Office of the State Treasurer

Tate Reeves State Treasurer State Treasury Management Staff Liz Welch: Deputy State Treasurer Laura Jackson, Director: Bond Division Thomas Bounds, Director: Information Technology Carol Allgood, Director: Finance and Accounting Division Betsy McLean: Chief Investment Officer Elizabeth H. Booth, Director: Unclaimed Property Division Barry G. Simmons, Director: College Savings Plans Amy Ellis, Internal Auditor

2 Table of Contents

Page

Letter of Transmittal ………………………………………………………… 4

Treasurers of the State of Mississippi ………………………………………. 6

Organizational Chart ………………………………………………………... 8

Executive Summary………………………………………………………... 9

Statutory Duties…………………………………………………………… 10

Representation of Executive Branch……………………………………… 11

Management of the State Treasurer’s Office……………………………... 18

Total Bond Indebtedness………………………………………………….. 28

Bond Hyperlink…………………………………………………………… 33

Schedule of Special Funds Receipts………………………………...... 38

Schedule of Special Funds Disbursements………………………………… 47

Education Enhancement Fund Receipts…………………………………… 61

Education Enhancement Fund Disbursement……………………………… 62

Clearing Fund Disbursements and Receipts………………………………. 64

State Treasury Monthly Receipt Disbursements………………………….. 68

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STATE OF MISSISSIPPI TREASURY DEPARTMENT P.O. Box 138, Jackson, MS 39205 Telephone: 601-359-3600

Jonathan Tate Reeves State Treasurer

December 31, 2005 The Honorable Haley Barbour Governor of the State of Mississippi Members of the Mississippi Legislature Citizens of Mississippi

In compliance with Article 4, Section 115 of the Mississippi Constitution, I am honored to submit the Annual Report of the Treasurer for the fiscal year ended June 30, 2005. The report is a record of the commitment we share to fiscal integrity and responsible, progressive leadership.

I am privileged to serve the citizens of Mississippi as the 53rd State Treasurer. Mississippi has a reputation for conservative financial management that has been further enhanced by the State’s commitment to fiscal prudence during a time of national economic slowdown.

Accomplishments I would note as especially significant during fiscal year 2005 include:

• A total of $84.9 million in interest was earned in the investment funds in the State Treasury in the fiscal year 2005, reflecting a more rapid recovering economy.

• As of June 30, 2005 Mississippi’s total investment portfolio was $1,617,868,078.28. We ended the year with a total working cash stabilization of $21,994,340.00.

• The State began its ninth year of the Mississippi Prepaid Affordable College Tuition Program (MPACT), administered by the Treasury Department. The landmark initiative provides a convenient way for Mississippians to save for a college education for their children and grandchildren. As of June 30, 2005 MPACT has registered 20,965 future collegians. During fiscal year 2005, approximately 1900 students received tuition payments totaling $ approximately6.2 million.

• The Mississippi Affordable College Savings(MACS) Program was launched during FY 2001. MACS is a companion program to MPACT under which families can save for books, room and board, graduate school and other costs of higher education not covered under MPACT. After three years of operation, at the end of fiscal year 2005, MACS enrolled a total of 6,416 participants with an invested balance of $46.7 Million.

• As of June 30, 2005, bond and note issues totaling $185,645,000 were completed, providing funding for capital improvement on state properties and for support of economic development activities in the state. Of the total, Mississippi issued general obligations bonds and notes $114,585,000; and general obligation taxable bonds and notes of $71,060,000.

4 • Mississippi maintained its AA and Aa3 general obligation bond rating, a reflection of the Fitch, Standard & Poor’s and Moody’s favorable recognition of the financial stability of our state, their positive outlook on Mississippi’s economy and confidence in our fiscal management.

• Our Unclaimed Property Division paid approximately $4.3 million in claims to citizens of Mississippi during fiscal year 2005, reuniting these funds with their rightful owner.

We must be judicious in regard to borrowing, yet willing to seize economic development opportunities when presented. With prudent fiscal policies coupled with active stewardship of our resources, I am confident that Mississippi will be prepared to seize the great economic opportunities that lie ahead.

Sincerely,

The Honorable Tate Reeves State Treasurer

5 Treasurer’s of the State of Mississippi From the Admission of the State into the Union

Samuel Brooks, Lawrence County 1817 Peter Schuyler, Unknown County 1818-1821 Samuel Wooldridge, Adams County 1821-1828 James Phillips, JR., Copiah County 1828-1836 Charles C. Mayson, Marion County 1836-1838 James Phillips, Copiah County 1838 J.A. Van Hoesen, Copiah County 1838-1839 Silas Brown, Hinds County 1839 H. Craig, Hinds County 1839 James G. Williams, Hinds County 1839 Joshua S. Curtis, Hinds County 1840-1841 Richard S. Graves, Choctaw County 1841-1843 William Clark, Hinds County 1843-1847 Richard Griffith, Hinds County 1847-1851 William Clark, Hinds County 1851-1854 Shields L. Hussey, Adams & Claiborne Counties 1854-1860 M.D. Hayes, Yazoo County 1860-1865 W.B.Weaver, Yazoo County 1865 John H. Echols, Hinds County 1865-1869 William H. Vassar, Monroe County 1869-1874 G.H. Holland, Choctaw County 1875 William L. Hemingway 1875-1890 J.J. Evans, Monroe County 1890-1896 A.Q. May, Simpson County 1896-1900 J.R. Stowers, Lafayette County 1900-1901 G.W. Carlisle, Hinds County 1901-1902 Thad B. Lampton, Pike County 1902-1904 W. J. Miller, Panola County 1904-1908 George R. Edwards, Attala County 1908-1912 P.S. Stovall, Hinds County 1912-1916 L.S. Rogers, Holmes County 1916-1920 W.M. Murry, Tippah County 1920 Ben S. Lowery, Covington County 1920-1924 Webb Walley, Greene County 1924-1928 Henry Clay Yawn, Lamar County 1928-1930 Lewis S. May, Rankin County 1930-1932 Newton James, Hinds County 1932-1936 Lewis S. May, Rankin County 1936-1940 Newton James, Hinds County 1940-1944 R. W. May, Hinds County 1944-1948 Newton James, Hinds County 1948-1952 Robert D. Morrow, Rankin County 1952-1960 Evelyn Gandy, Forrest County 1960-1964 6 1964-1968 William F. Winter, Grenada County Evelyn Gandy, Forrest County 1968-1972 Brad Dye, Grenada County 1972-1976 Edwin Lloyd Pittman, Forrest County 1976-1980 John L. Dale, George County 1980 Bill Cole, Hinds County 1980-1988 Marshall Bennett, Hinds and Holmes Counties 1988-2003 Peyton D. Prospere, Hinds County 2003-2004 Tate Reeves, Hinds and Rankin Counties 2004-Present

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Executive Summary

9 I. Statutory Duties

The elected office of the State Treasurer is created under Article 5, Section 134, of the Mississippi Constitution. The Mississippi Code details the fiduciary responsibilities of the Treasurer. These responsibilities include the issuance of State debt, responsibility for the timely payment of principal and interest on the State's bond and note obligations, and receiving, disbursing and investing State funds. Specifically, the State Treasurer's statutory duties are:

•to invest and account for general, special, clearing and special purpose investment funds as well as bond proceeds, according to specific legislated authorization and direction;

•to account for and invest trust funds in the custody of the Treasurer;

•to account for and disburse funds for scheduled payments on bonded indebtedness;

•to prepare all reports and maintain all records required by the Federal Tax Reform Act for calculating any required arbitrage rebate;

•to distribute proportionate tax revenues to counties, cities, and other taxing districts of the State;

•to monitor the cash position of all Treasury funds to insure that cash balances are invested immediately and sufficient cash balances are on hand to pay obligations as they become due;

•to provide a cash flow projection for the timing of receipts and disbursements;

•to identify and recommend to other state agencies the use of cash management techniques which speed collection and increase earnings on investment balances;

•to prepare semi-annual GAAP report packages on all funds managed by the Treasurer for inclusion in the Comprehensive Annual Financial Report prepared by the Department of Finance and Administration;

•to act as custodian of unclaimed property reported to the Treasurer and attempt to locate the rightful owners so that they may claim their property;

•to serve as Treasurer to the Mississippi Employment Security Commission;

•to insure that all State deposits in approved depository institutions are collateralized at 105% of the deposit balance according to statute;

•to serve as custodian for securities pledged to the State and its agencies;

•to annually approve and issue a commission to all financial institutions serving as depositories for State funds;

•to process and pay all warrants issued by the State in payment of its obligations;

•to administer the Mississippi Prepaid Affordable College Tuition (MPACT) Program and invest the corpus of the MPACT Trust Fund on behalf of the purchasers of state-guaranteed college tuition contracts; and

•to oversee the Mississippi Affordable College Savings (MACS) Program and monitor performance of the MACS Program Manager.

10 II. Representation of Executive Branch

The State Treasurer also represents the Executive Branch on various boards and commissions. These entities work for the realization of many fundamental aspects of a quality life---from the development of essential infrastructure such as clean water and affordable housing, to the development of young minds for future economic contributions to the workplace. These authorities are:

The State Bond Commission

The State Bond Commission shares with the Legislature responsibility for the direction of Mississippi's capital investment and debt financing. The Commission is composed of the Governor, The Attorney General and the Treasurer. Under Bond Commission direction, issuances were made in fiscal year 2005 to foster economic development, strengthen the economy and create jobs both now and for the future. These financings included the funding of improvements to transportation infrastructure; promotion of the arts; assistance to communities in planning and development; to advance technology and education; and to support small business, minority ownership and entrepreneurship.

The College Savings Plans of Mississippi Board

The Treasurer serves as an ex-officio member of the College Savings Plans Board. This Board is responsible for Mississippi’s two college savings programs: MPACT and MACS. The Mississippi Prepaid Affordable College Tuition (MPACT) program began its ninth full year of operation at the beginning of fiscal year 2005, administered in the Treasury Department under the rules established by the board. During FY 2005, MPACT offered a fall enrollment period and we are pleased to report that over 1560 Mississippi children were enrolled through the efforts of this very important program. Total enrollment for the program had reached 20,965 by the end of FY 2005, with an invested balance of $46.7 million. During fiscal year 2000 the Legislature approved the MACS (Mississippi Affordable College Savings) program as a complementary program to MPACT. During FY 2001 the board hired TIAA-CREF Tuition Financing, Inc., an affiliate of the Teachers Insurance and Annuity Association College Retirement Equity Fund (TIAA-CREF), to manage the MACS Program. The board also wrote program rules and approved investment plans for MACS. The MACS program opened for enrollment in March 2001. During FY 2005, the MACS program opened an additional 1,389 accounts to reach total enrollment of 6,416 and increased assets under management to $46.7 million.

The State Prison Emergency Construction and Management Board

The Treasurer serves with the Lieutenant Governor and the Attorney General on the State Prison Emergency Construction and Management Board (SPECM). Established by the legislature in 1994, SPECM's directive was to double the capacity of the State's penal system over two years via construction of 2,116 new public prison beds and 2,000 beds in privately managed facilities. The efforts of SPECM, the Department of Corrections and local law enforcement officers are sending a clear message to the criminal elements in the state that Mississippi is serious about fighting crime and is determined to do whatever it takes in order to insure public safety for our citizens.

11 The Economic Development Strategic Planning Task Force

The Public Employees' Retirement System

The Treasurer is a member of the Board of Trustees of the Public Employees’ Retirement System (PERS), which oversees the administration and operation of the System, including the investment of all System funds according to legislated authority. There are over 157 thousand contributing members of the Retirement System, including employees of State agencies, public schools, State universities and Community or Junior Colleges, local governments, as well as other political subdivisions and juristic entities.

In absolute terms, the investment results for fiscal year 2005 produced a total fund return of 9.8%. The System has shown an annualized rate of return of 2.5% for the past 5 years. System net assets increased from $16.9 billion to $18.2 billion based on market value, through cash flow and investment performance for the 2005 fiscal year, domestic and non-U. S. equities had returns of 7.8% and 17.0%, respectively, compared to the System benchmark returns of 8.1% for domestic equities and 13.7% and 34.9% for non-U.S. equities. PERS’ debt securities returned 7.2% compared with a 6.8% return of the Lehman Brothers Aggregate Index. Real estate investments experienced returns of 28.1% for the year end as compared with the System’s benchmark returns of 18.0% and 34.2%. The total return of 9.8% compares with PERS’ Total Fund Benchmark of 9.7% (Callan Associates Plan Sponsor – Large Funds).

The Board of Trustees and staff continually evaluate the asset allocation of the investments of the System with preservation of principal being the primary goal. Maximizing investment results to meet the funding needs of the System in the coming decade is the challenge that PERS faces as we prepare for the future.

The Mississippi Business Finance Corporation

The Treasurer is an ex-officio member of the Mississippi Business Finance Corporation (“MBFC”), a non-profit corporation with the mission of coordinating a variety of state resources in order to assist businesses in obtaining financing for establishing new facilities, in expanding existing businesses, and to position the State as an aggressive competitor in the global market. MBFC represents a cooperative effort between the public and private sectors to stimulate both commercial and industrial development and expansion by administrating financing programs that provide competitive or below market interest rates and tax incentives for qualified projects. MBFC serves as a comprehensive financing source, allowing companies locating or expanding in Mississippi to review certain financing and incentive alternatives through the corporation. The board of directors of MBFC also serves as directors of the Mississippi Development Bank (“MDB”). MDB was created to issue bonds to make funds available to local governmental units at reduced rates and at more favorable terms to finance infrastructure improvements and for other public purposes. During Fiscal year 2005, MBFC/MDB approved 89 projects while funding 50 projects totaling over $1,403,703,000 that created or preserved 2,951 jobs. The Mississippi Business Finance Corporation also retained 6,726 jobs in the year 2005.

12 License Tag Commission

The Commission is composed of the Governor, the Attorney General and the State Treasurer and is authorized to negotiate and contract for the purpose of license or number tags for the passenger and commercial vehicles in Mississippi. Every four years a new license tag design is selected. The next new design is due to be selected in fiscal year 2005, and will begin appearing on vehicles during the second quarter of fiscal year 2006.

Historic Properties Trust Fund Advisory Committee

The Treasurer is a member of the Historic Properties Trust Fund Advisory Committee. The Historic Properties Trust Fund was established by the Legislature in 1987 to promote private fundraising that will encourage the preservation, restoration and development of significant historic sites around the State. During fiscal year 1999 the Legislature approved the Mississippi Landmark Grant Program, establishing the Mississippi Historic Properties Trust Fund within the State Treasury. Initial funding for the trust was $10 million set aside from the Unclaimed Property Fund. The interest and income generated by investing this money is transferred quarterly to the Mississippi Landmark Grant Program to be used by the Department of Archives and History for the purpose of acquiring, preserving, restoring, supporting, operating and administering Mississippi Landmark properties or for specific historical projects. Additional funds come from donations, bequests, gifts and grants. Boards of Supervisors of counties and governing authorities of municipalities may make contributions to the program for use on specific properties. During fiscal year 2003, the Historic Properties Trust Fund earned interest totaling $159,217.09, which was transferred to the Mississippi Landmark Grant Program.

