxtgc gylt iakfknafc tlzgtxakm fkh ngbzcafknl fkh xol tl~|cx~ gi xofx xl~xakm# fkh kgxxg ztgyahl fk gzakagk gk xol akxltkfc ngkxtgc gylt iakfknafc tlzgtxakm gt gk ngbzcafknl+ Xofxtlzgtx a~ fk akxlmtfc zftx gi fk f|hax zltigtblh ak fnngthfknl }axo Mgyltkblkx F|haxakm^xfkhfth~ fkh ~og|ch dl ngk~ahltlh ak f~~l~~akm xol tl~|cx~ gi g|t f|hax+

    Bfkfmlblkx~ ha~n|~~agk fkh fkfcq~a~ gk zfml~ < xotg|mo 66 a~ kgx f tlv|atlh zftx gi xol df~aniakfknafc ~xfxlblkx~ d|x a~ ~|zzclblkxftq akigtbfxagk tlv|atlh dq fnng|kxakm ztaknazcl~mlkltfccq fnnlzxlh ak xol \kaxlh ^xfxl~ gi Fbltanf+ ]l ofyl fzzcalh nltxfak cabaxlh ztgnlh|tl~#}oano ngk~a~xlh ztaknazfccq gi akv|atal~ gi bfkfmlblkx tlmfthakm xol blxogh~ gi blf~|tlblkxfkh ztl~lkxfxagk gi xol tlv|atlh ~|zzclblkxftq akigtbfxagk+ Og}lylt# }l hah kgx f|hax xolakigtbfxagk fkh lztl~~ kg gzakagk gk ax+

    G|t f|hax~ }ltl ngkh|nxlh igt xol z|tzg~l gi igtbakm gzakagk~ gk xol iakfknafc ~xfxlblkx~ xofxngcclnxaylcq ngbzta~l xol Ha~xtanx~ df~an iakfknafc ~xfxlblkx~+ Xol ~|zzclblkxfc akigtbfxagk gkzfml~ 8> xotg|mo a~ ztl~lkxlh igt z|tzg~l~ gi fhhaxagkfc fkfcq~a~ fkh a~ kgx f tlv|atlh zftx gixol df~an iakfknafc ~xfxlblkx~+ Xol fnngbzfkqakm ~nolh|cl~ gi lzlkhax|tl~ gi ilhltfc fkh ~xfxlf}fth~ gk zfml~ 8= xotg|mo ftl ztl~lkxlh igt z|tzg~l~ gi fhhaxagkfc fkfcq~a~ f~ tlv|atlh dq\+ ^+ Giianl gi Bfkfmlblkx fkh D|hmlx Natn|cft F"6>># F|hax~ gi ^xfxl~# Cgnfc Mgyltkblkx~#fkh Kgk"ztgiax Gtmfkapfxagk~# fkh xol \kaigtb Mtfkx Bfkfmlblkx ^xfkhfth# fkh ftl kgx ftlv|atlh zftx gi xol df~an iakfknafc ~xfxlblkx~+ ^|no akigtbfxagk of~ dllk ~|d`lnxlh xg xolf|haxakm ztgnlh|tl~ fzzcalh ak xol f|hax gi xol df~an iakfknafc ~xfxlblkx~ fkh# ak g|t gzakagk# a~ifatcq ~xfxlh# ak fcc bfxltafc tl~zlnx~# ak tlcfxagk xg xol df~an iakfknafc ~xfxlblkx~ xfelk f~ f}ogcl+ Xol ~xfxa~xanfc ~lnxagk gk zfml~

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    31/132

    6# 4::?+ Xoltl ftl xotll iakfknafc ~xfxlblkx~ ztl~lkxlh0 xol ^xfxlblkx gi KlxF~~lx~5 xol ^xfxlblkx gi Tlylk|l~# Lzlk~l~# fkh Nofkml~ ak Klx F~~lx~5 fkh xol ^xfxlblkx giNf~o Icg}~+

    Xoa~ ha~n|~~agk fkh fkfcq~a~ gi xol Ha~xtanx~ iakfknafc ~xfxlblkx~ ztgyahl fk gyltyal} gi ax~iakfknafc fnxayaxal~ igt xol qlft+

    ^xfxlblkx gi Klx F~~lx~

    Xol ^xfxlblkx gi Klx F~~lx~ ztl~lkx~ xol f~~lx~# cafdacaxal~# fkh klx f~~lx~ gi xol Ha~xtanx f~ gi xol

    lkh gi xol ia~nfc qlft+ Xol ^xfxlblkx gi Klx F~~lx~ a~ f zgakx gi xabl iakfknafc ~xfxlblkx+ Xolz|tzg~l gi xol ^xfxlblkx gi Klx F~~lx~ a~ xg ztl~lkx xg xol tlfhlt~ gi xol iakfknafc ~xfxlblkx~ fia~nfc ~kfz~ogx gi xol Ha~xtanx+ Xol ^xfxlblkx gi Klx F~~lx~ ztl~lkx~ lkh"gi"qlft hfxf ngknltkakmF~~lx~ /n|ttlkx fkh kgkn|ttlkx!# Cafdacaxal~ /n|ttlkx fkh kgkn|ttlkx!# fkh Klx F~~lx~+ Xolhaiiltlknl dlx}llk n|ttlkx fkh kgkn|ttlkx f~~lx~ }acc dl ha~n|~~lh ak xol iggxkgxl~ xg xoliakfknafc ~xfxlblkx~+ Xol Ha~xtanx of~ lclnxlh xg igccg} xol tlngbblkhfxagk gi xol Xlf~ OamoltLh|nfxagk Nggthakfxakm Dgfth xg ztl~lkx xol ^xfxlblkx gi Klx F~~lx~ ak xol dfcfknl ~ollxigtbfx+ Itgb xol hfxf ztl~lkxlh# tlfhlt~ gi xol ^xfxlblkx gi Klx F~~lx~ ftl fdcl xg hlxltbakl xolf~~lx~ fyfacfdcl xg ngkxak|l xol gzltfxagk~ gi xol ak~xax|xagk+ Xolq ftl fc~g fdcl xg hlxltbakl og}b|no xol ak~xax|xagk g}l~ ylkhgt~ fkh clkhakm ak~xax|xagk~+

    Fbg|kx gi , gi

    Nofkml Nofkml

    4::= xg 4::= xg

    4::? 4::= 4::9 4::? 4::?

    F~~lx~

    N|ttlkx f~~lx~ ( 61#994#

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    32/132

    9

    Fbg|kx gi , gi

    Nofkml Nofkml

    4::= xg 4::= xg

    4::? 4::= 4::9 4::? 4::?

    Klx f~~lx~

    Akyl~xlh ak nfzaxfc f~~lx~#

    klx gi hldx ( 46#4:#:?6 itgb (84#4>1#18: igt f hlntlf~l gi (161#?6>#1>6 fxF|m|~x >6# 4::?+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    33/132

    =

    Iakfknafc Fkfcq~a~ itgb 4::9 xg 4::=

    N|ttlkx f~~lx~ akntlf~lh dq 9+6?, h|l xg akntlf~lh akyl~xblkx~ fkh nf~o itgb akntlf~l~ ak xoli|kh dfcfknl ak n|ttlkx i|kh~ itgb ia~nfc qlft 4::= gzltfxagk~ fkh xol ztgnllh~ itgb xol ~fcl gixol 4::= tlylk|l dgkh~+

    Nfzaxfc f~~lx~ akntlf~lh (8+9 baccagk klx gi hlztlnafxagk }axo xol fhhaxagk gi f >4"dlh tl~ahlknlofcc /(

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    34/132

    ?

    Fbg|kx gi , gi

    Nofkml Nofkml

    4::= xg 4::= xg

    4::? 4::= 4::9 4::? 4::?

    Kgk"gzltfxakm tlylk|l~

    ^xfxl fcc cgnfxagk~ ( 68#88>#448 6>#==9#=?: 6>#116#4?9 999#888 8+?8,

    Bfakxlkfknl fh yfcgtlb xfl~ 4#9?9#88= 4#911#9>4 4#8?>#=4> /6>#6?

    Maix~ =1>#66: 9:=#

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    35/132

    1

    Iakfknafc Fkfcq~a~ itgb 4::= xg 4::?

