For the Fiscal Year Ended June 30, 2003

Governor’s Letter

Table of Contents

Introductory Section

• Letter of Transmittal
• Certificate of Achievement
• State of Delaware Selected State Officials
• State of Delaware Organization Chart

Financial Section

Basic Financial Statements

• Report of Independent Auditors
• Management’s Discussion and Analysis

Statewide Financial Statements

• Statement of Net Assets
• Statement of Activities

Governmental Fund Financial Statements

• Combined Balance Sheet
• Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets
• Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits) Governmental Funds
• Reconciliation of the Net Changes in Fund Balances – Total Governmental Funds to Changes in Net Assets of Governmental Activities

Proprietary Funds

• Statement of Net Assets Proprietary Funds
• Statement of Revenues, Expenses and Changes in Fund Net Assets
• Statement of Cash Flows

Fiduciary Funds

• Statement of Fiduciary Net Assets
• Statement of Changes in Fiduciary Net Assets

Delaware Public Employees Retirement System

• Combining Statement of Fiduciary Net Assets
• Combining Statement of Changes in Fiduciary Net Assets
• Combining Statement of Changes in Assets and Liabilities – All Agency Funds

Component Unit Financial Statements

• Combining Statement of Net Assets Major Component Units
• Combining Statement of Activities Major Component Units

Notes to the Financial Statements

• Note 1-Summary of Significant Accounting Policies
• Note 2-Cash, Investments and Restricted Assets
• Note 3-Receivables
• Note 4-Interfund Receivables Payables and Transfers
• Note 5-General Obligation Bonds
• Note 6-Revenue Bonds
• Note 7-Loans and Notes Payable
• Note 8-Lease Commitments
• Note 9-Other Long-Term Obligations
• Note 10-Changes in Long-Term Obligations
• Note 11-No Commitment Debt (Not Included in Financial Statements)
• Note 12-Capital Assets
• Note 13-Risk Management
• Note 14-Pensions
• Note 15-Affiliated Organizations
• Note 16-Contingencies
• Note 17-Subsequent Event
• Note 18-Prior Period Adjustment

Required Supplementary Information

• Notes to Required Supplementary Information Budgetary Reporting
• Required Supplementary Information

Statistical Section

The information which follows is comprised of selected financial, economic and demographic statistical data, presented on a multi-year basis.

• Condensed Statement of Revenues, Expenditures and Changes in Fund Balance – General Fund
• Revenues By Source and Expenditures by Function – All Governmental Fund Types
• Population Statistics & Per Capita Personal Income
• Composition of Delaware Labor Force
• Non-Agricultural Employment Growth Rates & Percentage Distribution of Employment
• Unemployment Rates & Delaware’s Largest Private Employers
• Property Valuation, Construction and Bank Deposits & School Enrollment

Debt Limits

• The 5% Rule
• Ratio of Annual General Obligation Debt Service to Total Revenues and Expenditures & Ratio of General Obligation Bonded Debt Per Capita

Revenue Bond Coverage

• Delaware Transportation Authority, Delaware State Housing Authority & Delaware State University