Mississippi Tort Claims Board

The Treasurer serves as a member of the Tort Claims Board, which administers the State Tort Claims Fund. The Legislature created this fund to pay claims arising from the abolishment of sovereign immunity of governmental agencies effective July 1, 1993. The sovereign immunity from torts previously enjoyed by State Government has been waived to the extent of $50,000 for torts occurring before July 1, 1997; $250,000 from July 1, 1997 to July 1, 2001; and $500,000 after July 1, 2001. The Board also approves all state and local government pools and coverage plans. The Mississippi Tort Claims Board has also been charged by the 2003 Mississippi Legislature with the direction of the Mississippi Medical Malpractice Plan. This plan is intended to provide a temporary market of last resort for medicalmal practice insurance for hospitals, institutions for the aged or infirm, or other health care facilities. Professional Liability Coverage is available on a claims-made basis only. The limits of liability for participants who are political subdivisions are $500,000 per single occurrence and $2,000,000 annual aggregate and a maximum of $1,000,000 per single occurrence and $3,000,000 annual aggregate for all other participants. Defense cost is in addition to the limit. The Mississippi Medical Malpractice Plan provides that in the event of an underwriting deficit at the end of any fiscal year the Plan is in effect, the Plan board of directors may make a premium contingency assessment against all policyholders during such year.

13 Mississippi Health Care Trust Fund

The Treasurer serves as Chairman of the 13-member Board of the Mississippi Health Care Trust Fund, established by the 1999 Mississippi Legislature. The Board oversees the investments of the care funds of over $ 631 million. The fund balance at the end of Fiscal Year 2005 was $557,632,311.82. The Mississippi Health Care Trust Fund submits a separate annual report as of June 30, 2005.

Bond and Collateral Division

The Bond and Collateral Division are responsible for the management of general obligation and revenue bonds issued by the State Bond Commission. General Obligation bonds consist of (1) net direct general obligation bonds and (2) self-supporting bonds with specific revenue Pledges. Managing the State’s debt requires timely disbursement of funds to paying agent banks for scheduled principal and interest payments. The division also handles the registrar/paying agent duties for several outstanding bond issues. The bond division oversees the registration of the outstanding nearer bonds as to principal only. As of June 30, 2005, the Bond Collateral Division serviced $3,066,040,000 of outstanding principal on State bond issues. These issues are categorized as follows:

Net Direct General Obligation Bonds 2,934,090,000

Self-supporting General Obligation Bonds 39,955,000 with specific revenue Pledges

Total General Obligation Bonds Revenue 2,974,045,000

Revenue Bonds 91,995,000

TOTAL BONDED INDEBTNESS 3,066,040,000

Bond Indebtedness

1% 4%

Net Direct General Obligation Bonds

Self-Supporting General Obligation Bonds with Specific Revenue Pledges Revenue Bonds

95%

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During the fiscal year 2005, Mississippi issued general obligation bonds of $61,670,000 general obligation taxable bond of $61,690,000; general obligation notes of $52,915,000; and general obligation taxable notes of $9,370,000. These bonds authorizations represent Mississippi’s commitment to improving the quality of life through transportation, health, the environment and tourism, each an important element for economic development. Mississippi has enjoyed very good credit ratings (Aa3, Moody’s; AA, Standard and Poors; AA, Fitch) for many years. The rating agencies rate a state’s budgeting process and examine very closely a state’s overall economy for diversity and growth potential, a sign of growing and stable revenues in the future. Mississippi maintained its AA ratings during FY 2005, thanks to exemplary budgeting processes and conservative attitude of the legislature in debt issuance.

15 Unclaimed Property Division

The State Treasurer is responsible for the administration of the Unclaimed Property Act. With the enactment of the law, funds that have been abandoned for a period of five years are reported to the Treasurer until the rightful owners are located. Every bank, savings and loan, insurance company, travelers check company utility and business associations having such funds is required to report them to the State Treasurer. Since 1982, over $38 million has been returned to the rightful owners. In the fiscal year 2005, the State Treasury received $8.8 million in abandoned property and paid approximately $4.3 million in claims to citizens in Mississippi.

Finance & Accounting Division

The Finance and Accounting Division is responsible for maintaining accounting records for approximately 70 Treasury Department funds as set forth in the Mississippi Agency Accounting Policies and Procedures (MAAPP) manual. Reconciliations are prepared monthly to the Statewide Automated Accounting System (SAAS) for each of these Treasury funds. Financial statements are prepared at December 31 and June 30 of each fiscal for these treasury funds in compliance with Generally Accepted Accounting Principles (GAAP). These GAAP financial statements are included in the Mississippi Comprehensive Annual Financial Report (CAFR) prepared by the Department of Finance and Administration at the end of each fiscal year June 30.

Information Technology Division

The Information Technology Division supports all divisions of the agency and interfaces with other agencies and banks as required. The department supports the computer resources necessary to accomplish the Mission of the Treasurer’s Office. Theses resources include a Local Area Network (LAN), nine windows 2003 servers, two dedicated UNIX servers, PCs in each division and access to the State computer Center. The mission critical information systems include the Portfolio Management System, the Unclaimed Property System, the Collateral/ Securities System, the Mississippi Prepaid Affordable College Tuition System; the Warrant Reconciliation and Daily Cash Balancing System. The effective use of office automation technology such as word processing, spreadsheets, E-mail and shared printers allows Treasury personnel to quickly and professionally respond to internal request as well as communicate with the public.

College Savings Division

The Mississippi Prepaid Affordable College Tuition (MPACT) program entered its ninth full year with overwhelming success. By the end of the fiscal year 20,965 Mississippi children were registered in MPACT, representing hopes and dreams of thousands of Mississippi children who will be assured a college education. The MPACT fund had an invested balance of $161 million at the end of the year.

The Mississippi Affordable College Savings (MACS) program was approved by the 2000 session of the Mississippi Legislature and launched during FY 2001. MACS is a companion program to MPACT under which families can save for books, room and board, graduate school and other costs of higher education not covered under MPACT. After four years of operation by the end of the 2005 fiscal year, 6,416 participants had opened MACS accounts with an invested balance of $46.7 million. Both MPACT and MACS are overseen by nine member board of directors from throughout the state and a panel of four legislative

16 advisors. The College Savings Plans of Mississippi Annual Report is available in a document separate from the Treasurer’s Annual Report.

17 III. Management of the State Treasurer's Office Investments and Cash Management Division

Investment objectives of the Investments and Cash Management Division are safety, liquidity and yield. The State Treasurer and the Executive Director of DFA analyze monthly the amount of cash in the General Fund and Special Funds of the State to determine the excess that is not needed for meeting immediate requirements of the State. The excess cash is determined by a cash flow model provided by the State Treasurer. The cash flow model forecasts revenues and expenditures and is used to analyze the amount of funds on deposit.

The excess cash is invested by the Treasurer in securities prescribed in Section 27-105-33, et. Seq., of the Mississippi Code of 1972 Annotated, as amended. The securities in which State funds may be invested include certificates of deposit with qualified State depositories, repurchase agreements (fully secured by direct United States Treasury obligations, United States Government agency obligations, United States Government instrumentalities or United States Government sponsored enterprise obligations), direct United States Treasury obligations, United States Government agency obligations, United States Government instrumentalities or United States Government sponsored enterprise obligations, and any open-end or closed-end management type investment company or investment trust registered under the provisions of 15 U.S.C. Section 80(a)-1 et. seq., provided that the portfolio is limited to direct obligations issued by the United States of America, United States Government agency obligations, United States Government instrumentalities or United States Government sponsored enterprise obligations and to repurchase agreements fully collateralized by the securities listed above for repurchase agreements.

A qualified State depository is required to collateralize at least 105% of the amount of funds held on deposit that are in excess of the $100,000 FDIC insurance limit. State funds invested with qualified State depositories earn an interest rate no less than that numerically equal to the bond equivalent yield on direct obligations of the United States Treasury of comparable maturity, as determined by the State Treasurer.

The State Treasurer also invests the Mississippi Educational Improvement Trust Fund, the Working Cash Stabilization Reserve Fund and the Mississippi Health Care Trust Fund. The three funds are invested with outside money managers to enable the State to increase its interest earnings on the funds. The Working Cash Stabilization Reserve Fund is the rainy day fund for the state. The Mississippi Educational Improvement Trust Fund’s income may be appropriated by the Mississippi Legislature for the exclusive purpose of the education of elementary and secondary school students and/or vocational training in the state. The Mississippi Health Care Trust Fund’s income may also be appropriated by the Mississippi Legislature for health care purposes.

Investment and Cash Management

On a monthly basis, the State Treasurer and the Executive Director of the Department of Finance and Administration (DFA) analyze the amount of cash in the General Fund and Special Funds of the State to determine the excess funds that are not needed for meeting the immediate requirements of the State. The excess cash is determined by a cash flow model provided by the State Treasurer. The cash flow model forecasts revenues and expenditures and is used to analyze the amount of funds on deposit.

The excess cash is invested by the Treasurer in securities prescribed in MISS. CODE ANN. §27-105-33. The securities in which State funds may be invested include certificates of deposit with qualified State 18 depositories, repurchase agreements (fully secured by direct United States Treasury obligations, United States Government agency obligations, United States Government instrumentalities or United States Government sponsored enterprise obligations), direct United States Treasury obligations, United States Government agency obligations, United States Government instrumentalities or United States Government sponsored enterprise obligations and any open-end or closed-end management type investment company or investment trust registered under the provisions of 15 U.S.C. Section 80(a)-1 et. seq., provided that the portfolio is limited to direct obligations issued by the United States of America, United States Government sponsored enterprise obligations and to repurchase agreements fully collateralized by the securities listed above for repurchase agreements.

The State Treasurer also invests the monies of the Mississippi Educational Improvement Trust Fund (EITF), the Working Cash Stabilization Reserve Fund (WCSRF), the Mississippi Health Care Trust Fund/Expendable Fund (HCTF/HCEF), the Mississippi Prepaid Affordable College Tuition Fund (MPACT), and the Tort Claims Fund. These five funds are invested with outside money managers in an effort to increase the state’s interest earnings on the funds through a diversified portfolio of either equity or fixed income instruments, depending on the fund in question. The EITF’s income may be appropriated by the Mississippi Legislature for the exclusive purpose of the education of elementary and secondary school students and/or vocational training in the state. The WCSRF is the “rainy day” fund for the state. The HCTF’s income may be appropriated by the Mississippi Legislature for health care purposes and is paid via the HCEF. The MPACT Fund is invested on behalf of participants in the MPACT program in an effort to generate growth and income to fund both current and future tuition payments for beneficiaries. In addition to the MPACT program, the Treasury oversees the administration of the Mississippi Affordable College Savings Program (MACS). Tables I through VII detail the holdings of the various funds overseen by the Treasury1.

1 Note that for the purpose of accurately reporting the total investment balance of the state, the General Fund Investment Pool holdings of all other funds have been excluded from the reported balances as they are reflected in the General Fund investment holdings.

SUMMARY OF STATE INVESTMENT HOLDINGS Market Value as of June 30, 2005

Table I General Fund Portfolio Demand Deposits $106,962,704.28 Certificates of Deposit $589,099,000.00 Repurchase Agreements (O/N) $582,600,000.00 U.S. Treasuries $0.00 U.S. Government Agencies $314,024,374.00 Mutual Funds $25,000,000.00 Total Investment Portfolio $1,617,686,078.28 Special Fund Portfolio Repurchase Agreements (O/N) $21,756,899.37 Repurchase Agreements (Term) $241,911,269.83 Total Investment Portfolio $263,668,169.20

19 Total General Fund/Special Fund Investments $1,881,354,247.48

Table II Mississippi Education Improvement Trust Fund Cash/Cash Equivalents $3,181,710.00 Fixed Income $36,991,540.00 Total Education Improvement Trust Fund $40,173,250.00

Table III Mississippi Working Cash Stabilization Reserve Fund Cash/Cash Equivalents $944,390.00 Fixed Income $21,049,950.00 Total Working Cash Stabilization Reserve Fund $21,994,340.00

Mississippi Health Care Expendable Fund Cash/Cash Equivalents $349,876.61 Total Health Care Expendable Fund (HCEF) $349,876.61

Total HCTF & HCEF $565,632,419.93 Table IV Mississippi Health Care Trust Fund Cash/Cash Equivalents $25,989,275.99 Fixed Income $12,731,107.82 Equities $272,111,203.08 Options ($892,794.15) Real Estate (Timberland) $14,891,635.19 State Loan $240,000,000.00 Accrued Interest $452,115.39 Total Health Care Trust Fund (HCTF) $565,282,543.32

Table V Mississippi Prepaid Affordable College Tuition Portfolio

Repurchase Agreement (O/N) $3,490,000.00 Equities $113,508,244.39 Fixed Income $38,738,513.41 Real Estate (Timberland) $3,722,882.00 Total Investment Portfolio $159,459,639.80

Table VI Mississippi Affordable College Savings Program Various Mutual Funds $46,627,000.00 Total Investment Portfolio $46,627,000.00

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Table VII Mississippi Tort Claims Fund Cash/Cash Equivalents $18,148.39 Fixed Income $996,809.00 Accrued Interest $1,727.22 Total Investment Portfolio $1,016,684.61

INVESTMENT & CASH MANAGEMENT DIVISION

The general fund ending cash balance as of June 30, 2005 was approximately $110.4 million (prior to the required transfers). The state ended the year with a balance of $34.9 million in the Working Cash Stabilization Reserve Fund after transfers authorized by the Governor and appropriations authorized by the Legislature to meet the budgetary needs of the state.

As of June 30, 2005, the Treasury held $2,716,257,581.82 in assets (based on market value). Interest earnings for the fiscal year totaled $84.9 million. Of the total earnings, $9.1 million was earned on the investment of general funds, and the remaining $75.8 million was earned on the investment of special funds, including those from the Health Care Trust Fund, the Working Cash Stabilization Reserve Fund, the Prepaid Affordable College Tuition Fund, the Workers’ Compensation Fund, the Education Trust Fund and the Tort Claims Fund.

21 Interest Earned

The Mississippi Treasury Department earned $84.9 million on all state funds in FY 2005. Over the last nine years, the State Treasurer has earned approximately $940 million. Graph I illustrates the historical interest earnings on state funds as well as the distribution of those earnings between special funds and general funds. Table I provides the underlying data on interest earnings.

Graph I State of Mississippi Interest Earnings (in millions)

$160 $140 $120 $100 $80 $60 $40 $20 $0 1997 1998 1999 2000 2001 2002 2003 2004 2005 Special Funds Investments General, Special, Education & Clearing Funds

Table I Interest Earnings General, Special, Special Fund Total FY Education & Investment Earnings Clearing Funds 1997 $49,292,404 $68,509,534 $117,801,938 1998 $59,227,267 $67,171,075 $126,398,342 1999 $73,240,849 $65,852,174 $139,093,023 2000 $93,961,619 $63,332,469 $157,294,088 2001 $55,347,476 $79,948,048 $135,295,524 2002 $58,110,764 $21,775,800 $79,886,564 2003 $4,624,944 $12,075,431 $16,700,375 2004 $76,460,471 $5,847,512 $82,307,983 2005 $75,767,254 $9,143,390 $84,910,644 Total $546,033,048 $393,655,433 $939,688,481

22 Bond and Collateral Division

The Bond and Collateral Division are responsible for the management of general obligation and revenue bonds issued by the State Bond Commission. General obligation bonds consist of (1) net direct general obligation bonds and (2) self-supporting bonds with specific revenue pledges. Managing the State’s debt requires timely disbursement of funds to paying agent banks for scheduled principal and interest payments. The bond division also handles the registrar/paying agent duties for several outstanding bond issues. This division oversees the registration of the outstanding bearer bonds as to principal only. Historical information regarding each issue is maintained by the Bond and Collateral Division. As of June 30, 2005, the Bond and Collateral Division serviced $3,066,040,000 of outstanding principal on State bond issues. These issues are categorized as follows:

Net Direct General Obligation Bonds [$2,934,090,000 (95.7%)] - Bonded debt payable only by appropriation from the General Fund or by specific sources of revenue which would otherwise accrue to the General Fund except for servicing of such debt. These obligations are secured by the full faith and credit of the State.