    Xol ^xfxlblkx gi Tlylk|l~# Lzlk~l~# fkh Nofkml~ ak Klx F~~lx~ tliclnx~ f zg~axayl qlft }axofk akntlf~l gi (9==

    Akyl~xblkx akngbl fkh fh yfcgtlb xf tlylk|l~ akntlf~lh d|x }ltl gii~lx dq hlntlf~l~ ak ~xfxlfccgnfxagk~ fkh gxolt kgk"gzltfxakm tlylk|l~+

    Gzltfxakm lzlk~l~ akntlf~lh ak bg~x nfxlmgtal~ f~ fhhaxagkfc ng~x~ }ltl akn|ttlh xg ~|zzgtx xolfhhaxagkfc lktgccblkx fkh f~ xol ng~x gi mggh~ fkh ~ltyanl~ akntlf~lh+ Fhhaxagkfc ~nogcft~oaz~f}fthlh tliclnx f 6

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    36/132

    6:

    itgb akyl~xakm fnxayaxal~+ Xoa~ ~lnxagk hlfc~ }axo xol nf~o |~lh igt xol fnv|a~axagk fkhngk~xt|nxagk gi nfzaxfc fkh tlcfxlh axlb~+

    Fbg|kx gi , gi

    Nofkml Nofkml

    4::= xg 4::= xg

    4::? 4::= 4::9 4::? 4::?

    Nf~o ztgyahlh dq /|~lh igt!0

    Gzltfxakm fnxayaxal~ ( /68#81?#:89! /64#8>9#4:9! /f! /6>#=4# 69#9#?:#?16#4>1! /8#991#>>4! /1=1#=:>! ==?#:1>

    Klx nofkml ak nf~o >#6>6#6>9 6#:#481 /6#=:=#=18! 6#9::#??=

    Nf~o# dlmakkakm gi qlft 66#

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    37/132

    66

    H|takm xol cf~x qlft xol Ha~xtanx ngkxak|lh xg akntlf~l ax~ zoq~anfc zcfkx dq fhhakm (6+6 baccagk aknfzaxfc f~~lx~# klx gi hlztlnafxagk+ Xol~l fhhaxagk~ ak ]ffofnoal ftl zg~axagkakm xol Ha~xtanx igtxol i|x|tl+

    Tlv|l~x igt Akigtbfxagk

    Xoa~ iakfknafc tlzgtx a~ hl~amklh xg ztgyahl f mlkltfc gyltyal} gi Kfyfttg Ngcclml Ha~xtanx~iakfknl~ igt fcc xog~l }axo fk akxltl~x ak xol Ha~xtanx~ iakfknl~+ V|l~xagk~ ngknltkakm fkq gi xolakigtbfxagk ztgyahlh ak xoa~ tlzgtx gt tlv|l~x~ igt fhhaxagkfc akigtbfxagk ~og|ch dl fhhtl~~lh xgxol giianl gi xol D|~akl~~ Bfkfmlt# >4:: ]l~x =xo Fylk|l# Ngt~anfkf# Xlf~ =

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    38/132

    64

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    39/132

    Df~an Iakfknafc ^xfxlblkx~

    6>

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    40/132

    68

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    41/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    42/132

    4::? 4::= 4::? 4::=

    Gzltfxakm tlylk|l~0

    X|axagk fkh ill~ /klx gi ~nogcft~oaz

    fccg}fknl~ fkh ha~ng|kx~ gi (9#118#4=8

    fkh (

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    43/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    44/132

    6?

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    45/132

    61

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~

    F|m|~x >6# 4::? fkh 4::=

    /6! Kfx|tl gi Gzltfxagk~ fkh Tlzgtxakm Lkxaxq

    Kfyfttg Ngcclml Ha~xtanx /xol Ha~xtanx! }f~ l~xfdca~olh ak 6189# ak fnngthfknl }axo xolcf}~ gi xol ^xfxl gi Xlf~# xg ~ltyl xol lh|nfxagk kllh~ gi Kfyfttg# Itll~xgkl# Cabl~xgkl#Lcca~ fkh Clgk Ng|kxal~+ Xol Kfyfttg Ngcclml Ha~xtanx a~ ngk~ahltlh xg dl f ztabftqmgyltkblkx fnngthakm xg xol hliakaxagk ak Mgyltkblkxfc Fnng|kxakm ^xfkhfth~ Dgfth/MF^D! ^xfxlblkx Kg+ 68# Xol Iakfknafc Tlzgtxakm Lkxaxq+ ]oacl xol Ha~xtanx tlnlayl~i|khakm itgb cgnfc# ~xfxl# fkh ilhltfc ~g|tnl~ fkh b|~x ngbzcq }axo xol ~zlkhakm#tlzgtxakm# fkh tlngth"ellzakm tlv|atlblkx~ gi xol~l lkxaxal~# ax a~ kgx f ngbzgklkx |kax gifkq gxolt mgyltkblkxfc lkxaxq+ Xol fnngbzfkqakm iakfknafc ~xfxlblkx~ ztl~lkx xolHa~xtanx fkh ax~ ngbzgklkx |kax~+ Lfno ha~ntlxlcq ztl~lkxlh ngbzgklkx |kax /hl~ntadlhdlcg}! a~ tlzgtxlh ak f ~lzftfxl ngc|bk xg lbzof~apl xofx ax a~ clmfccq ~lzftfxl itgb xolHa~xtanx+

    Kfyfttg Ngcclml Ig|khfxagk# Akn+ /xol Ig|khfxagk! a~ f clmfccq ~lzftfxl# xf"llbzx lkxaxqgtmfkaplh xg ~gcanax fkh tlnlayl ~|zzgtx igt z|tzg~l~ gi hlylcgzakm fkh lxlkhakm xolifnacaxal~ gi xol Ha~xtanx fkh lkofknakm xol lh|nfxagkfc gzzgtx|kaxal~ gi tl~ahlkx~ ak xolmlgmtfzoanfc ftlf xol Ha~xtanx ~ltyl~+ Xol Ha~xtanx hgl~ kgx ngkxtgc xol xabakm gt fbg|kxgi tlnlazx~ itgb xol Ig|khfxagk+ Og}lylt# xol bf`gtaxq gi tl~g|tnl~# gt akngbl xoltlgk#xofx xol Ig|khfxagk ogch~ fkh akyl~x~ ftl igt xol dlkliax gi xol Ha~xtanx gt ax~ ngk~xax|lkx~+Dlnf|~l xol klx f~~lx~ gi xol Ig|khfxagk ngbzftlh xg xol Ha~xtanx ftl ~amkaianfkx# dlnf|~l

    ~|d~xfkxafccq fcc tl~g|tnl~ olch dq xol Ig|khfxagk nfk gkcq dl |~lh dq# gt igt xol dlkliaxgi# xol Ha~xtanx fkh dlnf|~l xol Ig|khfxagk of~ oa~xgtanfccq ztgyahlh tl~g|tnl~ xg xolHa~xtanx gt ax~ ngk~xax|lkx~# xol Ig|khfxagk a~ ngk~ahltlh f ngbzgklkx |kax gi xol Ha~xtanxfkh a~ ha~ntlxlcq ztl~lkxlh ak xol Ha~xtanx~ iakfknafc ~xfxlblkx~+ H|takm xol qlft~ lkhlhF|m|~x >6# 4::? fkh 4::=# xol Ig|khfxagk lzlkhlh (6?9#==4 fkh (44?#=11#tl~zlnxaylcq# hatlnxcq xg xol Ha~xtanx gt xg xol Ha~xtanx gk dlofci gi ~x|hlkx~ igt~nogcft~oaz~+ Ngbzclxl iakfknafc ~xfxlblkx~ igt xol Ig|khfxagk nfk dl gdxfaklh itgb xolIg|khfxagk giianl fx >6:: ]+ Ngccak# Ngt~anfkf# Xlf~ =:# 61?1# |kcl~~ xolqngkicanx }axo gt ngkxtfhanx MF^D ztgkg|knlblkx~+ Xol Ha~xtanx of~ lclnxlh kgx xg fzzcqIF^D m|ahfknl a~~|lh ~|d~lv|lkx xg Kgylbdlt >:# 61?1# |kcl~~ ~zlnaianfccq fhgzxlh dqxol MF^D+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    46/132

    4:

