Treasurer of the State of Arizona June 30, 2008 Report Highlights -Financial Audit

Treasurer of theState of ArizonaREPORTTreasurer’s Office ManagesHIGHLIGHTSFINANCIAL STATEMENT AUDIT the State’s and LocalSubject Government InvestmentsThe Arizona State Treasurer’sOffice provides financialservices to state agencies,Investment Trust Funds consist of the following:counties, community collegedistricts, tribal governments,IndividualLocal Government Investmentcities, and towns by Agency Funds Investment AccountPool-Long Termsafekeeping investments, $6.8 billion 2%1%investing monies on deposit Localwith the Treasurer, and Governmentdistributing monies, as Investmentnecessary, to these entities. Pool-GovernmentThe Treasurer is responsible41%for preparing annual financialstatements, maintainingstrong internal controls, anddemonstrating accountabilityfor custody of public monies.As the auditors, our job is to Investment Trust Fundsdetermine whether the Local Government$5.8 billionInvestment PoolTreasurer’s Office has met its56%responsibilities.Our Conclusion As of June 30, 2008, the Treasurer’s Arizona cities, towns, counties, andOffice had investments totaling $12.6 political subdivisions have asked theThe information in the billion; 45.7 percent was held in Treasurer to invest for them, as well asTreasurer’s financial investment trusts, and 54.3 percent was investments of state monies.statements is reliable. The held in an agency capacity. Agency • The Local Government Investmentfinancial statements presentFunds are custodial in ...