Self-Supporting General Obligation Bonds with Specific Revenue Pledges [$39,955,000 (1.3%)] - Bonded debt payable from user-fee revenues, specific project revenues and certain other special fund receipts. These obligations are backed by the full faith and credit of the State.

Total General Obligation Bonds [$2,974,045,000 (97 %)] - Bonded debt of the State to which the full faith and credit of the State is pledged. (Total of net direct general obligation bonds and self-supporting general obligation bonds with specific revenue pledges.)

Revenue Bonds [$ 91,995,000 (3%)] - Bonded debt payable solely from a specific revenue pledge derived from operating the facilities acquired. The full faith and credit of the State is not pledged.

Total Bonded Indebtedness [$3,066,040,000 (100%)] - All bonded debt of the State, both general obligation and revenue bonds.

The Bond and Collateral Division also monitor the investment earnings on the gross proceeds of all federally tax-exempt State bond issues. U.S. Treasury regulations limit the yield at which proceeds on bond issues can be invested. These excess earnings are realized when bonds are sold at tax-exempt interest rates and the proceeds are then invested in securities that earn higher taxable yields.

The Bond Division is also required to maintain an inventory of collateral pledged by state depositories to secure public funds for all governmental entities. The collateral is segregated by depository and the par and market values of these securities are recorded and monitored according to changing market conditions. As of June 30, 2005, the market value of these securities exceeded $4.9 billion. In addition, the Bond Division is a safekeeping facility for state agencies, which hold securities for retainage, bonding and other performance guaranty purposes.

23

New Bond Issues

During fiscal year 2005, Mississippi issued general obligation bonds of $61,670,000; general obligation taxable bonds of $61,690,000; general obligation notes of $52,915,000; and general obligation taxable notes of $9,370,000. The bonds and notes listed in order of issue are:

$61,670,000 General Obligation Bonds- to provide funding for various capital improvements in the state including the state’s agencies and universities, to provide funding for the Building Fund for the Arts Program, to provide funding for the Disaster Assistance Trust Fund, and to provide funding for the Water Pollution Control Revolving Fund.

$61,690,000 Taxable General Obligation Bonds- to provide funding for state shipyard improvements and to provide funding for Mississippi Business Investment Act, ACE Fund, Local Government Freight Rail Service Revolving Loan Program, Economic Development Highway Fund, Local Governments and Rural Water Systems Improvement Revolving Fund and Land, Water, Timber Resource Fund.

24

$52,915,000 General Obligation Notes- Series 2005 A, to provide funding for the local System Bridge Replacement and Rehabilitation Fund, to purchase equipment for the University Medical Center, and to provide funding for various capital improvement projects in the state including the state's agencies, community colleges and universities.

9,370,000 Taxable General Obligations Notes- Series 2005B, to provide funding for the renovation and upgrade of systems at the Lockheed Martin Laboratory at Stennis Space Center, to aid in the construction, furnishing, equipping and operating of the University Medical Center Cancer Institute, and to provide funding for various capital improvement projects at the state universities.

5- Year Bond Indebtedness

Net Direct General Obligations Bonds $2,934,090,000 Self Supporting General Obligations Bonds $39,955,000 Total General Obligations Bonds $2,974,045,000 Revenue Bonds $91,995,000 TOTAL BONDED INDEBTEDNESS $3,066,040,000

Total Bond Indebtedness (In Millions)

3,500.00

3,000.00

2,500.00

2,000.00 Net Direct Debt Self-Supporting G.O. Bonds Total G.O. Bonds Revenue Supported 1,500.00 Total Bonded Indebtedness

1,000.00

500.00

0.00 2001 2002 2003 2004 2005

25 Finance and Accounting Division

The Finance and Accounting Division is responsible for maintaining accounting records for approximately 70 Treasury Department treasury funds as set forth in the Mississippi Agency Accounting Policies and Procedures (MAAPP) manual. Reconciliations are prepared monthly to the Statewide Automated Accounting System (SAAS) for each of these treasury funds. GAAP (Generally Accepted Accounting Principles) financial statements are prepared at December 31 and June 30 of each fiscal year for these treasury funds maintained by the Treasury Department. These GAAP financial statements are included in the Mississippi Comprehensive Annual Financial Report (CAFR) prepared by the Department of Finance and Administration at the end of each fiscal year June 30.

Other major responsibilities include the verification of the receipt of funds transmitted daily to the Treasury Department from the Department of Finance and Administration and the daily reconciliation of the cash balance in the State Treasury. The Finance and Accounting Division is also responsible for (1) the preparation of the Treasurer’s Statement of Condition; (2) the development of the Treasurer’s budget requests; (3) purchasing of office supplies and equipment; and, (4) the preparation of the monthly payroll. In cooperation with the Mississippi Tax Commission, the Finance and Accounting Division is responsible for disbursing certain tax diversions such as sales, gas severance, oil severance, timber severance and petroleum to the various counties and municipalities throughout the State. Schedules are maintained by this division detailing all tax diversions by treasury fund.

Unclaimed Property Division The State Treasurer is responsible for the administration of the Unclaimed Property Act. With the enactment of the law, funds that have been abandoned for a period of five years are reported and remitted to the Treasurer until the rightful owners are located. Every bank, savings and loan, insurance company, travelers check company, utility, and business association having such funds is required to report them to the State Treasurer. Since 1982 app. $38 million has been returned to the rightful owners. The chart illustrates the sources of cash collections of Unclaimed Property funds for fiscal year 2005.

Sources of Unclaimed Property 2005

Other 29%

Corporations 51%

Insur. Co.'s 8% Banks & S&L's 12%

26

Unclaimed Property Receipts and Claims

$10,000,000

$9,000,000

$8,000,000

$7,000,000

$6,000,000

Receipts $5,000,000 Claims

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0 FY 02 FY 03 FY 04 FY 05

27

Total Bond Indebtedness

28

TOTAL GENERAL OBLIGATIONS BONDS

FISCAL PRINCIPAL INTEREST TOTAL Nissan added to totals YEAR PAYMENT PAYMENT PAYMENT 4%

2006 208,180,000 135,157,643 343,337,643 17,810,200 2007 213,960,000 125,014,245 338,974,245 17,289,600 2008 217,670,000 113,003,850 330,673,850 16,793,200 2009 227,125,000 102,957,579 330,082,579 16,193,400 2010 216,515,000 91,616,827 308,131,827 15,613,600 2011 209,505,000 88,324,670 297,829,670 15,011,600 2012 195,395,000 573,627,779 769,022,779 14,385,800 2013 169,275,000 60,956,298 230,231,298 13,726,600 2014 162,915,000 52,359,132 215,274,132 13,045,200 2015 151,915,000 44,114,752 12,329,600 2016 139,410,000 36,497,544 175,907,544 11,584,600 2017 142,105,000 29,493,342 171,598,342 10,821,000 2018 108,295,000 22,863,968 131,158,968 10,015,400 2019 95,620,000 17,571,204 113,191,204 9,203,200 2020 72,765,000 13,437,444 86,202,444 8,308,400 2021 61,445,000 10,224,988 71,669,988 7,401,800 2022 48,180,000 7,669,706 55,849,706 6,458,400 2023 36,925,000 5,769,625 42,694,625 5,473,000 2024 26,400,000 4,448,000 30,848,000 4,448,000 2025 15,660,000 3,392,000 19,052,000 3,392,000 2026 16,100,000 2,765,600 18,865,600 2,765,600 2027 16,835,000 2,121,600 18,956,600 2,121,600 2028 17,680,000 1,448,200 19,128,200 1,448,200 2029 18,525,000 741,000 19,266,000 741,000

$2,788,400,000 $1,545,576,996 $4,333,976,996 236,381,000

29

SCHEDULE OF DEBT SERVICE REVENUE BONDS

FISCAL PRINCIPAL INTEREST TOTAL YEAR PAYMENT PAYMENT PAYMENT

2006 21,675,000 4,828,950 26,503,950 2007 22,440,000 3,691,800 26,131,800 2008 23,420,000 2,513,700 25,933,700 2009 24,460,000 1,284,150 25,744,150

$91,995,000 $12,318,600 $104,313,600

30

STATE OF MISSISSIPPI SCHEDULE OF DEBT SERVICE NET DIRECT GENERAL OBLIGATION BONDS

Nissan added totals FISCAL PRINCIPAL INTEREST TOTAL 4% YEAR PAYMENT PAYMENT PAYMENT

2006 204,830,000 133,399,079 338,229,079 17,810,200 2007 211,425,000 123,376,769 334,801,769 17,289,600 2008 215,035,000 111,465,038 326,500,038 16,793,200 2009 224,375,000 101,524,202 325,899,202 16,193,400 2010 213,640,000 90,301,972 303,941,972 15,613,600 2011 206,505,000 87,142,023 293,647,023 15,011,600 2012 192,260,000 69,267,030 261,527,030 14,385,800 2013 165,995,000 60,060,767 226,055,767 13,726,600 2014 160,510,000 51,599,507 212,109,507 13,045,200 2015 149,390,000 43,478,377 192,868,377 12,329,600 2016 136,755,000 35,990,669 172,745,669 11,584,600 2017 139,315,000 29,122,592 168,437,592 10,821,000 2018 105,360,000 22,636,343 127,996,343 10,015,400 2019 92,535,000 17,494,079 110,029,079 9,203,200 2020 72,765,000 13,437,444 86,202,444 8,308,400 2021 61,445,000 10,224,988 71,669,988 7,401,800 2022 48,180,000 7,669,706 55,849,706 6,458,400 2023 36,925,000 5,769,625 42,694,625 5,473,000 2024 26,400,000 4,448,000 30,848,000 4,448,000 2025 15,660,000 3,392,000 19,052,000 3,392,000 2026 16,100,000 2,765,600 18,865,600 2,765,600 2027 16,835,000 2,121,600 18,956,600 2,121,600 2028 17,680,000 1,448,200 19,128,200 1,448,200 2029 18,525,000 741,000 19,266,000 741,000

$2,748,445,000 $1,028,876,609 $3,777,321,609 236,381,000

31

SCHEDULE OF DEBT SERVICE SELF-SUPPORTING GENERAL OBLIGATION BONDS WITH SPECIFIC REVENUE PLEDGES

FISCAL PRINCIPAL INTEREST TOTAL YEAR PAYMENT PAYMENT PAYMENT

2006 3,350,000 1,758,564 5,108,564 2007 2,535,000 1,637,476 4,172,476 2008 2,635,000 1,538,813 4,173,813 2009 2,750,000 1,433,378 4,183,378 2010 2,875,000 1,314,855 4,189,855 2011 3,000,000 1,182,648 4,182,648 2012 3,135,000 1,042,968 4,177,968 2013 3,280,000 895,531 4,175,531 2014 2,405,000 759,625 3,164,625 2015 2,525,000 636,375 3,161,375 2016 2,655,000 506,875 3,161,875 2017 2,790,000 370,750 3,160,750 2018 2,935,000 227,625 3,162,625 2019 3,085,000 77,125 3,162,125

$39,955,000 $13,382,606 $53,337,606

32

STATE OF MISSISSIPPI SCHEDULE OF DEBT SERVICE TOTAL BONDED INDEBTEDNESS

FISCAL PRINCIPAL INTEREST TOTAL YEAR PAYMENT PAYMENT PAYMENT Nissan added totals 4%

2006 229,855,000 139,986,593 369,841,593 17,810,200 2007 236,400,000 128,706,045 365,106,045 17,289,600 2008 241,090,000 115,517,550 356,607,550 16,793,200 2009 251,585,000 104,241,729 355,826,729 16,193,400 2010 216,515,000 91,616,827 308,131,827 15,613,600 2011 209,505,000 88,324,670 297,829,670 15,011,600 2012 195,395,000 70,309,998 265,704,998 14,385,800 2013 169,275,000 60,956,298 230,231,298 13,726,600 2014 162,915,000 52,359,132 215,274,132 13,045,200 2015 151,915,000 44,114,752 196,029,752 12,329,600 2016 139,410,000 36,497,544 175,907,544 11,584,600 2017 142,105,000 29,493,342 171,598,342 10,821,000 2018 108,295,000 22,863,968 131,158,968 10,015,400 2019 95,620,000 17,571,204 113,191,204 9,203,200 2020 72,765,000 13,437,444 86,202,444 8,308,400 2021 61,445,000 10,224,988 71,669,988 7,401,800 2022 48,180,000 7,669,706 55,849,706 6,458,400 2023 36,925,000 5,769,625 42,694,625 5,473,000 2024 26,400,000 4,448,000 30,848,000 4,448,000 2025 15,660,000 3,392,000 19,052,000 3,392,000 2026 16,100,000 2,765,600 18,865,600 2,765,600 2027 16,835,000 2,121,600 18,956,600 2,121,600 2028 17,680,000 1,448,200 19,128,200 1,448,200 2029 18,525,000 741,000 19,266,000 741,000

$2,880,395,000 $1,054,577,815 $3,808,856,415 236,381,000

33 STATE OF MISSISSIPPI BONDED INDEBTEDNESS FOR THE YEAR ENDED JUNE 30, 2005

PRINCIPAL BONDS PRINCIPAL PRICIPAL PRINCIPAL INTEREST TOTAL ISSUE ISSUE FINAL CALL OUTSTANDING ISSUED PAID DEFEASED/CALLED OUTSTANDING PAID PAID AMOUNT DATE MATURITY DATE AT 6/30/04 FY05 FY 05 FY 05 AT 6/30/05 FY 05 FY 05