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /4! ^|bbftq gi ^amkaianfkx Fnng|kxakm Zgcanal~

    /f! Df~a~ gi Fnng|kxakm

    Xol iakfknafc ~xfxlblkx~ gi xol Ha~xtanx ofyl dllk ztlzftlh |~akm xol lngkgbantl~g|tnl blf~|tlblkx ign|~ fkh xol fnnt|fc df~a~ gi fnng|kxakm# }oltldq fcctlylk|l~ ftl tlngthlh }olk lftklh fkh fcc lzlk~l~ ftl tlngthlh }olk f cafdacaxqof~ dllk akn|ttlh+ Ztgzltxq xfl~ ftl tlngmkaplh f~ tlylk|l~ ak xol qlft igt }oanoxolq ftl clyalh+ Mtfkx~ fkh ~abacft axlb~ ftl tlngmkaplh f~ tlylk|l~ f~ ~ggk f~ fcclcamadacaxq tlv|atlblkx~ abzg~lh dq xol ztgyahlt ofyl dllk blx+

    Gzltfxakm tlylk|l~ fkh lzlk~l~ mlkltfccq tl~|cx itgb ztgyahakm ~ltyanl~ akngkklnxagk }axo xol Ha~xtanx~ ztaknazfc gkmgakm gzltfxagk~+ Gzltfxakm tlylk|l~ gixol Ha~xtanx ngk~a~x gi x|axagk fkh ill~# gzltfxakm mtfkx~ fkh ngkxtfnx~# ~fcl~ fkh~ltyanl~ gi lh|nfxagkfc fnxayaxal~ fkh f|acaftq lkxltzta~l tlylk|l~+ Gzltfxakmlzlk~l~ aknc|hl xol ng~x gi ztgyahakm lh|nfxagkfc ~ltyanl~# fhbaka~xtfxayllzlk~l~# fkh hlztlnafxagk gk nfzaxfc f~~lx~+ Fcc tlylk|l~ fkh lzlk~l~ kgx bllxakmxoa~ hliakaxagk ftl tlzgtxlh f~ kgkgzltfxakm tlylk|l~ fkh lzlk~l~+ Xol ztaknazfckgkgzltfxakm tlylk|l~ gi xol Ha~xtanx ngk~a~x gi ~xfxl fzztgztafxagk~ fkh fh yfcgtlbztgzltxq xfl~+ ]olk dgxo tl~xtanxlh fkh |ktl~xtanxlh tl~g|tnl~ ftl fyfacfdcl igt|~l# ax a~ xol Ha~xtanx~ zgcanq xg |~l tl~xtanxlh tl~g|tnl~ iat~x# xolk |ktl~xtanxlhtl~g|tnl~ f~ xolq ftl kllhlh+

    Xol iakfknafc ~xfxlblkx~ gi xol Ig|khfxagk ofyl dllk ztlzftlh gk xol fnnt|fc df~a~gi fnng|kxakm+ Xol Ig|khfxagk a~ f kgkztgiax gtmfkapfxagk xofx tlzgtx~ |khlt IF^D~xfkhfth~# aknc|hakm IF^D ^xfxlblkx Kg+ 66=# Iakfknafc Tlzgtxakm igt Kgx"igt"Ztgiax Gtmfkapfxagk~+ F~ ~|no# nltxfak tlylk|l tlngmkaxagk ntaxltaf fkh ztl~lkxfxagkilfx|tl~ ftl haiiltlkx itgb MF^D tlylk|l tlngmkaxagk ntaxltaf fkh ztl~lkxfxagkilfx|tl~+ Kg bghaianfxagk~ ofyl dllk bfhl xg xol Ig|khfxagk~ iakfknafcakigtbfxagk ak xol Ha~xtanx~ iakfknafc tlzgtxakm lkxaxq igt xol~l haiiltlknl~+

    /d! Lkn|bdtfknl~

    Lkn|bdtfknl fnng|kxakm# |khlt }oano z|tnof~l gthlt~# ngkxtfnx~# fkh gxoltngbbaxblkx~ igt xol lzlkhax|tl~ gi i|kh~ ftl tlngthlh ak gthlt xg tl~ltyl xofxzgtxagk gi xol fzzcanfdcl fzztgztafxagk# a~ lbzcgqlh f~ fk lxlk~agk gi igtbfcd|hmlxftq akxlmtfxagk+ \khlt Xlf~ cf}# fzztgztafxagk~ cfz~l fx F|m|~x >65 fkhlkn|bdtfknl~ g|x~xfkhakm fx xofx xabl ftl xg dl laxolt nfknlclh gt fzztgztafxlcqztgyahlh igt ak xol ~|d~lv|lkx qlft~ d|hmlx+ Lkn|bdtfknl~ g|x~xfkhakm fx qlft"lkh xofx }ltl ztgyahlh igt ak xol ~|d~lv|lkx qlft~ d|hmlx ftl tlzgtxlh f~hl~amkfxagk~ gi klx f~~lx~ ~aknl xolq hg kgx ngk~xax|xl lzlkhax|tl~ gt cafdacaxal~+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    47/132

    46

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /4! ^|bbftq gi ^amkaianfkx Fnng|kxakm Zgcanal~ /ngkxak|lh!

    /n! ^nogcft~oaz Fccg}fknl~ fkh Ha~ng|kx~

    ^x|hlkx x|axagk fkh ill tlylk|l~# fkh nltxfak gxolt tlylk|l~ itgb ~x|hlkx~# ftltlzgtxlh klx gi ~nogcft~oaz fccg}fknl~ fkh ha~ng|kx~ ak xol ~xfxlblkx~ gi tlylk|l~#lzlk~l~# fkh nofkml~ ak klx f~~lx~+ ^nogcft~oaz fccg}fknl~ fkh ha~ng|kx~ ftl xolhaiiltlknl dlx}llk xol ~xfxlh noftml igt mggh~ fkh ~ltyanl~ ztgyahlh dq xol Ha~xtanx#fkh xol fbg|kx xofx a~ zfah dq ~x|hlkx~+ Nltxfak mgyltkblkxfc mtfkx~# ~|no f~ Zlccmtfkx~# fkh gxolt ilhltfc# ~xfxl gt kgkmgyltkblkxfc ztgmtfb~# ftl tlngthlh f~

    gzltfxakm tlylk|l~ ak xol Ha~xtanx~ iakfknafc ~xfxlblkx~+ Xg xol lxlkx xofx tlylk|l~itgb ~|no ztgmtfb~ ftl |~lh xg ~fxa~iq x|axagk fkh ill~ fkh gxolt ~x|hlkx noftml~#xol Ha~xtanx of~ tlngthlh f ~nogcft~oaz fccg}fknl fkh ha~ng|kx+

    Xlf~ Z|dcan Lh|nfxagk Mtfkx~0 Nltxfak x|axagk fbg|kx~ ftl tlv|atlh xg dl ~lx f~ahligt |~l f~ ~nogcft~oaz~ dq v|fcaiqakm ~x|hlkx~+ Xoa~ ~lx f~ahl# nfcclh xol Xlf~Z|dcan Lh|nfxagk Mtfkx /XZLM!# a~ ~og}k }axo x|axagk fkh ill tlylk|l+ ]olk xolf}fth igt x|axagk a~ |~lh dq xol ~x|hlkx# xol fbg|kx a~ tlngthlh f~ x|axagk fkh fngttl~zgkhakm fbg|kx a~ tlngthlh f~ f x|axagk fkh ill ha~ng|kx+

    Xaxcl AY Ztgmtfb I|kh~0 Nltxfak Xaxcl AY ztgmtfb i|kh~ ftl tlnlaylh dq xol

    Ha~xtanx xg zf~~ xotg|mo xg xol ~x|hlkx~+ ]olk xol ~x|hlkx a~ f}fthlh fkh |~l~ xol~li|kh~ igt x|axagk fkh ill~# xol fbg|kx~ ftl tlngthlh f~ mtfkx tlylk|l fkhngttl~zgkhakm fbg|kx~ ftl tlngthlh f~ x|axagk fkh ill~ ha~ng|kx~+

    /h! Nf~o fkh Nf~o Lv|ayfclkx~

    Xol Ha~xtanx~ nf~o fkh nf~o lv|ayfclkx~ igt z|tzg~l~ gi tlzgtxakm nf~o icg}~ ngk~a~xgi nf~o gk ofkh# hlbfkh hlzg~ax~# fkh nltxaianfxl~ gi hlzg~ax+ Nf~o lv|ayfclkx~ gi(=#6# Fnng|kxakm fkh Iakfknafc Tlzgtxakmigt Nltxfak Akyl~xblkx~ fkh Lxltkfc Akyl~xblkx Zggc~# akyl~xblkx~ ftl tlzgtxlh fxifat yfc|l# lnlzx igt bgklq bftelx i|kh~ fkh zftxanazfxakm akxltl~x"lftkakmakyl~xblkx ngkxtfnx~ xofx bfx|tl }axoak gkl qlft gi xol hfxl gi xolat fnv|a~axagk fkhkgkzftxanazfxakm akyl~xblkx ngkxtfnx~ }oano ftl ~xfxlh fx ng~x+ Ifat yfc|l~ ftl df~lh

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    48/132

    44

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /4! ^|bbftq gi ^amkaianfkx Fnng|kxakm Zgcanal~ /ngkxak|lh!

