SUMMARY

We provided an unqualified opinion on the financial statements for FY 2009-10 and FY 2008-09. The Fund supports telecommunications and other programs and is the sole funding source for state aid to public library systems. It is funded by assessments on telecommunications providers that are typically recovered from consumers and that totaled $51.7 million in FY 2009-10. We estimate that the Fund has paid at least $4.3 million in excess fees that were subsequently lapsed to the State's General Fund.