GENERAL OBLIGATION BONDS

Net Direct General Obligation Bonds

Capital Improvement Bonds: Series 1994B 75,000,000 12/94 12/14 12/04 3,485,000 0 3,485,000 0 0 130,688 3,615,688 Series 1995A 106,000,000 05/95 05/15 05/05 4,840,000 0 4,840,000 0 0 338,800 5,178,800 Series 1995B 91,000,000 08/95 08/15 08/05 8,175,000 0 3,975,000 0 4,200,000 371,250 4,346,250 Series 1995C 80,145,000 12/95 12/15 12/05 7,250,000 0 3,530,000 0 3,720,000 329,100 3,859,100 Series 1995D, Economic Development Hwy, Ser D, MS Farm Reform Ser K & MS Bus Inv Ser Q 49,005,000 12/95 12/15 N/C 12,410,000 0 6,010,000 0 6,400,000 564,300 6,574,300 Local Governments Capital Improvement Revolving Loan Program 1996E 111,000,000 09/96 09/16 09/06 14,560,000 0 4,585,000 0 9,975,000 797,388 5,382,388 Series 1997A 140,505,000 07/97 07/17 07/07 29,650,000 0 5,920,000 0 23,730,000 1,669,600 7,589,600 Series 1998B 104,830,000 11/98 11/18 11/08 33,760,000 0 4,095,000 0 29,665,000 1,512,925 5,607,925 Series 1999 and Loc Governments 178,050,000 10/99 11/19 11/09 36,775,000 0 6,385,000 0 30,390,000 1,909,925 8,294,925 Cap Imp Act Issue Series I Series 2000 202,300,000 11/00 11/20 11/10 51,725,000 0 7,265,000 0 44,460,000 2,645,088 9,910,088 Series 2001 179,135,000 11/01 11/21 11/11 60,295,000 0 6,845,000 0 53,450,000 2,843,625 9,688,625 Series 2002 162,585,000 11/01 11/22 11/12 61,715,000 0 6,250,000 0 55,465,000 3,036,075 9,286,075 Series 2003E 94,595,000 12/03 11/23 94,595,000 0 3,395,000 0 91,200,000 1,584,648 4,979,648 Series 2004, Building Fund for the Arts 61,670,000 11/4 11/19 11/9 0 61,670,000 0 0 61,670,000 1,210,981 1,210,981

Totals 419,235,000 61,670,000 66,580,000 0 414,325,000 18,944,392 85,524,392

Systems Improvements Revolving Loan Series B 30,000,000 05/97 05/17 05/07 3,745,000 0 1,165,000 0 2,580,000 280,875 1,445,875 LGCIRL Series F

Development Bank 5,000,000 11/97 11/04 N/C 830,000 0 830,000 0 0 18,053 848,053

MS Gaming Counties Hwy Imp Series A 125,000,000 07/98 07/18 07/08 21,835,000 0 5,065,000 16,770,000 1,161,000 6,226,000

MS Gaming Counties Hwy Imp Series B 200,000,000 10/01 10/11 N/C 164,475,000 0 18,445,000 0 146,030,000 7,785,681 26,230,681

Archusa Water Park Dam 57,100,000 08/98 08/08 N/C 32,095,000 0 5,795,000 0 26,300,000 1,459,875 7,254,875

Stennis Space Center & Tri-State Comm 17,000,000 07/99 07/09 N/C 9,775,000 0 1,725,000 0 8,050,000 622,478 2,347,478

Hancock County Port & Stennis Space Ctr 19,000,000 06/01 06/12 N/C 15,835,000 0 1,655,000 0 14,180,000 800,960 2,455,960 Proj , 2001 Ayers Settlement, AllState Bldg Act, the Freight Rail Service Proj Rev Loan Program & the MS Single Family Residential Hsg Fund Act

Telecommunication Conf & Tng Ctr B 15,500,000 11/02 11/17 11/12 12,105,000 0 875,000 0 11,230,000 412,175 1,287,175

Land Water & Timber, Stennis Space Center 14,160,000 6/03 11/13 N/C 12,925,000 0 1,255,000 0 11,670,000 454,050 1,709,050 MS Fish Hatchery & MS School for Arts

Local System Bridge Replacement & Rehab 20,000,000 08/03 08/18 08/13 20,000,000 0 1,110,000 0 18,890,000 873,269 1,983,269 Fund Project Issue

State Shipyard Imp, Regional Retail Shopping 46,250,000 09/03 09/13 N/C 46,250,000 0 3,860,000 0 42,390,000 2,873,766 6,733,766 Mall, Franklin County Lake & Recreational Complex Rd Const Proj

34 STATE OF MISSISSIPPI BONDED INDEBTEDNESS FOR THE YEAR ENDED JUNE 30, 2005

PRINCIPAL BONDS PRINCIPAL PRICIPAL PRINCIPAL INTEREST TOTAL ISSUE ISSUE FINAL CALL OUTSTANDING ISSUED PAID DEFEASED/CALLED OUTSTANDING PAID PAID AMOUNT DATE MATURITY DATE AT 6/30/04 FY05 FY 05 FY 05 AT 6/30/05 FY 05 FY 05 MS Business Investment Act Issue: Series C 970,000 01/89 12/08 12/98 380,000 0 65,000 0 315,000 24,918 89,918 Series D 470,000 01/89 12/08 12/98 190,000 0 30,000 0 160,000 12,550 42,550 Series E 480,000 01/89 12/08 12/98 190,000 0 35,000 0 155,000 12,368 47,368 Series T 19,000,000 11/97 11/12 11/04 1,130,000 0 1,130,000 0 0 42,375 1,172,375 Series U 57,650,000 10/98 10/18 10/08 49,385,000 0 2,005,000 0 47,380,000 2,992,719 4,997,719 Series V MBIA D MFR O Loc Gov & 17,520,000 11/00 11/10 NC 13,275,000 0 1,585,000 0 11,690,000 866,294 2,451,294 Rural Water Sys Rev Ln Prog Ser C Series W Ec Dev Hwy Act H Stennis 60,950,000 02/01 02/11 NC 46,285,000 0 5,470,000 0 40,815,000 2,864,625 8,334,625 Stennis Space Ctr Proj & Spillway RD Series X MFRA P MS Small Muni and 29,950,000 11/01 11/11 NC 24,860,000 0 2,685,000 0 22,175,000 1,102,377 3,787,377 Ltd Population Counties Issue, MS, Lane, Water & Timber Res Issue & MS Tele Conf Tng Ctr A Series Y, Small Muni and Ltd Pop 25,250,000 11/1/02 11/12 NC 23,090,000 0 2,220,000 0 20,870,000 893,523 3,113,523 Counties Fund & Land, Water & Timber Resources Fund Proj Series Z, Small Municipalities & Ltd Pop 80,250,000 08/03 08/18 08/13 80,250,000 0 3,925,000 0 76,325,000 3,659,656 7,584,656 Counties, Ser C MS Maj Ec Imp J & Farish Street Historic District

Series AA, 2003 State Shipyard Imp Ser B 61,690,000 11/4 11/14 N/C 0 61,690,000 0 0 61,690,000 1,164,080 1,164,080 Ace Fund Ser 2004, Loc Gov Frt Rail Svc Rev Ln Prog Ser 2004, Ec Dev Hgy Fund Ser I, Loc Gov & Rural Water Ser D, Land Water & Timber Resources Fund Ser D

Totals 239,035,000 61,690,000 19,150,000 0 281,575,000 13,635,482 32,785,482

MS Business Investment Act Issue, Series P, MS Farm Reform Act Issue, Series J & Small Business Assistance Series B 28,750,000 09/95 09/10 09/02 1,450,000 0 0 0 1,450,000 100,775 100,775

MFRA Series L 60,510,000 09/96 09/16 09/06 48,710,000 0 2,265,000 0 46,445,000 3,406,403 5,671,403 MBIA Series R MS Major Economic Impact Act Series G Loc Gov Series A & Loc Gov Rev Loan D

MFRA Series M 29,700,000 03/97 03/12 03/05 1,920,000 0 1,920,000 0 0 140,160 2,060,160 MBI Series S Economic Dev Highway Act Series E

MFRA Series N 33,000,000 09/98 09/13 09/05 5,950,000 0 1,855,000 0 4,095,000 300,903 2,155,903 Economic Dev Highway Act Series F

MS Major Economic Impact Act Issue: Series F 36,400,000 02/95 02/15 02/05 1,610,000 0 1,610,000 0 0 91,770 1,701,770 Series H, Dept of Educ Tech-Prep A 47,490,000 11/97 11/07 NC 21,950,000 0 5,075,000 0 16,875,000 1,055,000 6,130,000 and Loc Gov Cap Imp Act G Series I 28,750,000 10/99 11/09 NC 19,330,000 0 2,745,000 0 16,585,000 1,226,968 3,971,968 and Ms Ec Dev Hwy Act Series G

Nissan 03A 140,000,000 11/03 11/28 NC 140,000,000 3,270,000 0 136,730,000 2,886,390 6,156,390 Nissan 03B 140,000,000 11/03 11/28 NC 140,000,000 3,275,000 0 136,725,000 2,859,604 6,134,604 Nissan 03C 83,500,000 11/03 11/23 NC 83,500,000 2,900,000 0 80,600,000 1,471,576 4,371,576

35 STATE OF MISSISSIPPI BONDED INDEBTEDNESS FOR THE YEAR ENDED JUNE 30, 2005

PRINCIPAL BONDS PRINCIPAL PRICIPAL PRINCIPAL INTEREST TOTAL ISSUE ISSUE FINAL CALL OUTSTANDING ISSUED PAID DEFEASED/CALLED OUTSTANDING PAID PAID AMOUNT DATE MATURITY DATE AT 6/30/04 FY05 FY 05 FY 05 AT 6/30/05 FY 05 FY 05 GO Notes 2005A 52,915,000 5/5 10/5 NC 52,915,000 0 0 52,915,000 0 0

GO Notes 2005B 9,370,000 5/5 10/5 NC 9,370,000 0 0 9,370,000 0 0

Totals 406,390,000 62,285,000 18,875,000 0 501,790,000 9,591,307 28,466,307

MS Small Enterprise Development Finance Act Issue: Series 1990 B-I 890,000 09/90 09/05 09/95 70,000 0 35,000 0 35,000 3,675 38,675 Series 1991 A-J 12,485,000 11/91 11/06 11/96 835,000 0 265,000 0 570,000 45,530 310,530 Series 1992 A-G 4,470,000 06/92 06/07 06/97 255,000 0 80,000 0 175,000 15,820 95,820 Series 1993 A-K 14,760,000 12/93 12/08 12/98 1,220,000 0 220,000 0 1,000,000 55,390 275,390 Series 1994 A-N, P and Q 15,735,000 03/94 03/09 03/99 2,765,000 0 510,000 0 2,255,000 150,305 660,305 Series 1994 R-Z 10,290,000 06/94 06/09 06/99 1,615,000 0 285,000 0 1,330,000 86,695 371,695 Series 1994 AA-HH 6,995,000 11/94 11/09 11/99 865,000 0 185,000 0 680,000 48,108 233,108 Series 1995 A-H 8,590,000 05/95 05/10 05/00 620,000 0 225,000 0 395,000 33,563 258,563 Series 1995 I-O 7,640,000 12/95 12/10 12/00 2,545,000 0 315,000 0 2,230,000 127,233 442,233 Series 1996 A-G 8,855,000 05/96 05/11 05/01 4,040,000 0 450,000 985,000 2,605,000 198,998 648,998 Series 1996 H-O 6,500,000 12/96 12/11 12/01 1,440,000 0 180,000 340,000 920,000 63,685 243,685 Series 1997 A-H 7,660,000 08/97 08/12 08/02 2,400,000 0 280,000 0 2,120,000 109,798 389,798 Series 1998 A-H 9,930,000 03/98 03/13 03/03 2,915,000 0 445,000 295,000 2,175,000 139,909 584,909 Series 1998 I-R 11,370,000 11/98 11/13 11/03 4,045,000 0 405,000 260,000 3,380,000 171,769 576,769 Series 1999 A-E 7,270,000 07/99 07/14 07/04 2,180,000 0 235,000 0 1,945,000 118,330 353,330 Series 1999 F-M 9,330,000 12/99 12/14 12/14 5,580,000 0 310,000 1,210,000 4,060,000 272,354 582,354 Series 2000 A-C 3,325,000 11/00 11/15 09/05 2,615,000 0 260,000 0 2,355,000 126,525 386,525 Series 2000 D F-O 11,370,000 12/00 12/15 12/05 9,360,000 0 745,000 1,340,000 7,275,000 456,848 1,201,848 Series 2001 A-C 4,150,000 07/01 07/16 07/06 3,500,000 0 275,000 0 3,225,000 169,760 444,760 Series 2003 A-C 2,290,000 05/03 11/18 05/08 2,215,000 0 145,000 0 2,070,000 86,801 231,801 Series 2004 A-C 5,400,000 04/04 04/19 04/09 5,400,000 0 340,000 0 5,060,000 191,180 531,180

Totals 56,480,000 0 6,190,000 4,430,000 45,860,000 2,672,272 8,862,272

Refunding Bonds: Series 1992-B 127,910,000 01/93 11/11 NC 85,015,000 0 6,295,000 0 78,720,000 4,741,298 11,036,298 Series 1993-A 89,445,000 01/94 11/12 NC 49,350,000 0 8,150,000 0 41,200,000 2,238,660 10,388,660 Series 1996 79,850,000 10/15/96 10/14 12/06 76,775,000 0 525,000 0 76,250,000 4,025,639 4,550,639

36 STATE OF MISSISSIPPI BONDED INDEBTEDNESS FOR THE YEAR ENDED JUNE 30, 2005

PRINCIPAL BONDS PRINCIPAL PRICIPAL PRINCIPAL INTEREST TOTAL ISSUE ISSUE FINAL CALL OUTSTANDING ISSUED PAID DEFEASED/CALLED OUTSTANDING PAID PAID AMOUNT DATE MATURITY DATE AT 6/30/04 FY05 FY 05 FY 05 AT 6/30/05 FY 05 FY 05 Series 2000 90,135,000 11/01 11/13 NC 90,135,000 0 0 0 90,135,000 4,830,925 4,830,925 Series 2001 229,980,000 01/01 01/16 NC 229,980,000 0 2,545,000 0 227,435,000 12,532,038 15,077,038 Series 2002A Institutional 221,880,000 01/02 01/19 NC 221,880,000 0 0 0 221,880,000 12,088,675 12,088,675 Series 2002A Retail 33,035,000 01/02 01/19 NC 28,775,000 0 5,515,000 0 23,260,000 969,850 6,484,850 Series 2002B 58,580,000 01/02 01/10 NC 42,815,000 0 7,865,000 0 34,950,000 2,063,896 9,928,896 Series 2002C Institutional 42,245,000 06/02 08/08 NC 34,455,000 0 9,255,000 0 25,200,000 1,509,875 10,764,875 Series 2002C Retail 9,395,000 06/02 08/08 NC 9,395,000 0 495,000 0 8,900,000 319,388 814,388 Series 2002D Institutional 62,435,000 01/03 07/18 NC 62,435,000 0 0 0 62,435,000 3,339,788 3,339,788 Series 2002D Retail 14,905,000 01/03 07/18 NC 14,835,000 0 70,000 0 14,765,000 561,470 631,470 Series 2003A Institutional 324,400,000 05/03 11/22 NC 318,685,000 0 2,395,000 0 316,290,000 16,455,113 18,850,113 Series 2003A Retail 1,750,000 05/03 11/22 NC 1,750,000 0 0 0 1,750,000 43,750 43,750 Series 2003B 84,505,000 05/03 11/16 NC 83,065,000 0 1,890,000 0 81,175,000 2,887,976 4,777,976 Series 2003D Institutional 81,920,000 12/03 12/20 NC 81,920,000 0 0 0 81,920,000 4,134,075 4,134,075 Series 2003D Retail 6,185,000 12/03 12/20 NC 6,185,000 0 0 0 6,185,000 223,025 223,025

Totals 1,437,450,000 0 45,000,000 0 1,392,450,000 72,965,438 117,965,438

Total Net Direct General Obligation Bonds 2,956,490,000 185,645,000 203,615,000 4,430,000 2,934,090,000 142,359,312 342,114,312