    /l! Akyl~xblkx~ /ngkxak|lh!

    gk z|dca~olh bftelx ztanl~+ Cgkm"xltb akyl~xblkx~ ofyl fk gtamakfc bfx|taxq gimtlfxlt xofk gkl qlft fx xol xabl gi z|tnof~l+

    /i! Akylkxgtal~

    Akylkxgtal~# ngk~a~xakm gi dgge~xgtl ~xgne fkh iggh ~ltyanl ~|zzcal~# ftl yfc|lh fxxol cg}lt gi ng~x gt bftelx |~akm xol iat~x"ak# iat~x"g|x blxogh fkh ftl noftmlh xglzlk~l f~ ngk~|blh+

    /m! Nfzaxfc F~~lx~

    Nfzaxfc f~~lx~# }oano aknc|hl cfkh# ngcclnxagk~# d|achakm~# cadtftq dgge~# i|tkax|tlfkh lv|azblkx fkh gxolt abztgylblkx~# ftl hliaklh dq xol Ha~xtanx f~ f~~lx~ }axo fkakaxafc# akhayah|fc ng~x gi bgtl xofk (

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    49/132

    4>

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /4! ^|bbftq gi ^amkaianfkx Fnng|kxakm Zgcanal~ /ngkxak|lh!

    /o! Hlilttlh Tlylk|l /ngkxak|lh!

    tl~zlnxaylcq# }oano ofyl kgx qlx dllk lftklh+ Hlilttlh tlylk|l fc~g aknc|hl~fbg|kx~ tlnlaylh itgb mtfkx~ xofx ofyl kgx qlx dllk lftklh+

    /a! \~l gi L~xabfxl~

    Xol ztlzftfxagk gi iakfknafc ~xfxlblkx~ ak ngkigtbaxq }axo mlkltfccq fnnlzxlh

    fnng|kxakm ztaknazcl~ tlv|atl~ bfkfmlblkx xg bfel l~xabfxl~ fkh f~~|bzxagk~ xofxfiilnx xol tlzgtxlh fbg|kx~ gi f~~lx~ fkh cafdacaxal~ fkh ha~ncg~|tl gi ngkxakmlkxf~~lx~ fkh cafdacaxal~ fx xol hfxl gi xol iakfknafc ~xfxlblkx~ fkh xol tlzgtxlh fbg|kx~gi tlylk|l fkh lzlk~l~ h|takm xol tlzgtxakm zltagh+ ^amkaianfkx axlb~ ~|d`lnx xg~|no l~xabfxl~ fkh f~~|bzxagk~ aknc|hl xol nfttqakm fbg|kx gi nfzaxfc f~~lx~#yfc|fxagk fccg}fknl~ igt tlnlayfdcl~# fkh nltxfak fnnt|lh cafdacaxal~+ Fnx|fc tl~|cx~ng|ch haiilt itgb xog~l l~xabfxl~+

    /`! Tlncf~~aianfxagk~

    Nltxfak fnng|kx~ ak xol ztagt qlft iakfknafc ~xfxlblkx~ ofyl dllk tlncf~~aialh igt

    ngbzftfxayl z|tzg~l~ xg ngkigtb xg xol ztl~lkxfxagk ak xol n|ttlkx qlft iakfknafc~xfxlblkx~+

    />! F|xogtaplh Akyl~xblkx~

    Xol Ha~xtanx a~ f|xogtaplh xg akyl~x ak gdcamfxagk~ fkh ak~xt|blkx~ f~ hliaklh ak xol Z|dcanI|kh~ Akyl~xblkx Fnx /^ln+ 44! gdcamfxagk~ gi zgcaxanfc ~|dhaya~agk~ tfxlh kgx cl~~ xofkF dq f kfxagkfc akyl~xblkx tfxakm iatb# /8! nltxaianfxl~ gi hlzg~ax# fkh /

    \khlt ax~ cgnfc zgcanq# xol Ha~xtanx a~ f|xogtaplh xg akyl~x ak /6! gdcamfxagk~ gi xol \kaxlh^xfxl~ gt ax~ fmlknal~# /4! nltxaianfxl~ gi hlzg~ax# />! ~fyakm~ fkh cgfk hlzg~ax~# /8! ztablngbbltnafc zfzlt xofx of~ f ~xfxlh bfx|taxq gi 4=: hfq~ gt cl~~ fkh a~ tfxlh kgx cl~~ xofkF"6 gt Z"6 dq fx clf~x x}g kfxagkfccq tlngmkaplh ntlhax tfxakm fmlknal~# fkh /

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    50/132

    48

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /8! Hlzg~ax~ fkh Akyl~xblkx~

    Hlzg~ax~ fkh akyl~xblkx~ gi xol Ha~xtanx fx F|m|~x >6# 4::? fkh 4::= ngk~a~x gi xoligccg}akm0

    4::? 4::=

    Hlzg~ax~

    Nf~o " hlbfkh hlzg~ax~ ( =#69:#8:4 6:#:1?#499

    Nf~o " nltxaianfxl~ gi hlzg~ax =#:#

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    51/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    52/132

    49

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /

    Fnng|kx~ tlnlayfdcl fx F|m|~x >6# 4::? fkh 4::= ngk~a~xlh gi xol igccg}akm0

    4::? 4::=

    X|axagk fkh ill~ ( 4#?9:#=6? 4#>?>#=>>

    Fh yfcgtlb ztgzltxq xfl~ >68#=>

    Ilhltfc fkh ~xfxl mtfkx~ 8 94:#81 19#888

    F|acaftq fkh gxolt 64?#>8? 68=#:66

    >#?4=#1?9 >#9#8=9

    Cl~~ fccg}fknl igt hg|dxi|c fnng|kx~ /6#6:9#?99! /6#6:9#?99!

    Fnng|kx~ tlnlayfdcl# klx ( 4#=46#64: 4#841#96:

    /9! Nfzaxfc F~~lx~

    Nfzaxfc f~~lx fnxayaxq igt xol Ha~xtanx igt xol qlft lkhlh F|m|~x >6# 4::? }f~ f~ igccg}~0

    Dfcfknl Xtfk~ilt~ Dfcfknl

    ^lzxlbdlt 6# fkh F|m|~x >6#

    4::= Fhhaxagk~ Tlxatlblkx~ 4::?

    Nfzaxfc f~~lx~# kgx dlakm

    hlztlnafxlh0

    Cfkh ( 4#96>#?1> 6:#::: " 4#94>#?1>

    Ngcclnxagk~ 8>8#>>1 " " 8>8#>>1

    Ngk~xt|nxagk ak ztgmtl~~ :8

    I|tkax|tl fkh lv|azblkx >#?88#6:9 6>68! >#19=#=66

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    53/132

    4=

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /9! Nfzaxfc F~~lx~ /ngkxak|lh!

    Dfcfknl Xtfk~ilt~ Dfcfknl

    ^lzxlbdlt 6# fkh F|m|~x >6#

    4::= Fhhaxagk~ Tlxatlblkx~ 4::?

    Cl~~ fnn|b|cfxlh hlztlnafxagk0

    D|achakm~ fkh d|achakm

    abztgylblkx~ ( /6:#894#4#6=:!