Self-Supporting General Obligation Bonds With Specific Revenue Pledges

Port Improvement Bonds - Gulfport: Series 16 40,000,000 09/98 09/18 09/08 33,385,000 0 1,535,000 0 31,850,000 1,574,695 3,109,695

Totals 33,385,000 0 1,535,000 0 31,850,000 1,574,695 3,109,695

Port Improvement Refunding Bonds (For the Port of Gulfport): Series 1991B 6,155,000 12/91 12/04 NC 395,000 0 395,000 0 0 12,048 407,048

Port Improvement Refunding Bonds (For the Greater Port of Pascagoula): Series 1991A 10,705,000 12/91 12/05 NC 1,770,000 0 855,000 0 915,000 82,808 937,808

Deer Island Project Issue 8,800,000 12/02 12/12 NC 8,000,000 0 810,000 0 7,190,000 243,263 1,053,263

Total Self-Supporting General Obligation Bonds With Specific Revenue Pledges 43,550,000 0 3,595,000 0 39,955,000 1,912,813 5,507,813 0 TOTAL GENERAL OBLIGATION BONDS 3,000,040,000 185,645,000 207,210,000 4,430,000 2,974,045,000 144,272,125 347,622,125

REVENUE BONDS

State Fair Commission Revenue Bonds: Series 1985 1,650,000 12/85 12/05 12/94 295,000 0 145,000 0 150,000 20,990 165,990

Hwy Rev Ref (Four-Lane Hwy) 1999 200,000,000 06/99 06/09 NC 112,515,000 0 20,670,000 0 91,845,000 5,907,038 26,577,038

Totals 112,810,000 0 20,815,000 0 91,995,000 5,928,028 26,743,028 0 TOTAL BONDED INDEBTEDNESS 3,112,850,000 $185,645,000 $228,025,000 $4,430,000 $3,066,040,000 $150,200,153 $374,365,153

* Non-refunded dollar amount ** Original issue date

37

Schedule of Special Funds Receipts

38

STATE TREASURY SCHEDULE OF SPECIAL FUNDS RECEIPTS FOR THE YEAR ENDED JUNE 30, 2005

TAXES Tax Commission Taxes 40050 Gas Severance Tax-General Fund $15,354,310 40060 Gas Severance Tax(to counties) - Special Fund 10,113,300 40065 Petroleum International Fuel Tax 14,586,086 40090 Income Tax Withheld (refund account) - Special Fund 335,587,004 40095 Income Tax Rebate 19,610 40120 Oil Severance Tax-General Fund 19,682,723 40130 Oil Severance Tax (to counties)-Special Fund 7,202,199 40145 Sales Tax, Rental Vehicles 4,497,379 40150 Sales Tax 194,832,721 40170 Sales Tax, Boil Weevil Mgmt 1,372,903 40180 Sales Tax, Public School Bldg 19,999,992 40190 Sales Tax, Municipalities 326,019,179 40200 Sales Tax, MDOT 7,275,209 40205 Sales Tax Airport Parking 480,949 40215 Sales Tax (interstate telecommunications) 11,344,380 40250 Timber Severance Tax (to counties) 720,945 40260 Timber Severance Tax (to Forestry Commission) 2,874,045 40280 Use (Compensating) Tax 31,181,899 40290 Special County and/or Municipal Tax 42,057,746 40330 Dept Mental Health-Alcohol/Drug Abuse 4,692,835 40340 Rail Car in Lieu of Tax 3,427,221 40350 Railroad Track Mileage Tax 201,478 40375 Occupancy Tax 694,605 40380 Payment in Lieu of Taxes Nuclear Plant 18,800,000 40395 Witholding Tax 8,246,343

Bureau of Financial Control Taxes 40440 Forest Acreage Tax 1,352,063

Insurance Department Taxes 40510 Insurance Premium Tax-Municipalities 7,287,097 40520 Insurance Premium Tax-County Fire Protect 7,058,427 40530 Insurance Privilege Tax 59,550 40540 Insurance Premium Tax 1,000

Motor Vehicle Division of Tax Commission Taxes 40610 Gasoline Tax-MDOT 9/14 Road Protection 35,801,478 40620 Gasoline Tax-Hwy Bond & Interest 36,420,848 40630 Gasoline Tax-municipalities 1,547,295 40640 Gasoline Tax-Counties 52,303,744 40650 Gasoline Tax-Aeronautics Comm 1,750,810 40660 Gasoline Tax-Boat/Water Safety 8,800,000 40670 Gasoline Tax-One-Cent Tax-MDOT 16,192,017 40680 Gasoline Top 20% Tax-MDOT 34,741,870 40690 Gasoline Tax-Additional one-cent tax 16,192,017 40710 Liquefied Compressed Gas 521,659 40720 Motor Fuels Tax 2% - 10% 9,945,664 40750 Lubrication Oil Tax-MDOT 1,078,320 40770 Truck & Bus Privilege Apportionment 3,589,272 39 40780 Truck & Bus Privilege-Counties 24,116,849 40800 Truck & Bus Privilege-MDOT 45,713,938 40820 Distinctive License Tag Fee 4,523,676 40830 Auto Tag Fees 14,674,541

Other Taxes 40870 911 Minimum Stnd Telephone Svc Chrg 1,517,629 40900 Gasoline Tax (six, two, one cent) 53,354,681 40920 Other Motor Fuels 142,260,992 40930 Motor Fuels Tax 5% 8,685,468 40950 Hazardous Waste Mgmt Tax 429,785 40960 Non hazardous Waste Mgmt Fee 3,358,494 40970 Waste Tire Fee 2,622,951

TOTAL TAXES 1,617,167,196

GENERAL FUND FEES Department of Agriculture & Commerce Fees 41030 Meat Licenses, Fees & Permits 500 41090 Other Licenses, Fees & Permits 52,057

Highway Public Safety Fees 41100 Drivers' Licenses 5,455,777 41101 Drivers' License Report Fees 6,840,906 41102 Drivers' License Reinstatement Fees 500 41125 CDL Tester Registration 16,300 41135 Law Enforcement Accreditation 5,700 41140 Other Hwy Safety Patrol Fees 643,763 41145 Fingerprint Processing Fees 1,715,388 41146 CIC Processing Fees 389,885

Insurance Department & Insurance Commission Fees 41150 Insurance Comm Assessments 1,498,125 41170 Fire Marshall Fees-Fire Fighter's School Fund 3,382,590 41180 Mobile Home Inspection Fees 137,795 41190 Other Insurance Dept Fees 5,024,843

Secretary of State Fees 41220 Charities Fees 340,117 41225 Securities Fees 6,045,577 41230 Corporation Fees 3,662,118 41235 Uniform Commercial Code Fees 2,445,535 41240 Sec of State-Miscellaneous Fees 295,881 41245 Pre-Need Funeral Registration Fees 12,968 41250 Sec of State-Land Division Fees 7,252 41260 Sec of State-Sale of Tax Forfeited Land Fees 622,001

Miscellaneous General Fund Fees 41280 Div of Plant Industry Fees 1,822,535 41300 Pulpwood Scaling Fees 10,700 41340 Clerk of Supreme Court Fees 232,597 41341 State Law Library Fees 3,938 41380 Gaming Fees 171,953,728 41390 Other General Fund Fees 14,641

TOTAL GENERAL FUND FEES 212,633,717

REGULATORY & OTHER SPECIAL FUND FEES 40 Professional & Vocational Fees 41400 Banking Dept-Admin Fees 1,600,939 41401 Banking Dept-Consumer Finance Fees 3,339,382 41410 Bd of Public Accountancy Fees 419,093 41412 Bd of Public Contractors Fees 1,596,642 41414 Oil & Gas Board Fees 2,359,965 41415 Bd of Architecture Fees 74,914 41416 Bd of Nursing Fees 2,177,911 41417 Bd of Pharmacy Fees 654,323 41418 Bd of Medical Licensure Fees 1,627,501 41440 Real Estate Commission Fees 1,310,428 41450 Dental Examination Fees 650,125 41460 Forestry Comm-Miscellaneous Fees 13,468 41470 Motor Vehicle Comm Fees 225,311 41480 Bd of Bar Admission Fees 292,872 41481 Continuing Legal Education Fees 139,934 41482 Certified Court Reporter Fees 1,728

Recreational Fees 41500 Dept Wild,Fish,Pks-Fees & Permits 275,094 41510 Dept Wild,Fish,Pks-License Sales 14,166,644 41511 Marine Resources License Sales 323,549 41520 Dept Wild, Fish, Pks-Lake Sales 270,563 41530 Dept Wild, Fish, Pks-Boat Registration 772,317 41540 Dept Wild, Fish, Pks-Park User Fees 7,429,371 41541 Dept Wild, Fish, Pks-Gross Golf Revenue 1,019,084 41545 Dept Wild, Fish, Pks-Museum Fees 264,976 41550 Dept Wild, Fish, Pks-Timber Sales 1,126,793 41552 Dept Wild, Fish, Pks-"MS Outdoors" 161,787

Assessment Fees 41620 Bureau of Marine Resources-Seafood Fee 221,226 41630 Soybean Promotion Fees 1,763,686 41640 Rice Promotion Fees 1,126,386 41660 Surface Mining Permit Fees 167,695 41670 Air Operating Permit Fees 5,037,991

Other Special Fund Fees 41710 State Port Licenses, Fees & Permits 963,580 41720 Motor Carrier Regulatory Fees 4,446,200 41730 Dept of Audit-Fees-Counties 720,935 41731 Dept of Audit-Fees-School Districts 388,078 41732 Dept of Audit-Fees-Comm Colleges 191,617 41733 Dept of Audit-Fees-Universities 251,506 41734 Dept of Audit-Fees-Other 113,978 41735 Dept of Audit-Fees-Property 96,675 41740 Bd of Health-Vital Statistics Registrars 2,921,776 41750 Patient Support Cont. 15,586,281 41760 Medicaid Providers Assessment 50,551,484 41765 Medicaid Hospital Assessment 27,731,569 41767 Hospital Gross Revenue Assessment 3,048,375 41770 Conference Registration Fees 263,269 41780 City Owned Gas Utilities 24,694 41790 Utilities Fees (Tax Comm for Pub. Service) 7,472,881 41800 Tax Collection Fees 1,595,061 41810 Tax Comm-Mineral Documentary Stamps 371 41820 Bingo License Fees 1,147,865 41830 Workers Comp-Admin Fees 5,108,496 41 41840 Workers Comp-Secondary Injury 19,800 41880 Tax Comm-Trailer Registration Fees 29,280 41900 City Utility-Private Owned Tele Co. 968,167 41920 Attorney General Fees 7,102,968 41940 Underground Storage Tank-Reg Fee 788,470 41950 Asbestos Abatement Fee 667,242 41960 Loan Administration Fee 732,786 41970 Truck & Bus Permit Fees 8,297,021 41980 Other Regulatory Fees 2,180,234 41990 Other Licenses, Fees & Permits 22,836,977 41995 Credit Card Convenience Fees 280,613

TOTAL REGULATORY & OTHER SPECIAL FUND FEES 217,139,947

FINES, FORFEITS & PENALTIES Forfeitures 42200 Bond Forfeitures 78,577 42210 Seized & Forfeited Property 3,302,356

Other Fines & Penalties 42300 Drivers Penalties 5,263,597 42310 Criminal Law Assessment Fines 11,294,619 42320 Dept Wild, Fish, Pks-Fines & Penalties 64,033 42340 Veterans Home Purch Bd-Late Penalties 48,236 42350 Other Fines & Penalties 12,296,410 42360 State Court Education Fees 1,614,595 42370 Court Constituent Fees 380,284 42390 Emergency Medical Fine 1,674,385 42391 Trauma Care Fine 1,674,385 42410 Correction Facility Fee 701,241 42470 General Fund-Other Felonies Fee 150 42475 Dept Wild,Fish,Pks-Licenses Violation 37,036 42500 Hwy Weight Penalties 2,159,334 42510 Harvest Permit Fees 281,297 42600 ABC Liquor Permit Fines 500 42700 Victims Comp-Implied Consent 167,536 42710 Victims Comp-Other Misdemeanor 798,483 42720 Victims Comp-Other Felony 71,581 42730 Victims Comp-Restitution 25,556 42740 Victims Comp-Pre-trial Intervention 7,821 42750 Victims Comp-MS Prison Industries 5,746

TOTAL FINES, FORFEITS & PENALTIES 41,947,758

RENT & USE OF STATE PROPERTY Sales of Products - Outside 43000 Sale of Penitentiary Products 1,495,751 43010 Sale of Products (non-penitentiary) 131,828 43011 Seedling Sales 902,615

Rent & Use of State Property 43100 Rent of State Property 20,910,221 43120 Coliseum Receipts 773,775 43140 Oil & Gas Royalties-Mineral Lease Comm 1,266,068 43160 State Fair Receipts 2,030,723 43170 Rental of Office Space 7,397,984

TOTAL RENT & USE OF STATE PROPERTY 34,908,965 42

INTEREST, DIVIDENDS & GAINS FROM SALE OF INVESTMENTS Interest, Dividends & Gains From Sale of Investments 43300 Interest on Investments-General Fund 1,191,236 43310 Interest on Vet Home Purch Bd Loans 6,723,728 43350 Interest on Investments-Special Fund 17,741,116 43370 Interest on Checking/Savings Accts 67,640 43380 Interest Earned on Loans 7,219,113 43390 Other Interest 37,274 43800 Adjustment for Change in Market Value 1,954

TOTAL INTEREST, DIVIDENDS & GAINS FROM SALE OF INVESTMENTS 32,982,061

GRANTS Federal Grants-in-Aid 44000 Dept of Education Programs 577,357,388 44005 Rehabilitation Services 59,295,221 44020 Library Comm Programs 2,097,182 44030 Bd of Health Programs 146,648,535 44040 Agriculture & Commerce Programs 1,553,758 44041 EPA Programs 179,381 44042 USDA Programs 446,351 44080 Forestry Programs 4,446,657 44100 Public Welfare Programs 226,024,457 44110 Employment Sec Comm Programs 43,420,325 44120 National Guard 53,133,065 44130 Emergency Mgmt Programs 24,325,152 44150 Hill-Burton Hospital Construction Funds 5,795 44160 Bureau of Public Roads-MDOT 330,602 44190 T.V.A. Payments in Lieu of Taxes 17,219,436 44220 Dept Wild, Fish, Pks-Wildlife Grants 9,707,226 44250 Bureau of Pollution Control Grants 37,333,715 44260 Mental Illness & Retardation Programs 22,654,087 44270 Governor's Fed-State Programs 118,785,467 44280 Medicaid Programs 2,878,025,916 44300 Highway Safety Patrol 7,038,430 44320 Dept Wild,Fish,Pks-Bureau Pks Grants 1,092,535 44330 Dept Wild,Fish,Pks-Marine Grants 3,808,784 44390 Miscellaneous Federal Grants 66,522,326 44395 Federal Capital Grants 407,941,429

Revenue from Political Subdivisions 44400 Revenue from Counties in MS 138,288,569 44450 Revenue from Cities in MS 804,910 44460 Participating Funds-Political Subdivisions 4,456,021 44470 Revenue from State Colleges/Universities 38,493,683

TOTAL GRANTS 4,891,436,403

DONATIONS & OVERPAYMENTS Donations & Overpayments 44500 Donations 1,243,185 44510 Tax Comm-Overpayment of Taxes 12,241,583