    Xgxfc d|achakm~ fkh gxolt

    tlfc l~xfxl abztgylblkx~ /64#:#?9>! " /6>#684#:

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    54/132

    4?

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /9! Nfzaxfc F~~lx~ /ngkxak|lh!

    Dfcfknl Xtfk~ilt~ Dfcfknl

    ^lzxlbdlt 6# fkh F|m|~x >6#

    4::= Fhhaxagk~ Tlxatlblkx~ 4::?

    Cl~~ fnn|b|cfxlh hlztlnafxagk0

    D|achakm~ fkh d|achakm

    abztgylblkx~ ( /1#

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    55/132

    41

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /9! Nfzaxfc F~~lx~ /ngkxak|lh!

    Dfcfknl Xtfk~ilt~ Dfcfknl

    ^lzxlbdlt 6# fkh F|m|~x >6#

    4::= Fhhaxagk~ Tlxatlblkx~ 4::?

    Nfzaxfc f~~lx~# dlakm hlztlnafxlh0

    I|tkax|tl fkh lv|azblkx ( 48#> 6#4:: " 4>

    48#> 6#4:: " 4>

    Cl~~ fnn|b|cfxlh hlztlnafxagk0

    I|tkax|tl fkh lv|azblkx /6#6??! />#=>>! " /8#146!

    /6#6??! />#=>>! " /8#146!

    4>#>8< /4#>! " 4:#?64

    ( ?#:

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    56/132

    >:

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /=! Cgkm"Xltb Cafdacaxal~

    Cgkm"xltb cafdacaxq fnxayaxq igt xol qlft lkhlh F|m|~x >6# 4::? }f~ f~ igccg}~0

    Dfcfknl Dfcfknl H|l

    ^lzxlbdlt 6# F|m|~x >6# ]axoak

    4::= Fhhaxagk~ Tlh|nxagk~ 4::? Gkl Qlft

    Dgkh~ fkh kgxl~ zfqfdcl0

    Tlylk|l dgkh~ ( 49#94:#::: " ?8

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    57/132

    >6

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /=! Cgkm"Xltb Cafdacaxal~ /ngkxak|lh!

    Tlylk|l dgkh~ fx F|m|~x >6# 4::? fkh 4::= ftl ngbzta~lh gi xol igccg}akm akhayah|fca~~|l~0

    4::? 4::=

    (4:#=6 tlylk|lfkh tli|khakm dgkh~# h|l ak fkk|fc

    ak~xfccblkx~ gi (44

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    58/132

    >4

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /=! Cgkm"Xltb Cafdacaxal~ /ngkxak|lh!

    Igt xol Qlft Lkhlh

    F|m|~x >6# Ztaknazfc Akxltl~x Ztaknazfc Akxltl~x Xgxfc

    4::1 ( ?=:#::: 6#6=?#:?1

    4:66 1>:#::: 6#669#64< " " 4#:89#64#68?

    4:48 " 4:4? ?#46# 4::? ftl f~ igccg}~0

    Ia~nfc Qlft

    4::1 ( >6=#>=69#>=4:#646?#>= >46#>= 6#994#69:

    4:48 " 4:4? 6#=6?#=9 ak 4::? fkh 4::=# tl~zlnxaylcq+

    /68! Fh Yfcgtlb Ztgzltxq Xfl~

    Xol Ha~xtanx~ fh yfcgtlb ztgzltxq xf a~ clyalh lfno Gnxgdlt 6 gk xol f~~l~~lh yfc|lca~xlh f~ gi xol ztagt @fk|ftq 6 igt fcc tlfc# d|~akl~~ fkh zlt~gkfc ztgzltxq cgnfxlh ak xol

    Ha~xtanx f~ igccg}~0

    4::? 4::=

    F~~l~~lh yfc|fxagk gi xol Ha~xtanx ( 4#>?9#6=>#16? 4#:=86#44?Cl~~0 Fdfxlblkx~ 66:#446#:9?#:14Cl~~0 Llbzxagk~

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    63/132

    >=

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /68! Fh Yfcgtlb Ztgzltxq Xfl~ /ngkxak|lh!

    Xf tfxl~ f|xogtaplh fkh f~~l~~lh h|takm ia~nfc qlft 4::? ftl f~ igccg}~0

    N|ttlkx HldxGzltfxagk~ ^ltyanl Xgxfc

    Xf tfxl zlt (6:: yfc|fxagkigt f|xogtaplh ( :+1

    Xfl~ clyalh igt xol qlft lkhlh F|m|~x >6# 4::= ftl (4#988#>:?+ Xfl~ ftl h|l gk tlnlazxgi xol xf dacc fkh ftl hlcakv|lkx ai kgx zfah dligtl Ildt|ftq 6 gi xol qlft igccg}akm xolqlft ak }oano abzg~lh+ Xf ngcclnxagk~ igt xol qlft lkhlh F|m|~x >6# 4::= ftl f~

    igccg}~0

    N|ttlkx HldxGzltfxagk~ ^ltyanl Xgxfc

    N|ttlkx xfl~ ngcclnxlh ( 4#

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    64/132

    >?

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /68! Fh Yfcgtlb Ztgzltxq Xfl~ /ngkxak|lh!

    Xf ngcclnxagk~ igt xol qlft~ lkhlh F|m|~x >6# 4::? fkh 4::= }ltl 1=, gi xol n|ttlkx xfclyq+ Fk fccg}fknl igt |kngcclnxadcl xfl~ a~ df~lh |zgk xol oa~xgtanfc lzltalknl akngcclnxakm ztgzltxq xfl~+

    /6

    Lfno ngbb|kaxq ngcclml ha~xtanx ak Xlf~ a~ tlv|atlh dq cf} xg ztlzftl fk fkk|fcgzltfxakm d|hmlx gi fkxanazfxlh tlylk|l~ fkh lzlkhax|tl~ igt xol ia~nfc qlft dlmakkakm^lzxlbdlt 6+ Xol d|hmlx# }oano a~ ztlzftlh gk xol fnnt|fc df~a~ gi fnng|kxakm# a~fhgzxlh dq xol Ha~xtanx~ Dgfth gi Xt|~xll~+ F ngzq gi xol fzztgylh d|hmlx fkh

    ~|d~lv|lkx fblkhblkx~ b|~x dl iaclh }axo xol Xlf~ Oamolt Lh|nfxagk NggthakfxakmDgfth# Clma~cfxayl D|hmlx Dgfth# Clma~cfxayl Tliltlknl Cadtftq# fkh Mgyltkgt~ Giianlgi D|hmlx fkh Zcfkkakm dq Hlnlbdlt 6+

    /69! Akngbl Xfl~

    Xol Ha~xtanx a~ llbzx itgb akngbl xfl~ |khlt Akxltkfc Tlylk|l Nghl ^lnxagk 66

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    65/132

    >1

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /6=! Ngkxakmlknal~ /ngkxak|lh!

    fzzcanfdcl i|kh~+ Xol fbg|kx# ai fkq# gi lzlkhax|tl~ }oano bfq dl ha~fccg}lh dq xolmtfkxgt nfkkgx dl hlxltbaklh fx xoa~ xabl fcxog|mo xol Ha~xtanx lzlnx~ fkq ~|no fbg|kx~xg dl abbfxltafc+

    /6?! Mtfkx~ fkh Ngkxtfnx~

    Ngkxtfnx fkh mtfkx tlylk|l~ ftl tlngmkaplh ak xol fnngbzfkqakm ^xfxlblkx~ gi Tlylk|l~#Lzlk~l~# fkh Nofkml~ ak Klx F~~lx~+ Igt ngkxtfnx fkh mtfkx f}fth~# i|kh~ lzlkhlh d|xkgx ngcclnxlh ftl tlzgtxlh f~ fnng|kx~ tlnlayfdcl ak xol fnngbzfkqakm ^xfxlblkx~ gi KlxF~~lx~+ Ngkxtfnx fkh mtfkx f}fth~ xofx ftl kgx qlx i|khlh fkh igt }oano xol Ha~xtanx of~

    kgx qlx zltigtblh ~ltyanl~ ftl kgx aknc|hlh ak xol iakfknafc ~xfxlblkx~+

    /61! D|~akl~~ Ngknlkxtfxagk~

    Xol Ha~xtanx mlkltfccq ~ltyl~ f cabaxlh mlgmtfzoan ftlf ak Nlkxtfc Xlf~5 ngk~lv|lkxcq# axa~ abzfnxlh dq xol mlkltfc lngkgbq gi xol ftlf+ Fc~g# xol Ha~xtanx tlnlayl~ f ~|d~xfkxafczgtxagk gi ax~ i|khakm itgb ilhltfc fkh ~xfxl ~g|tnl~5 ngk~lv|lkxcq# xol Ha~xtanx a~hlzlkhlkx |zgk ngkxak|lh i|khakm itgb xol~l ~g|tnl~+