TOTAL DONATIONS & OVERPAYMENTS 13,484,768

REVENUE OF SUBGRANTEES 43 Revenue of Subgrantees 44630 Federal Sub-Grants from Other Funds 15,679,086 44800 State Justice Institute Grants 645,440

TOTAL REVENUE OF SUBGRANTEES 16,324,526

REVENUE FROM CURRENT SERVICES Revenue from Current Services 45000 Reimbursements-Outside Agencies 128,478,855 45010 Sale of Supplies/Svcs-Ouside Agencies 49,045,893 45011 Planting Site Preparation 40 45020 Sale of Supplies/Svcs-Between Agencies 53,168,295 45040 SAAS Production Charges 1,713,777 45042 Repayment to MMRS Revolving Fund 4,983,773 45043 SPAHRS Production 390 45050 Sale of Supplies/Svcs-GAAP Gen. Funds 583,924 45051 MMRS Training Room Rental 537 45060 Sale of Supplies/Svcs-GAAP Spec Funds 560,636 45070 Payments from Medicaid 265,753,733

TOTAL REVENUE FROM CURRENT SERVICES 504,289,853

COMPENSATION FROM SALE, LOSS OR DAMAGE TO PROPERTY Sales 46000 Sale of Real Estate 755,546 46010 Sale of Personal Property 3,022,429 46020 Sale of Scrap 363,011 46030 Other Sales 6,006,016

Escheats & Awards 46110 Awards for Damages 99,540,004

Insurance Adjustments & Settlements 46200 Insurance Adjustments & Settlements 75,187

TOTAL COMPENSATION FROM SALE, LOSS OR DAMAGE TO PROPERTY 109,762,193

BOND ISSUES & NOTES Proceeds of Borrowed Funds 47000 Proceeds of Bond Issues 185,645,000 47060 Proceeds from Notes Payable 15,000,000 47090 Premium on Bonds Sold 946,436

TOTAL BOND ISSUES & NOTES 201,591,436

TRANSFERS, REFUNDS & OTHER RECEIPTS Intra-Budget Transactions 49030 Gross Sale of Alcoholic Beverages 164,572,156 49050 ABC Clearing-Liquor Excise Tax (3) 49060 ABC Clearing-Liquor Privilege Tax 2,291,517 49090 ABC Clearing-Miscellaneous Income 23,270

Inter-Budget Transactions 49110 Cooperating Program Funds 925 49120 Lease-Purchase Program Funds 11,374,795 49150 Transfer from Other Funds 1,556,627,350 49155 Cost Pool Transfer In 1,993,329 44 49160 Cost Allocation Reimbursement 3,544,417

Refunds 49300 Refunds of Prior Year Disbursements 6,000,989 49310 Prior Year Cancelled Warrants 25,079 49320 Refunds of Erroneous Payments 7,797 49330 Medicaid Refunds 169,667,411 49340 Refunds From Cafeteria Plans 521 49350 Commission From Contract Travel Agency 86,400 49370 Refunds from Utility Companies 10,302 49390 Other Refunds 6,977,982 49395 Prior Year Subgrant Refunds 657,409

Loans Repaid to State 49500 Loans Repaid to State 63,272,175 49510 Loans Repaid to Vet Home Purchase Bd 13,256,061 49520 Loans Repaid by the VA 918,817

Other Non-Governmental Receipts 49900 Veterans Home Purch Bd-Escrow Receipt 3,213,959 49910 Other Nongovernmental Receipts 8,090,101 49920 Participating Funds-Nongovernment Agencies 454,680 49930 Unemployment Insurance from State Agencies 2,867,924 49935 Workers Comp-Premium Receipts 16,776,559 49940 Tort Claims Premiums 7,630,414 49950 Veterans Home Puch Bd-Loan Fees 160,751 49960 MPACT Contract Receipts 20,376,661 49968 MACS Program Manager Transfers 175,000 49980 Fulfillment Fee Receipts 332,697

Other Receipts (Balance Sheet Account) 10130 Certificates of Deposit -Cash Equivalents 59,320 10200 Petty Cash 78,829 10801 Repurchase Agreements (Invested by Treasurer for Other Agencies) 207,203,256 11050 Fixed and Variable Investments 240,000,000 11125 Accounts Receivable Suspense 11,421 11950 Temporary Advance to Cafeteria Plans 35,938 12404 Due from Federal Government - CMIA (22,897,272) 12405 Due from Federal Government - CMIA Prior Year 94,066,449 12410 Due from Other Governments - Current 1,475,000 14200 Inventory of Stores for Resale 212,180 15100 Loans to Other Funds (241,000,000) 20620 Contracts Payable - Retainages 755 20621 Contracts Payable - FA Retainages (252) 20900 Accrued Interest Payable 211,117 21020 Accrued Taxes Payable 15,029,347 21410 Due to Local Governments or Other States 9,200,600 21800 Customer Deposits 6,849,711 21850 Funds Held for Others 184,811 21900 Cancelled Warrants Payable 41,945 22200 Deferred Revenues Unearned (Other than Federal) (898,529) 22500 Deferred CMIA Federal Revenue (71,169,177) 24100 Loans from Other Funds 241,000,000 36100 Unreserved - Undesignated - Adjustments to Fund Balance (404,053,011)

45

Other Transfers & Refunds (562,759,354)

TOTAL TRANSFERS, REFUNDS & OTHER RECEIPTS 1,574,270,529

TOTAL SPECIAL FUND RECEIPTS $9,467,939,352

46

Schedule of Special Fund Disbursements

47

STATE TREASURY SCHEDULE OF SPECIAL FUND DISBURSEMENTS FOR THE YEAR ENDED JUNE 30, 2005

Dept of Finance & Administration: 300A Capital Improvements-IHL-Series 1999 $673,136 300B Capital Improvements-2003E-IHL & State Agency 15,203,129 300C Capital Improvements-Comm & Junior Colleges-Series 2003E 3,683,478 300D Jackson Zoo-Series 1999 41,335 300E Capital Improvements-1997 IHL-Series 1999 200,787 300F State Building and IHL Repair & Renovation-Series 2003E 533,217 300H Capital Improvements-1998 Comm/Junior Coll-Series 1999 4,704 300I Capital Improvements-Series 2003E-MS EDNET 12,117 300J Capital Improvements-Series 2003E-Ohr-O'Keefe Museum of Art 1 300K Capital Improvements-Archives & History-Series 1999 316,039 300L Capital Improvements-1998 Capital Complex-Series 1999 75,184 300M Capital Improvements-1999 Comm/Junior Coll-Series 1999 684,466 300P Capital Improvements-Series 2003E-01 Comm Heritage Preserv 297,385 300R Capital Improvements-ITS-Series 1999 315,145 300T Capital Improvements-Mental Health-Series 1999 2,009,594 300U Capital Improvements-Wildlife, Fisheries & Parks-Series 1999 57,922 300V Capital Improvements-Series 2003E-Civil War Battlefield Acquisition 314,625 300X Capital Improvements-Series 2003E-01 State Agency 2,662,612 3028 Legislative Office of PEER- Joint Reapportionment & Redistrict 87,583 Supreme Court: 3051 Special 340,027 3052 Continuing Legal Education 92,626 3053 Administrative Office of Courts 11,937,970 3055 Certified Court Reporters 14,815 3056 Board of Bar Admissions 282,502 3057 Court of Appeals 14,566 3058 Admin Office of Courts 207,431 3059 Civil Legal Assistance 280,000 3060 Drug Court Fund 278,813 Attorney Generals Office: 3071 Administration 14,596,379 3072 Insurance Integrity Enforcement 89,885 3073 Prosecutor Education 598,908 3074 Crime Victim Administration 385,614 3075 Crime Victim Compensation 2,517,987 3078 Judgments 1,344,066 307B Medicaid Fraud 1,544,189 Dept of Finance & Administration: 3080 Tort Claims 5,120,497 3083 Medical Malpractice Insurance 131,492 3086 Criminal Justice 6,327 Commission on Judicial Performance: 3095 Special Fees 4,831 3096 Commission on Judicial Performance 68,079 3097 Office of Capital Defense Counsel 59,932 3098 Office of Capital Post-Conviction Counsel Fund 67,176 Dept of Public Safety: 48 3101 Local Law Enforcement Block Grant 268,445 3102 Federal-State Programs 18,317,296 Governor's Office: 3103 Veterans' Military Transition Project 10,128 3104 Bioterrorism Preparedness/Homeland Security 650 3107 Governor's Office 462,046 3108 Governor's Mansion 118,832 Dept of Public Safety: 3109 Federal-State Alcohol Program 43,278 310J Juvenile Accountability 4,207,801 Secretary of State: 3111 Special 8,126,998 3112 Land Records Maintenance 421,056 3113 Public Trust Tidelands 6,585,272 3114 Securities Enforcement Act 459,747 3115 Help Vote 2,442,257 3116 Deer Island 27,388 3118 Point Cadet 2,458,464 Dept of Finance & Administration: 3121 West Pascagoula 421 112,026 3125 MS Management & Reporting System Revolving 6,221,654 3126 MS Government Portal Fees 76,757 3128 Capital Police Contracts 150 3130 Statewide Accounting System 1,697,786 3131 Capital Facilities Rent Fund 4,726,246 3132 Master Lease-Purchase Program 9,760,922 3133 Crime Victims' Compensation-Administration 38,308 3134 Crime Victims' Compensation 72,761 3135 Air Transport Services 3,037,705 3136 Surplus Property 513,039 3137 Offsite Rent Fund 329,101 3138 Surplus Property-Federal Program 173,423 3139 101 Capitol Centre Office Building 389,954 3140 SPAHRS State Income Tax Payable 7,098 3141 Insurance Recovery 2,169,383 3142 Internal Cost Allocation 138,434 3143 Statewide Cost Allocation 2,002,825 3144 Local Disaster Loans 102,224 3148 Lockheed Martin Maintenance 750,000 3149 State Fiscal Relief 1,038,619 3155 Dept of Audit 3,560,405 State Treasurer: 3170 MPACT Trust 42,632,841 3171 MPACT Administration 1,415,790 3176 Escheatment 49,871 3178 Abandoned Property Funds 1,814,958 3179 Abandoned Property Claim Payments 4,624,315 Tax Commission: 3180 Special Tag Administration 166,000 3181 Sales Tax Fee 334 3182 PHOENIX Project 2,708,920 3183 State Treasurer-MACS Administration 126,019 3186 Tax Commission-Seized Property/Cash Bonds 322,703 Gaming Commission: 3187 Investigative 4,999,991 3188 Charitable Bingo 974,900 49 Dept of Education: 3200 General Education Special Funds 8,569,273 3201 Special Funds 552,222,064 3202 Administration 15,191,865 3203 Public School Education Technology 1,593,836 3206 Vocational & Technical 16,208,952 3212 School District-Master-Lease Purchase Program 1,849,096 3213 Critical Teacher Shortage Fund 3,945,579 3214 School for the Blind Investments 15,000 3215 Tobacco Fund 221,954 3217 Schools for the Blind & Deaf 545,237 3218 School District Ad Valorem Tax Reduction 42,166,729 3219 State Treasurer-Oil & Gas Taxes on State Owned Land 94,528 3220 Dept of Finance & Administration-State & School Employee Insurance 32,476,211 Dept of Education: 3230 MS Adequate Education Special 118,650,260 3231 MS Adequate Education Capital Expenditures 42,224,212 3232 Schools for the Blind & Deaf Special Funds 61,595 3233 Chickasaw Special 3,838,518 Dept of Rehabilitation Services: 3235 Rehabilitation for the Blind-Special 8,405,256 3240 Special Disability Programs 12,412,980 3241 Special Disability Tobacco 1,206,990 Library Commission: 3243 Public Libraries Capital Improvements-Series 1999 540,699 3245 Federal Grant Funds 2,104,595 3246 Miscellaneous Collections 16,247 3247 Authority for Educational Television 3,251,350 3248 Library Commission-Capital Improvements-Series 2001 118,482 Institutions of Higher Learning: 3251 Vol Comm Budget Contingency 102,333 3252 Subsidiary Programs Budget Contingency 757,201 3253 Base Realignment & Closure Budget Contingency 100,000 3257 State Court Education 1,337,474 3258 Ayers Endowment Interest 524,350 3259 IHL Budget Contingency 1,186,169 325E Student Financial Aid 3,283,844 3263 Nursing and Health Care 57,468 3269 Ayers Atty. Budget Contingency 1,000,000 326B Vet Medicine Budget Contingency 2,500,000 326C Alcohol Safety Education Program 33,300 3270 General Support Budget Contingency 42,184,952 3271 Student Financial Aid Healthcare Expendable Fund 247,563 3272 Student Financial Aid-Budget Contingency 600,428 3281 UMC-Budget Contingency 6,000,000 3282 UMC Healthcare Expendable Fund 4,000,000 State Board for Community & Junior Colleges: 3291 Special 34,460,113 3292 Workforce Carryover Funds 386,295 3293 Budget Contingency-Workforce Training 8,858,054 3296 Budget Contingency-Support 14,796,892 3297 Proprietary School & College Registration Law 47,635 Dept of Health: 3301 Federal & Miscellaneous Fees 206,673,754 3302 Local Govt & Rural Water System Emergency-Series 1995D 3,984 3303 Improvement Loan-Series 1995D 4,126,326 50 3304 Local Govt Water Development 5,220,000 3305 Health Care Expendable Fund 8,754,695 3306 Tobacco Control Settlement Fund 2,635,631 3307 Series C-Local Govt and Rural Water Improvements 1,002,557 Medicaid: 3323 Refund Account 172,910,816 3325 Civil Penalty 4,437 3326 Health Care Expendable Fund 276,810,840 3327 Medical Care Donations 196,805,130 3328 Medicaid Division of General Services 3,265,395,161 Dept of Rehabilitation Services: 3330 Vocational Rehabilitation Services 41,445,467 3332 Spinal Cord & Head Injury Trust 8,673,635 3335 Rehabilitation Services Administrative 1,715,808 3340 Disability Determination Services-Social Security Administration 22,475,656 3341 Disability Determination Services-Medicaid 141,689 3347 Authority for Educational Television-ETV-Budget Contingency 13,000 3362 East Mississippi State Hospital - Healthcare Expendable Fund 1,395,025 3364 North Mississippi State Hospital - Healthcare Expendable Fund 12,687 3365 North Mississippi Regional Center - Healthcare Expendable Fund 1,472,842 3366 Hudspeth Regional Center - Healthcare Expendable Fund 488,299 Dept of Mental Health: 3370 Purchase of Services 21,629,877 3371 Mental Health Board 8,498,388 3372 East Mississippi State Hospital-Support 15,110,832 3373 Ellisville State School-Inmate 62,570,164 3374 Mississippi State Hospital-Whitfield Income 32,491,993 Dept of Mental Health: 3377 Crisis Intervention 3,516,940 3378 Children's Advisory Council 59,510 3379 Alcohol & Drug Abuse 4,142,803 3380 SVC Health Care Expendable Fund 29,070,629 3381 CO Health Care Expendable Fund 390,278 3382 Boswell Regional Center 15,161,930 3384 North Mississippi State Hospital 933,321 3385 North Mississippi Regional Center 45,150,737 3386 Hudspeth Regional Center-Special 39,909,183 South Mississippi Regional Center 3387 South Mississippi Regional Center 28,024,748 3388 Healthcare Expendable Trust Fund 161,534 3389 Central Mississippi Residential Center 303,808 3391 South Mississippi State Hospital 2,211,154 3393 Juvenile Treatment Facility Special 1,802,514 3394 South Mississippi State Hosptial-Healthcare Expendable Trust Fund 330,774 3399 Mississippi State Hopital-Healthcare Trust 18,158 Dept of Agriculture & Commerce: 3400 Meat Inspection Program 2,394,962 3401 Miscellaneous 2,209,758 3404 Beaver Control Assistance Program 450,000 3406 Egg Marketing Board 49,754 3407 Jim Buck Ross Ag & Forestry Museum 462,640 3408 Farmers' Central Market-Administrative 187,937 340A Catfish Feed Assistance Program 1,982,263 Mississippi Development Authority: 3410 Tourism Match Grants 1,076,728 3412 Highway 5,475,008 51 3413 Port Authority 50,000 3414 Economic Development Match Grants 261,561 3418 Procurement Centers 72,198 3419 Fin Res Adm Operating Fund 909,763 341C Energy 1,203,703 341J Housing Loan Proceeds 195,752 341K Single Family Resident Loan 187,502 341R Agribusiness Revolving Loan 19,527,041 341S Highway Local 1,021,507 341V HHS - Empowerment Zone/Enterprise 4,034,801 341X Comm Development - HUD/ARC 48,336,648 341Y CDBG Economic Development Revolving Loans 1,476,219 341Z Employment Training - JTPA 46,515,134 3420 Special & Federal 7,506,162 Institutions of Higher Learning: 3421 CES-Budget Contingency 1,552,000 3422 MAFES-Budget Contingency 1,538,000 3423 ASU Agriculture-Budget Contingency 55,000 3425 MS Telecommunication Conference & Training Center Commission - Reserve 1,444,715 Board of Animal Health: 3426 Animal Care 36,000 3428 Federal Grants 806,611 3429 Dept of Agriculture & Commerce-Boil Weevil Management Act 1,220,786 Fair Commission: 3430 Fair Commission & Coliseum 3,438,156 3435 Dixie National Livestock 831,515 3436 Dept of Agriculture & Commerce - Forfeiture 2,130 3448 Institutes of Higher Learning-Forestry & Wildlife-Budget Contingency 255,000 Dept of Marine Resources: 3450 Dept of Marine Resources 9,287,355 3452 Tidelands Trust 4,066,891 3454 Institute for Forest Inventory 498,015 Forestry Commission: 3455 Miscellaneous 11,051,012 3456 Volunteer Fire Equipment Conversion Fund 6,868 3458 Kurtz State Forest Revolving 19,516 3459 Tree Seedling Revolving 95,158 Dept of Wildlife, Fisheries & Parks: 3460 Fisheries & Wildlife-Operations 29,963,425 3461 Parks & Recreation-Operations 9,535,943 3462 Motor Vehicle 863,314 3464 Natural Science Museum-Operations 1,469,870 3465 Pearl River Timber Fund 41,887 346A Gulf & Wildlife Protection 2,971 346B Hugh White Golf Course 2,375,430 346C Heritage Committee License Fee 1,063,462 346P Parks & Timber Fund 200,004 3470 Waterfowl Stamp 178,389 3471 Dept of Environmental Quality-Administrative Services 5,890,565 3472 Grand Gulf Military Monument Commission-Special 98,727 Archives & History: 3474 Local Government Records Management 76,146 3475 Archives & History 2,201,291 3476 Historic Properties Trust 778,438 Soil & Water Conservation Commission: 3483 Natural Resources Conservation Education 18,056 52 3484 Capital Improvements-Series 1999 1,121,515 3485 Wildflower Seed Revolving 1,042 3486 Soil & Water Conservation 2,668,313 3487 Soil & Water Revolving 67,619 3488 Bond Proceeds-Series 1991A 200,207 3489 Mississippi River Parkway Commission-Special 9,399 Oil & Gas Board 3491 Oil & Gas Board 1,741,571 3493 Emergency Plugging 968,670 Mississippi Development Authority: 34AU MS Business Investment Development Infrastruture Rev. 8,641 34CL MS Farm Reform Act-2003 Series Q 352,525 34CN MS Major Economic Impact-Series F 759,574 34CP MS Farm Reform-Series H 98,582 34CR Energy Development Loans 713,924 34CW Mississippi Beef Processors Repayment 34,833,106 34CZ Major Energy Project Development Program 502,028 34EA Rural Impact Act-2003 3,428,357 34GA 2003 Shipyard Improvements 8,254,590 34GC 2002 Shipyard Improvements 7,210,364 34GD 2003 Shipyard Imporvements-Series C 20,088,661 34HF Economic Development Highway-Series 1999G 2,090,158 34HG Economic Development Highway-Series 2001H 1,815,994 34HH Economic Development Highway-Series I 20,138,094 34JA Small Municipalities & Limited Population Counties 165,291 34JB Small Municipalities & Limited Population Counties 1,161,144 34JC Small Municipalities & Limited Population-2003C 5,004,788 34KE IHL Capital Improvements-Series 1995C-Tax Exempt 4,441,728 34KW Local Government Loan Revolving-Series 1995D-Proceeds 4,867,463 34KX Local Government Loan Repayment-Series 1995D-Interest 549,722 34MM MS Business Investment-Series 2001X 300 34MN MS Business Investment-Series 2002Y 1,016,808 34MP MS Business Investment-Series 2003Z 13,320,938 34MQ MS Business Investment-Series AA 6,054,601 34NA MS Major Economic Impact-Series 1997H 1,291,636 34NC MIA - LS Power Energy - Series 1999I 76,256 34NE Major Impact Authority-Series 2003J 8,325,213 34NF MS Major Economic Impact-Series 2003-Mall 4,940,123 34NR MS Major Economic Impact-Series 2002B 60 34NT MS Major Economic Impact-Series 2003A Taxable Nissan Project 11,842,761 34NU MS Major Economic Impact-Series 2003 415,729 34NX MS Major Economic Impact-Series 2003C Taxable Nissan Project 7,818,614 34PC ACE Series 2004 986,622 34RA Local Government Freight Rail-Series 2004 3,013,299 34RR Local Government Freight Rail-Series A 244,412 34RT Local Government Freight Rail-Series 2002 916,007 34TA Sales Tax Incentives 16,952 34WD Land, Water & Timber-Series C 6,484,309 34WE Land, Water & Timber-Series D 10,837,933 3501 Dept of Insurance-Assessments 6,844,636 3502 State Fire Academy-Firefighters' School 3,990,000 Dept of Insurance: 3503 Liquefied Compressed Gas Division 85,977 3504 Rural Fire Truck Acquisition Assistance Program Bonds 1,950,000 3505 Municipal Fire Protection 12,099,959 3506 County Volunteer Fire Department 12,726,689 53 3507 Rural Fire Truck 209,432 3508 Rural Fire Truck Acquisition Assistance Bond Fund 600,000 3509 Propane Education & Research Fund 259,410 Dept of Banking & Consumer Finance: 3511 Bank Supervisor Administrative 2,583,144 3512 Consumer Finance 2,012,080 Workers' Compensation Commission: 3521 Administration 4,910,810 3522 Second Injury 105,161 Public Employees' Retirement System: 3531 Administration 9,025,607 3533 Building Repair and Maintenance 10,743 3534 Building Fund 2,605,717 Dept of Corrections: 3549 Recycle Program 36,624 3551 Institution 5,792,397 3552 Prison Agricultural Enterprises 2,499,716 3553 Medical Services Deficit 12,647,785 3554 Training Revolving 121,344 3556 Community Service Revolving 5,299,232 3557 Confiscated Funds 28,681 3559 Local Confinement-Deficit 4,312,049 3562 Regional Facilities-Deficit 6,816,942 3564 Private Prisons 15,759,370 Dept of Environmental Quality: 3580 Land & Water Resources 485,231 3584 Pollution Control 13,484,103 3586 Pollution Control EPA 21,848,154 3588 Pollution Control SRF Administration 148,425 3590 Geological Survey 657,156 3592 Surface Coal Mining & Reclamation 26,455 3594 Water Pollution Bond 2,349,702 3596 Water Pollution-Emergency Loan 40,232 3597 Water Pollution-Revolving Loan 31,443,950 3599 Water Pollution Revolving Bond 2,057,243 3600 Board of Examiners for Licensed Professional Counselors 76,968 3601 Dept of Information Technology Services - Operations 29,712,971 State Personnel Board: 3610 Training 643,498 3614 Personnel Board 4,929,528 Dept of Finance & Administration: 3642 Self-Insured Workers' Compensation Trust 15,342,368 3644 Unemployment Insurance 1,903,970 Dept of Human Services: 3649 Community Services 25,080,439 3650 Social Services Block Grant 3,592,566 3651 Administration 90,245,459 3652 Child Support-Special 27,176,857 3653 Social Services-Special 62,671,709 3655 Support Services-Special 11,256,509 3658 Children & Youth 71,905,124 3659 Aging & Adult Services 19,488,728 3662 Youth Services 5,689,157 3664 MS Children's Trust 626,904 Employment Security Commission: 3671 Operations 66,554,481 54 3675 Administration 788,425 3676 Building & Land 250,558 Military Dept: 3700 National Guard-Timber Sales 459,591 3701 National Guard-Federal 39,902,970 3702 Vicksburg Armory Construction 26,443 3703 Armory Construction-Special 9,207,375 3705 Camp Shelby Base Operation 6,169,784 3706 National Guard-Special Design 117,396 3707 Mississippi Military Family Relief Fund 600 3709 Air National Guard Training Site Operations 10,470,026 Dept of Public Safety: 3710 Forfeited Funds 752,437 3711 Highway Patrol 8,139,197 3713 Crime Laboratory 1,203,707 3714 Law Enforcement Training Academy 833,712 3715 Support Services 2,896,666 3716 Driver Services Fees 5,351,925 3717 Weapons Permit 159,798 3718 Bureau of Narcotics-Fines and Penalties 3,141,847 Dept of Public Safety: 3719 Salvage Certificate of Title 362,571 371A Disability and Relief 1,665,126 371B Drivers' License Photo Fees 1,749,173 371C Drivers' License Special Fees 1,495,802 371D Crime Stoppers 111,795 371E Crime Lab Implied Consent Law 479,114 371F Board of Polygraph Examiners 481 371G Officers Death Benefit Trust 114,309 371H Fingerprint Processing 2,269,442 Emergency Management: 3721 Administrative 3,386,726 3722 Federal Grants 20,610,924 3725 Disaster Assistance Trust 3,512,163 3726 Grand Gulf 129,666 3727 Hazard Waste Transportation Permits 2,230 3728 Public Assistance Program-Federal Funds 9,539,086 372B Public Assistance Program-Bond Proceeds 5,098,434 372C Disaster Assistance Trust - Lowndes County 417,492 372U Hazard Mitigation 5,508,071 Veterans' Affairs Board: 3731 School Programs 118,642 3732 Veterans' Home 24,919,555 Veterans' Home Purchase Board: 3734 Home and Farm Loans 25,972,846 3735 Escrow 3,005,627 Military Dept: 3736 National Guard Armory Construction-Kosciusko 723,433 3738 National Guard Armory Construction-Oxford 442,913 3739 National Guard Armory Construction-Batesville 201,516 373A National Guard Armory Maintenance-Kosciusko 470,402 Dept of Public Safety: 3740 Medical Examiner 24,143 3741 County Jail Officer Training Fund 376,529 3742 Law Enforcement 1,823,410 3744 Emergency Telecommunications 417,289 55 3746 MS Leadership Council on Aging 464,402 3747 Wireless Radio Communications 676,586 3748 Local Crime Stoppers Programs 32,897 3757 Homeland Security 5,010,036 Tax Commission: 3758 Petroleum Municipal Aid 1,559,163 3759 TVA in Lieu 17,150,212 375A Dept of Public Safety-Homeland Security Admin. 403,438 State Treasurer: 3761 Gas Severance Tax to Counties 10,001,441 3762 Oil Severance Tax to Counties 7,150,302 3763 Timber Severance Tax to Counties 722,834 3764 Gasoline Tax to Counties 52,267,345 3765 Truck & Bus Privilege Tax to Counties 24,186,077 Tax Commission: 3767 International Fuel Tax 14,673,317 3768 Cruise Vessel Fees 113,461,765 3769 Motor Vehicle Ad Valorem Tax Reduction 181,361,396 3770 Motor Vehicle Rental Sales Tax 4,497,379 3771 State Treasurer - Sales or Utilities Tax Distribution 369,011,121 Tax Commission: 3772 Payments in Lieu of Taxes-Nuclear Plant 18,800,000 3773 Rail Car in Lieu of Taxes 3,324,404 3774 Telecom AdValorum Tax Reduction 11,210,365 3776 Hazardous Waste Management Tax 50,860 3779 Fire Insurance Tax (Jackson) 219,357 3780 State Treasurer-University Special License Tag 2,341,474 Library Commission: 3782 Interlibrary Booksharing Bond 128,519 3783 Budget Contingency 34,745 State Treasurer: 3785 Flood Control to Counties & Schools 5,810 3786 National Forest Reserve 8,864,127 3806 Tax Commission - Motor Vehicle License Tag 43,599 Public Service Commission: 3811 Motor Carrier 5,209,913 3812 Public Utilities Staff Regulations 1,862,208 3813 Phone Solicitation Regulator 74,885 3820 MS Auctioneer Commission - Licensure Fund 97,975 3821 Board of Nursing Home Administrators 113,978 3822 Board of Cosmetology 726,739 3823 Board of Psychological Examiners 81,365 3824 Board of Dental Examiners 588,991 3825 Agricultural Aviation Board 152,583 3826 Dept of Agriculture & Commerce - Rice Promotions 863,542 3827 Board of Veterinary Examiners 94,681 3828 Board of Physical Therapy 130,982 3829 Board of Medical Licensure 1,659,776 3830 Real Estate Commission - Home Inspectors Board 60,068 3831 Board of Optometry 62,090 3832 Real Estate Commission 875,913 3833 Board of Funeral Services 174,865 Board of Public Contractors: 3834 Board of Public Contractors 679,820 3835 Construction Education Fund 756,570 3836 Real Estate Appraisal License Board 273,794 56 Board of Nursing: 3837 Training Program 88,782 3838 Board of Nursing 1,809,882 3839 Motor Vehicle Commission 237,034 3840 Board of Barber Examiners 160,291 3841 Dept of Agriculture & Commerce - Soybean Promotion 1,036,191 3842 Registration for Professional Engineers & Land Surveyors 317,164 3843 Athletic Commission 70,464 3844 Board of Registration for Foresters 13,517 3845 Board of Public Accountancy 430,814 3846 Board of Pharmacy 1,010,585 3847 Commission on the Status of Women 95 3848 Board of Architecture 210,985 3849 Board of Chiropractic Examiners 43,275 3850 Board of Public Accountancy-CPA Examination Candidate Deposits 88,339 Tax Commission: 3851 Income Tax Refunds 281,246,036 3854 MS Advantage Jobs Incentive Payment 7,673,864 3855 Special Refunds 12,172,569 3856 Apportion Tag 3,617,803 3857 State Board of Massage Therapy 85,529 3858 Board of Registered Professional Geologists 80,604 3859 Board of Social Workers & Marriage/Family Therapists 177,907 Veterans' Memorial Stadium Commission: 3861 Operations 931,915 3862 Revolving 238,319 Arts Commission: 3865 Grants 901,080 3868 Nonfederal Funds 104,664 3869 Cultural Development-Series 2001 939,012 3870 Blues Commission 21,783 3871 Building Fund 7,003,823 Tax Commission: 3895 ABC Revolving 182,456,890 3896 Permit Clearing 2,299,023 3897 Fingerprint 29,727 Dept of Finance & Administration: 3901 Office of Bldgs-Capital Improvements 86,999 390H Capital Improv-IHL, Comm/Junior Coll, Agencies-Series 1995B 38,597 390J JSU Main Campus Improvements-Series 1997A 7,847 390L Capital Improvements-1997 IHL-Series 1998A 35,685 391E Capital Improvements-1998 IHL-Series 1998B 1,489 391F Capital Improvements-2004 IHL & State Agency-Series 2003E 47,001,977 391G Capital Improvements-State Bldg Repair-2003E 2,258,927 391J Capital Improvements-2001 Ayers Settlement-Series 2003E 4,519 391K Stennis Center 2005 2,570,000 391M Capital Improvements-IHL & State Agency-Series 2005A 1,807 391N Veterans Memorial Stadium-Series 1998B 118,771 391P University Medical Center Cancer Center-Series 2005B 4,973,315 391T University Medical Center Equipment-Series 2005A 5,990,715 391V Capital Improvements-IHL & State Agency-Series 2005A 476,445 391W Capital Improvements-Comm/Junior Coll-Series 2005A 2,686 391X Bureau of Buildings Discretion-Series 2005A 743 391Y Capital Improvements-IHL & State Agency-Series 2005B 3,160 3921 Office of Buildings 28,760,922 3927 1995 Capital Improvements-Series 1996 8,373 57 392K Capital Improvements-IHL, Comm/Junior Coll, Agency-Series 1995 364,387 392M Pearl River Valley Park & Recreational Facility 133,437 392T 1995 Metro Parkway Project 439,415 392W Capital Improvements-IHL & Comm/Junior Coll-Series 1997A 97,865 3931 Capital Improvements-Agency Reappropriation 10,822,963 Dept of Education: 3932 School for the Arts Bond Funds 154,423 3933 Education Finance Construction 2,260,410 3934 Port Authority at Gulfport-Series 16 6,256,641 3937 Port of Pascagoula - Improvements 34,800 Dept of Finance & Administration: 393E JSU Improvements-Series 1998A 37 393H Mississippi Craft Center-Series 1998A 216,897 393M Capital Improvements-Archives & History-Series 1998B 8,226 393N Capitol Facilities Improvements-Series 1998B 3,465 393R Rowan Oak Repair-Series 1998B 176 393W Dept of Education - Tech-Prep Fund-Series B 6,325 Dept of Transportation: 3940 Asset Seizure 111,934 3941 Support 814,221,272 3944 Litter Prevention 269,209 3945 Harvest Permit 279,365 State Aid Road Division: 3946 Construction 95,585,936 3947 Administrative 2,989,680 3948 Local System Bridge Program 9,084,048 3949 Dept of Transportation-Overweight Fines & Penalties 2,142,407 394R State Aid Road Division-Bond Local System Bridge Program 50,287 State Treasurer: 3951 General Fund Bond & Interest Earnings Support 11,255,944 3952 General Obligation Bond Call 33,571 3953 Dept of Transportation-Equipment Purchase 302,042 State Treasurer 3957 MS Burn Center - Escrow 429 3958 MS Firefighters' Memorial Burn Center 17,977 Dept of Finance & Administration: 395C Pat Harrison Waterway-Series 1999 361 395E Memorial Stadium Repair-Series 1999 1,144,002 395J State Building Renovations-Series 2000 923,733 395M Capital Improvements-JSU-Series 2000 425,272 395N Lynn Meadow Discovery Museum-Series 2000 19,790 395T Capital Improvements-1999 IHL-Series 2000 1,978,755 395U Capital Improvements-1999 Comm/Junior Coll-Series 2000 112,706 395V 1999 ETV Equipment Fund-Series 2000 741,756 395X Capital Improvements-1999 Justice Facility-Series 2000 1,162,759 395Y Capital Improvements-1999 Public Safety-Series 2000 34,753 395Z Capital Improvements-IHL & State Agency-Series 2000 7,729,528 3966 MS Business Finance Corp-Small Enterprise Development-Series 2004(A-C) 946,746 396D State Treasurer-Highway 4 Lane Trust-Series 1999 26,577,038 396P MS Home Corp - Affordable Housing Principal 1,002,000 State Treasurer: 396V Deer Island Bond-Sinking Fund 1,053,263 3971 Port Authority at Jackson County-Bonds & Interest 938,628 3972 Port Authority at Gulfport - Bonds & Interest 3,517,018 3983 Fair Commission - Bonds & Interest 166,490 State Treasurer: 58 3989 Tobacco Litigation Health Care Admin Fund 95,699 3990 Tobacco Litigation Health Care Trust Fund 31,854,839 3992 Working Cash Stabilization 8,500,000 Dept of Finance & Administration: 3995 Special Funds Pool Loan (79,000,000) 39AA Capital Improvements-1999 Library Commission-Series 2000 2,958,995 39AB Capital Improvements-1999 Juvenile Detention-Series 2000 414,258 39AC Capital Improvements-1999 Wildlife, Fish & Parks-Series 2000 420,849 39AD 1999 Calhoun County Historic Project-Series 2000 15,407 39AE 1999 Bolers Inn Restoration-Series 2000 10,780 39AJ 1999 New Albany Post Office-Series 2000 6,615 39AL Center for Tech Partnership-Series 2000 50,361 39AN IHL Repair & Renovation-Series 2000 518,126 39AP Capital Improvements-Comm/Junior Colleges-Series 2000 994,018 39AS African-American Heritage-Series 2000 474,670 39AW Telecommunication Conference Center-Series A 72,902 39AX Capital Improvements-1999 IHL-Series 2001 881,377 39AY MS Craft Center-Series 2001 1,077,576 39BA Capital Improvements-1998 IHL-Series 2001 291,682 39BB Capital Improvements-1999 Public Safety-Series 2001 416,191 39BC Capital Improvements-1999 Wildlife, Fish & Parks-Series 2001 526,651 39BD Children's Discovery Center-Series 2001 319,231 39BF South East MS Center for Advance Tech-Series 2001 3,610,587 39BG Capital Improvements-2000 State Agencies-Series 2001 2,608,239 39BH Capital Improvements-2000 Comm/Junior Colleges-Series 2001 1,039,007 39BJ Capital Improvements-2001 State Agencies-Series 2001 19,799,344 39BK IHL Repair & Renovation-Series 2001 902,234 39BL State Building Repair & Renovations-Series 2001 156,164 39BN Capital Improvements-2001 Comm/Junior Colleges-Series 2001 4,741,876 39BR New Capital Repair & Renovations-Series 2001 5 39BS MS Comm. Heritage Preservations-Series 2001 441,108 39CA Telecommunications Conference Center-Series B 8,753,655 39CB Capital Improvements-IHL & State Agency-Series 2002 43,891,772 39CC Capital Improvements-1998 Comm/Junior Coll-Series 2002 2,554 39CD Capital Improvements-1999 IHL-Series 2002 683,138 39CE Capital Improvements-1999 Wildlife, Fish & Parks-Series 2002 4,371 39CF Capital Improvements-2000 Comm/Junior Colleges-Series 2002 949,456 39CG Capital Improvements-2001 State Agencies-Series 2002 6,786,248 39CH Capital Improvements-2001 Comm/Junior Colleges-Series 2002 1,297,444 39CJ 2001 MS Comm. Heritage Preservations-Series 2002 4,623,571 39CK MS Landmark GT Program-Series 2002 22,830 39CL Capital Improvements-Comm/Junior Colleges-Series 2002 4,195,786 39CM MS Technology Innovation Center-Series 2002 204,720 39CS Capital Improvements-1999 Comm/Junior Coll-Series 2002 773,391 39CT Capital Improvements-2003 IHL & State Agency-Series 2003 744 39CU Capital Improvements-2002 IHL & State Agency-Series 2003 9,182 39CV Capital Improvements-1999 Hancock County-Stennis Ctr-Series 2003 452