    /4:! Xtfk~fnxagk~ }axo Ngbzgklkx \kax

    Xol Ha~xtanx tlnlaylh ngkxtad|xagk~ itgb xol Ig|khfxagk igt xol qlft~ lkhlh F|m|~x >6#4::? fkh 4::= ak xol fbg|kx gi (#6# 4::=# xol Ha~xtanx zfah (41#6:: xg xol Ig|khfxagk |khltxol clf~l fmtllblkx+

    /46! F|xogtaxfxayl Ztgkg|knlblkx~ Kgx Qlx Fhgzxlh

    Ak Ildt|ftq 4::=# xol MF^D a~~|lh ^xfxlblkx Kg+ 81# Fnng|kxakm fkh Iakfknafc

    Tlzgtxakm igt Zgcc|xagk Tlblhafxagk Gdcamfxagk~+ ^xfxlblkx Kg+ 81 ztgyahl~ m|ahfknl gkog} xg nfcn|cfxl fkh tlzgtx xol ng~x~ fkh gdcamfxagk~ f~~gnafxlh }axo zgcc|xagk nclfk|zliigtx~+ Xol tlv|atlblkx~ gi xoa~ ~xfxlblkx ftl liilnxayl igt ia~nfc zltagh~ dlmakkakm fixltHlnlbdlt 6

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    66/132

    8:

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg Iakfknafc ^xfxlblkx~/Ngkxak|lh!

    /46! F|xogtaxfxayl Ztgkg|knlblkx~ Kgx Qlx Fhgzxlh /ngkxak|lh!

    tlzgtxakm tlv|atlblkx~ igt akxfkmadcl f~~lx~ aknc|hakm lf~lblkx~# }fxlt tamox~# xabdlttamox~# zfxlkx~# xtfhlbfte~# fkh ngbz|xlt ~gix}ftl+ Xol tlv|atlblkx~ gi xoa~ ~xfxlblkxftl liilnxayl igt iakfknafc ~xfxlblkx~ igt zltagh~ dlmakkakm fixlt @|kl 6

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    67/132

    86

    ^|zzclblkxfc Akigtbfxagk

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    68/132

    84

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    69/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    70/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    71/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    72/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    73/132

    Akhatlnx Ng~x~#

    Zf~~ Xotg|mo

    Ilhltfc Zf~~ Xotg|mo Ha~d|t~lblkx~

    Mtfkxgt'Zf~~"Xotg|mo Mtfkxgt' NIHF Mtfkxgt fkh

    Ztgmtfb Xaxcl K|bdlt K|bdlt Lzlkhax|tl~

    \+^+ Hlzftxblkx gi Lh|nfxagk0

    Hatlnx Ztgmtfb~0

    Ilhltfc |zzclblkxfc Lh|nfxagk Gzzgtx|kaxq

    Mtfkx Ztgmtfb ?8+::= *6 ( 444#:?>

    Ilhltfc ]gte x|hq Ztgmtfb ?8+:>> *6 ZG84F:96618":= 449#18:

    XTAG " ^x|hlkx ^|zzgtx ^ltyanl~ ?8+:84F > *6 ?#9>?#98>

    Fnfhlban Ngbzlxaylkl~~ Mtfkx ?8+>=

    Xlf~ Oamolt Lh|nfxagk Nggthakfxakm Dgfth0

    Ygnfxagkfc Lh|nfxagk " xfxl Df~an Mtfkx Ztgmtfb ?8+:8? ?84>6

    Hfccf~ Ng|kxq Ngbb|kaxq Ngcclml Ha~xtanx0

    Ygnfxagkfc Lh|nfxagk " Xlnokanfc Ztlzftfxagk ?8+48> 696#9=8

    ^xlzolk I+ F|~xak \kaylt~axq0

    I|kh igt Abztgylblkx gi Zg~x~lngkhftq Lh|nfxagk ?8+669 996# 4::?

    /6! Ilhltfc Tlylk|l Tlngknacafxagk

    Ilhltfc tlylk|l~ igt xol qlft lkhlh F|m|~x >6# 4::? ftl tlzgtxlh ak xol df~an iakfknafc~xfxlblkx~ f~ igccg}~0

    Ilhltfc mtfkx~ fkh ngkxtfnx~ zlt Loadax 4 ( 6:#?18##4=8

    /4! Df~a~ gi Ztl~lkxfxagk

    Xol fnngbzfkqakm ~nolh|cl gi lzlkhax|tl~ gi ilhltfc f}fth~ aknc|hl~ xol ilhltfc mtfkxfnxayaxq gi Kfyfttg Ngcclml Ha~xtanx fkh a~ ztl~lkxlh gk xol fnnt|fc df~a~ gi fnng|kxakm+Xol akigtbfxagk ak xoa~ ~nolh|cl a~ ztl~lkxlh ak fnngthfknl }axo xol tlv|atlblkx~ giGBD Natn|cft F"6>># F|hax~ gi ^xfxl~# Cgnfc Mgyltkblkx~# fkh Kgk"ZtgiaxGtmfkapfxagk~+ Xoltligtl# ~gbl fbg|kx~ ztl~lkxlh ak xoa~ ~nolh|cl bfq haiilt itgbfbg|kx~ ztl~lkxlh ak# gt |~lh ak xol ztlzftfxagk gi# xol df~an iakfknafc ~xfxlblkx~+

    />! ^x|hlkx Cgfk~ Ztgnl~~lh fkh Fhbaka~xtfxayl Ng~x~ Tlngyltlh

    Xgxfc cgfk~Fhbaka~xtfxayl Ztgnl~~lh fkh

    Kl} Cgfk~ Ng~x Fhbaka~xtfxaylZtgnl~~lh Tlngyltlh Ng~x Tlngyltlh

    \+ ^+ Hlzftxblkx gi Lh|nfxagk?8+:>4 Ilhltfc IfbacqLh|nfxagk Cgfk~ ( 68#

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    76/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    77/132

    Mtfkx Akhatlnx Ng~x~

    Ngkxtfnx fkh

    Mtfkxgt Fmlknq'Ztgmtfb Xaxcl K|bdlt Lzlkhax|tl~

    Xlf~ Oamolt Lh|nfxagk Nggthakfxakm Dgfth

    ^xfxl ]gte ^x|hq ( >=

    Hlylcgzblkxfc Lh|nfxagk Dtahml Ztgmtfb

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    78/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    79/132

    Kfyfttg Ngcclml Ha~xtanx

    Kgxl~ xg ^nolh|cl gi Lzlkhax|tl~ gi ^xfxl F}fth~

    Qlft Lkhlh F|m|~x >6# 4::?

    /6! ^xfxl Tlylk|l Tlngknacafxagk

    ^xfxl tlylk|l~ igt 4::? ftl tlzgtxlh ak xol df~an iakfknafc ~xfxlblkx~ f~ igccg}~0

    ^xfxl mtfkx~ fkh ngkxtfnx~ zlt Loadax 4 ( 6#:49#?14

    F}fthakm gi ~nogcft~oaz ztagt xgtlnlazx gi i|khakm #?91

    Xgxfc zlt ^nolh|cl gi Lzlkhax|tl~gi ^xfxl F}fth~ ( 6#:?:#=96

    /4! Df~a~ gi Ztl~lkxfxagk

    Xol fnngbzfkqakm ~nolh|cl gi lzlkhax|tl~ gi ~xfxl f}fth~ aknc|hl~ xol ~xfxl mtfkxfnxayaxq gi Kfyfttg Ngcclml Ha~xtanx fkh a~ ztl~lkxlh gk xol fnnt|fc df~a~ gi fnng|kxakm+Xol akigtbfxagk ak xoa~ ~nolh|cl a~ ztl~lkxlh ak fnngthfknl }axo xol tlv|atlblkx~ gi\kaigtb Mtfkx Bfkfmlblkx ^xfkhfth~+ Xoltligtl# ~gbl fbg|kx~ ztl~lkxlh ak xoa~~nolh|cl bfq haiilt itgb fbg|kx~ ztl~lkxlh ak# gt |~lh ak xol ztlzftfxagk gi# xol df~an

    iakfknafc ~xfxlblkx~+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    80/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    81/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    82/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    83/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    84/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    85/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    86/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    87/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    88/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    89/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    90/132

    Kgk"Tl~ahlkx ^x|hlkx~ /6!