TOTAL SPECIAL FUND DISBURSEMENTS $9,534,982,990

59

Education Enhancement Fund Receipts

60

STATE TREASURY SCHEDULE OF EDUCATION ENHANCEMENT FUND RECEIPTS FOR THE YEAR ENDED JUNE 30, 2005

TAXES Tax Commission Taxes 40150 Sales Tax $217,368,953 40280 Use (Compensating) Tax 18,175,036

TOTAL TAXES 235,543,989

INTEREST, DIVIDENDS & GAINS FROM SALE OF INVESTMENTS Interest, Dividends & Gains From Sale of Investments 43350 Interest on Investments-Special Fund 47,871

TOTAL INTEREST, DIVIDENDS & GAINS FROM SALE OF INVESTMENTS 47,871

TRANSFERS, REFUNDS & OTHER RECEIPTS Inter-Budget Transactions 49150 Transfer from Other Funds 214,789,066

Other Receipts (Balance Sheet Account) 21900 Cancelled Warrants Payable (4,456)

Other Transfers & Refunds (219,217,290)

TOTAL TRANSFERS, REFUNDS & OTHER RECEIPTS (4,432,680)

TOTAL EDUCATION ENHANCEMENT FUND RECEIPTS $231,159,180

61

Education Enhancement Fund Disbursement

62

STATE TREASURY SCHEDULE OF EDUCATIONAL ENHANCEMENT FUND DISBURSEMENTS FOR THE YEAR ENDED JUNE 30, 2005

Institutions of Higher Learning: 4030 Institutions of Higher Learning $38,590,048 4034 MSU-Veterinary Medicine 626,946 4035 MSU-MS Cooperative Extension Service 1,121,789 4036 MSU-MS Agricultural & Forestry Experiment Station 1,340,718 4037 MSU-Forestry & Wildlife Research Center 291,525 4038 University Medical Center 4,003,175 4039 System Administration 580,273 4040 Commission for Volunteer Services 35,448 4042 Alcorn Agricultural Program 21,903 4080 State Board for Community & Junior Colleges 26,855,951 4104 Authority for Educational Television 1,612,459 4108 Arts Commission 358,884 4109 Library Commission 527,421 4110 State Board for Community & Junior Colleges-Other Support 626,169 Department of Education 4201 General Education 21,884,925 4206 Vocational Education 7,353,930 4230 Adequate Education 122,410,558 4231 Adequate Education-Nonpublic Textbooks 117,532 4252 Institutions of Higher Learning-Subsidiary Programs 69,598 4350 Military Department-Youth Challenge Program 261,881 4900 Dept of Finance & Administration-Education Enhancement 19,881

TOTAL EDUCATIONAL ENHANCEMENT FUND DISBURSEMENTS $228,711,014

63

Clearing Fund Disbursements and Receipts

64

STATE TREASURY SCHEDULE OF CLEARING FUND RECEIPTS & DISBURSEMENTS FOR THE YEAR ENDED JUNE 30, 2005

CLEARING FUND RECEIPTS:

TRANSFERS, REFUNDS & OTHER RECEIPTS Other Non-Governmental Receipts 49970 Clearing Fund Receipts $21,381,502

Other Receipts (Balance Sheet Account) 21900 Canceled Warrants Payable (480) 22200 Deferred Revenues Unearned (Other than Federal) (247,946)

TOTAL TRANSFERS, REFUNDS & OTHER RECEIPTS 21,133,076

TOTAL CLEARING FUND RECEIPTS $21,133,076

CLEARING FUND DISBURSEMENTS:

9895 Tax Commission - ABC Clearing $46,642

TOTAL CLEARING FUND DISBURSEMENTS $46,642

65

State Treasury Monthly Receipt Disbursements

66

STATE TREASURY SCHEDULE OF MONTHLY RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED JUNE 30, 2005

MONTH ENDED RECEIPTS DISBURSEMENTS BALANCE

GENERAL 06/04 $64,745,060 FUND 07/04 195,420,768 206,467,012 53,698,816 08/04 306,766,163 266,109,399 94,355,580 09/04 306,649,007 347,308,645 53,695,942 10/04 340,921,511 315,858,666 78,758,787 11/04 287,966,414 315,691,226 51,033,975 12/04 312,284,040 247,331,534 115,986,481 01/05 302,942,680 303,976,490 114,952,671 02/05 209,305,736 233,226,206 91,032,201 03/05 358,079,197 309,814,022 139,297,376 04/05 431,093,972 342,779,390 227,611,958 05/05 433,840,512 482,729,511 178,722,959 06/05 515,654,247 530,384,373 $163,992,833

TOTALS $4,000,924,247 $3,901,676,474

SPECIAL 06/04 $1,355,626,731 FUNDS 07/04 732,683,492 953,128,900 1,135,181,323 08/04 801,995,053 739,634,550 1,197,541,826 09/04 774,977,604 856,510,994 1,116,008,436 10/04 653,078,998 736,784,869 1,032,302,565 11/04 821,453,225 803,327,216 1,050,428,574 12/04 735,968,076 850,891,700 935,504,950 01/05 849,079,724 744,298,233 1,040,286,441 02/05 788,499,935 914,825,780 913,960,596 03/05 753,841,527 918,695,408 749,106,715 04/05 879,694,022 715,293,924 913,506,813 05/05 747,451,612 548,395,319 1,112,563,106 06/05 929,216,084 753,196,097 $1,288,583,093

TOTALS $9,467,939,352 $9,534,982,990

67

STATE TREASURY SCHEDULE OF MONTHLY RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED JUNE 30, 2005

MONTH ENDED RECEIPTS DISBURSEMENTS BALANCE

EDUCATION 06/04 $24,536,079 ENHANCEMENT 07/04 $20,304,474 $21,889,041 22,951,512 FUNDS 08/04 17,209,185 15,506,967 24,653,730 09/04 17,617,578 17,085,850 25,185,458 10/04 17,893,426 21,826,949 21,251,935 11/04 17,707,395 18,267,107 20,692,223 12/04 16,183,463 17,609,692 19,265,994 01/05 22,965,595 17,841,252 24,390,337 02/05 16,842,057 16,883,466 24,348,928 03/05 18,900,713 17,074,214 26,175,427 04/05 18,749,884 19,970,346 24,954,965 05/05 22,917,154 17,695,315 30,176,805 06/05 23,868,256 27,060,815 $26,984,245

TOTALS $231,159,180 $228,711,012

CLEARING 06/04 $118,238,281 FUNDS 07/04 ($16,592,977) $9,629 101,635,675 08/04 (40,036,480) 5,156 61,594,039 09/04 42,761,585 381 104,355,243 10/04 2,045,198 189 106,400,252 11/04 7,535,875 435 113,935,692 12/04 (12,922,629) 9,175 101,003,888 01/05 34,742,165 3,002 135,743,051 02/05 (18,907,804) 374 116,834,873 03/05 9,580,953 3,344 126,412,482 04/05 (1,770,793) 9,843 124,631,846 05/05 9,543,600 2,021 134,173,425 06/05 5,154,383 3,093 $139,324,715

TOTALS $21,133,076 $46,642

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