    Ia~nfc Mlkltfc Yloancl

    Qlft G|x"gi"Ha~xtanx ^ltyanl~ Bfxtan|cfxagk D|achakm Tlma~xtfxagk

    /Ifcc! X|axagk Ill Ill /4! Ill \~l Ill Ill

    4::? ( ?66 >8? " 6: 4:8 6:

    4::= ?:1 >48 " 6: 4:8 6:

    4::9 ==> 4?? " 6: 688 6:

    4::< 9== 44 6:

    4::> 9:< 48: 84 6: 64: 6:

    4::4 688 84 6: =4 "

    4::: 8=> />! 688 84 6: =4 "

    6111 8:: 64: 84 6: =4 "

    Kgxl0 Aknc|hl~ df~an lktgccblkx x|axagk fkh ill~ d|x lnc|hl~ ng|t~l df~lh ill~ ~|no f~ cfdgtfxgtq ill~#

    xl~xakm ill~ fkh nltxaianfxagk ill~+

    /6! Df~lh gk x}lcyl ~lbl~xlt ntlhax og|t cgfh+

    /4! Aknc|hl~ fxoclxan ill+

    />! Xlnokgcgmq Ill kg} aknc|hlh ak X|axagk+

    /8! Mlkltfc ^ltyanl~ Ill fkh Fxoclxan Ill kg} aknc|hlh ak X|axagk+

    Kfyfttg Ngcclml Ha~xtanx

    X|axagk fkh Ill~

    Cf~x Xlk Fnfhlban Qlft~

    98

    /Ngkxak|lh!

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    91/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    92/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    93/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    94/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    95/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    96/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    97/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    98/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    99/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    100/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    101/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    102/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    103/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    104/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    105/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    106/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    107/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    108/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    109/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    110/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    111/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    112/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    113/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    114/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    115/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    116/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    117/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    118/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    119/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    120/132

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    121/132

    1::#:::

    (>49#=1?

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    128/132

    6:4

    Kfyfttg Ngcclml Ha~xtanx

    ^nolh|cl gi Iakhakm~ fkh V|l~xagklh Ng~x~/Ngkxak|lh!

    /4! Iakfknafc ^xfxlblkx Iakhakm~

    Iakhakm 4::?"60 Abztgyl Zltzlx|fc Akylkxgtq Tlngth~ igt Dgge~xgtl Akylkxgtq

    Xol Ha~xtanx bfakxfak~ zltzlx|fc akylkxgtq tlngth~ igt dgge~xgtl akylkxgtq fkh xfel~ fzoq~anfc akylkxgtq fx qlft lkh+ ^|d~lv|lkx xg xol F|m|~x >6# 4::? zoq~anfc ng|kx#Ha~xtanx bfkfmlblkx zlt~gkklc hlxltbaklh xofx nltxfak fh`|~xblkx~ gi xol zltzlx|fctlngth~ xg fnx|fc ng|kx~ ofh kgx dllk bfhl+ Xoltligtl# xol zltzlx|fc tlngth~ }ltl kgx

    tlcafdcl fkh fk fh`|~xblkx xg xolb }f~ bfhl+ ]l |khlt~xfkh xofx bfkfmlblkx gi xolHa~xtanx of~ abzclblkxlh xol ztgnlh|tl~ ca~xlh dlcg} ak gthlt xg lk~|tl xol fnn|tfnq gixol zltzlx|fc tlngth~0

    Igtbfc ~nolh|cakm gi axlb~ xg dl nqncl ng|kxlh }llecq fkh bgkxocq fkh zltaghanbfkfmlblkx tlyal} xg f~~|tl fholtlknl xg xol ~nolh|cl+

    Tlngknacafxagk gi zltzlx|fc tlngth~ fkh fnx|fc nqncl ng|kx~+

    Igccg}"|z xg hlxltbakl xol nf|~l~ igt haiiltlknl~ ~g xofx ztgnlh|tfc }lfekl~~l~ bfqdl tlblhalh+

    Zltaghan tlzgtxakm xg fzztgztafxl Ha~xtanx zlt~gkklc

    ]l ngkn|t }axo bfkfmlblkx~ zcfk igt abztgylblkx gi ngkxtgc~ gylt dgge~xgtlakylkxgtq# fkh lkng|tfml xablcq igccg}"|z fkh tlblhafxagk gi fkq ztgnlh|tfc}lfekl~~l~ ahlkxaialh+ Xol ztgnlh|tl~ ca~xlh fdgyl }acc olcz xol Ha~xtanx ign|~ ax~ liigtx~gk bgtl xablcq hlxlnxagk fkh ngttlnxagk gi lttgt~ ak xol zltzlx|fc tlngth~+ Gknl xolzltzlx|fc tlngth~ ofyl dllk hlxltbaklh xg dl tlcafdcl tlztl~lkxfxagk~ gi fnx|fc v|fkxaxal~#fk liilnxayl nqncl ng|kxakm ztgmtfb }acc bfakxfak tlcafdacaxq gk f ngkxak|akm df~a~ fkhng|ch tlh|nl xol kllh igt fkk|fc zoq~anfc akylkxgtal~+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    129/132

    6:>

    Kfyfttg Ngcclml Ha~xtanx

    ^nolh|cl gi Iakhakm~ fkh V|l~xagklh Ng~x~/Ngkxak|lh!

    />! Ilhltfc F}fth Iakhakm~ fkh V|l~xagklh Ng~x~

    Kgkl

    /8! ^xfxl F}fth Iakhakm~ fkh V|l~xagklh Ng~x~

    Iakhakm 4::?"40 Lcamadacaxq igt Xlf~ Lh|nfxagkfc Gzzgtx|kaxq Mtfkx /XLGM! Ztgmtfb

    Ntaxltaf# Iakhakm fkh Tlngbblkhfxagk0 Nofzxlt 44# ^|dnofzxlt B# ^lnxagk 44+4

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    130/132

    6:8

    Kfyfttg Ngcclml Ha~xtanx

    ^|bbftq ^nolh|cl gi Ztagt F|hax Iakhakm~

    F|m|~x >6# 4::?

    Iakhakm 4::="40 Tli|kh gi Xaxcl AY I|kh~

    NIHF Kg+ ?8+::= ^|zzclblkxfc Lh|nfxagk Gzzgtx|kaxq Mtfkx Ztgmtfb5 NIHF Kg+?8+:>4 Ifbacq Lh|nfxagkfc Cgfk Ztgmtfb5 NIHF Kg+ ?8+:>> ]gte ^x|hq Ztgmtfb5NIHF Kg+ ?8+:9> Zlcc Mtfkx Ztgmtfb

    Ntaxltaf# Iakhakm fkh Tlngbblkhfxagk0 Xaxcl AY tli|kh~ gi iakfknafc fah ftl tlv|atlh xgdl nfcn|cfxlh fkh tlx|tklh xg xol \+^+ Hlzftxblkx gi Lh|nfxagk }axoak >: hfq~+ ]l

    ~lclnxlh f ~fbzcl gi 8: ~x|hlkx~ fkh kgxlh ig|t ak~xfknl~ ak }oano xol Xaxcl AY tli|kh}f~ kgx bfhl ak f xablcq bfkklt+ ]l |khlt~xfkh xofx xol~l ak~xfknl~ gnn|ttlh dlnf|~lxol }axohtf}fc hfxl zg~xlh dq xol Tlma~xtft~ Giianl }f~ fixlt xol }axohtf}fc hfxl kgxlhgk xol ~x|hlkx~ htgz ~caz+

    F~ }l ~|mml~xlh ak g|t ztlyag|~ tlzgtx hfxlh Kgylbdlt ?# 4::9# xg abztgyl ngbzcafknlak xol~l ftlf~# }l ~|mml~x xofx xol Tlma~xtft~ Giianl tlyal} ax~ ~xfkhfth zgcanal~ fkhztgnlh|tl~ xg lk~|tl ztgzlt hgn|blkxfxagk fkh fnn|tfxl zg~xakm gi nofkml~ ak ncf~~~nolh|cl~ igt ~x|hlkx~+ Fcc nofkml~ xg ~x|hlkx ~nolh|cl~ ~og|ch dl ztgzltcq hgn|blkxlhak }taxakm fkh zg~xlh xg xol ~q~xlb hfacq+ Abzclblkxfxagk gi xol~l zgcanal~ fkhztgnlh|tl~ ~og|ch tlh|nl xol ta~e gi lttgt~ gt dfnecgm~ ak ztgnl~~akm fx xol Tlma~xtft~

    Giianl# }oano nfk hatlnxcq abzfnx ngbzcafknl }axo ilhltfc iakfknafc fah m|ahlcakl~+

    N|ttlkx ^xfx|~

    Ngkxfnx zlt~gk tl~zgk~adcl igt ngttlnxayl fnxagk0 Hfyah C+ Lh}fth~# Tlma~xtft

    Ngttlnxayl fnxagk xfelk0 F ngbzclxl tlyal} gi Kfyfttg Ngcclml~ htgz zgcanal~ }f~ngkh|nxlh dq xol Tlma~xtft+ Iakhakm n|cbakfxlh ak f }taxxlk zgcanq }axo tlmfth~ xg htgz~igt xol ak~xax|xagk+ Xoa~ zgcanq# }oano ngaknahl~ }axo xol OD 64>6 zgcanq bfkhfxlh dqxol ^xfxl gi Xlf~# }f~ ngbzaclh dq f ~lclnx ngbbaxxll bfhl |z gi fhbaka~xtfxgt~#ifn|cxq# fkh ~xfii blbdlt~+ Xol ngbbaxxll~ ztgzg~fc~ }ltl tlilttlh xg xol Ztl~ahlkx#

    }og ak x|tk ~|dbaxxlh xolb xg xol Dgfth gi Xt|~xll~ igt fzztgyfc fkh aknc|~agk ak xolGiianafc Kfyfttg Ngcclml Ak~xax|xagkfc Zgcanq Bfk|fc+

    F~ zftx gi xoa~ ngbztlolk~ayl zgcanq# xol Tlma~xtft tlhl~amklh xol ng|t~l htgz igtb5ngbb|kanfxlh kl} ztgnlh|tl~ xg fcc zlt~gkklc hl~amklh xg ak~|tl xofx htgz~ ftlztgnl~~lh }axoak fk fnnlzxfdcl xabl itfbl# fkh abzclblkxlh bfkhfxgtq xtfakakm igt fcczlt~gkklc }og zltigtb fhba~~agk~ fkh tlngth~ i|knxagk~+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    131/132

    6:6# 4::?

    Iakhakm 4::?"6

    Ngkxfnx zlt~gk tl~zgk~adcl igt ngttlnxagk fnxagk0 Fftgk ^+ Qgte# D|~akl~~ Bfkfmlt

    Ngttlnxayl fnxagk zcfkklh0 F~ ~ggk f~ Bfkfmlblkx clftklh xofx xol ~nfkklh akylkxgtqk|bdlt~ hah kgx |zcgfh ngttlnxcq igt xol qlft"lkh akylkxgtq ng|kx fkh xofx }l ng|ch kgx lkxltg|t ng|kx~ hatlnxcq gkxg xol zoq~anfc ng|kx }gte~ollx# xol Ha~xtanx ngkxfnxlh xol ~gix}ftl

    ngbzfkq xg tlzgtx xol~l ztgdclb~+ Xol ~gix}ftl ngbzfkq akigtblh xol Ha~xtanx xofx xolztgdclb~ }ltl h|l xg xol Ha~xtanx |~akm fk gchlt ylt~agk gi xol ~gix}ftl+ Fixlt xol ~gix}ftl}f~ |zmtfhlh# xol ~nfkklt~ }ltl xl~xlh xg ~ll ai xol akigtbfxagk }g|ch |zcgfh ngttlnxcq fkhxofx ng|kx~ ng|ch dl lkxltlh hatlnxcq gkxg xol zoq~anfc ng|kx }gte~ollx~+ Xol |zmtfhl xg xolkl} ylt~agk ngttlnxlh dgxo gi xol~l ztgdclb~+

    H|l xg xol ha~ntlzfknal~ xofx tl~|cxlh itgb xol |zcgfhakm }axo xol ~nfkklt~# dgxo xol]ffofnoal'Bahcgxoafk fkh Ngt~anfkf'Blaf dgge~xgtl~ ftl hgakm }llecq ng|kx~ dq ~lnxagkxg iakh fkh ngttlnx xol~l lttgt~+ Xol dgge~xgtl }acc ~|dbax xg xol D|~akl~~ Bfkfmlt xoligccg}akm tlzgtx~ fixlt lfno ~lnxagk ng|kx0 ztl"akylkxgtq ca~xakm gi ~lnxagk# zoq~anfc akylkxgtq}gte~ollx }oano a~ |~lh xg ng|kx# ofkh"olch hlyanl tlzgtx ai axlb~ ftl ~nfkklh# akylkxgtq

    ha~ntlzfknq tlzgtx# fkh zg~x"akylkxgtq ca~xakm gi ~lnxagk+ F ngbzclxl dgge akylkxgtq ng|kx a~~nolh|clh igt Hlnlbdlt 4::? fixlt ncf~~l~ lkh+ Ak fhhaxagk# xol d|~akl~~ bfkfmlt a~gtmfkapakm oamo"hgccft axlb ng|kx~ lfno bgkxo+

    Fkxanazfxlh ngbzclxagk hfxl0 Hlnlbdlt 4::?# }axo bgkxocq ~lnxagk ng|kx~ ngkxak|akmakhliakaxlcq

    Iakhakm 4::?"4

    Ngkxfnx zlt~gk/~! tl~zgk~adcl igt ngttlnxagk fnxagk0 Hfyah C+ Lh}fth~# Tlma~xtft

    Ngttlnxayl fnxagk zcfkklh0 Xol Tlma~xtft }acc akngtzgtfxl ~zlnafcaplh xtfakakm ak tlfhakm fkhakxltztlxakm oamo ~noggc xtfk~ntazx~ akxg xol gyltfcc xtfakakm zcfk igt fcc Kfyfttg Ngcclml ~xfiiblbdlt~ xofx zltigtb fhba~~agk~ fkh tlngth~ i|knxagk~+ Xol Tlma~xtft }acc fc~g aknc|hl~zlnaian ak~xt|nxagk~ igt ztgzltcq lkxltakm oamo ~noggc xtfk~ntazx akigtbfxagk ak xol Tlma~xtft~Giianl Zgcanal~ fkh Ztgnlh|tl~ Bfk|fc+ Xoa~ bfk|fc }acc dl a~~|lh xg xtfak fcc KfyfttgNgcclml zlt~gkklc xofx zltigtb fhba~~agk~ fkh tlngth~ i|knxagk~+

  • 7/30/2019 Comprehensive Annual Financial Report-FY2008

    132/132

    Kfyfttg Ngcclml Ha~xtanx

    Ngttlnxayl Fnxagk Zcfk/Ngkxak|lh!

    Iakhakm 4::?"4 /ngkxak|lh!

    Ngttlnxayl fnxagk zcfkklh0 /ngkxak|lh!

    Xol Tlma~xtft }acc fc~g hlylcgz# ak ncg~l nggthakfxagk }axo xol Hatlnxgt gi Iakfknafc Fah# fztgnlh|tl }oltldq tlma~xtft zlt~gkklc nfk ngbb|kanfxl |zhfxlh oamo ~noggc xtfk~ntazxakigtbfxagk xg xol fzztgztafxl iakfknafc fah ~xfii blbdlt~+ Xoa~ ztgnlh|tl }acc aknc|hlnggthakfxagk fkh ngbb|kanfxagk dlx}llk dgxo giianl~+

    Fkxanazfxlh ngbzclxagk hfxl0 @fk|ftq 6