126 Independent auditors' report?

PORT OF PITTSBURGH COMMISSION

Independent Auditors' Report

[41 Pa.B. 579]
[Saturday, January 22, 2011]

Board of Directors
Port of Pittsburgh Commission

 We have audited the statement of net assets of Port of Pittsburgh Commission (Commission), a component unit of the Commonwealth of Pennsylvania, as of June 30, 2010, and the related statement of activities for the year then ended (not presented herein). These financial statements are the responsibility of the Commission's management. Our responsibility is to express an opinion on these financial statements based on our audit.

 We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 The condensed statement of net assets as of June 30, 2010, and the related condensed statement of activities for the year then ended, presented as follows, are presented as a summary and, therefore, do not include all of the information required by accounting principles generally accepted in the United States of America.

 In our opinion, because of the significance of the omission of the information referred to in the preceding paragraph, the condensed financial statements previously referred to do not present fairly, in conformity with accounting principles generally accepted in the United States of America, the financial position of the Commission as of June 30, 2009, or the results of its operations for the year then ended.

ParenteBeard LLC

Pittsburgh, Pennsylvania
December 14, 2010

Port of Pittsburgh Commission
Condensed Statement of Net Assets
June 30, 2010

Assets:
Cash and investments	$5,340,065
Capital assets, net of accumulated   depreciation/amortization	1,232,660
Other assets	109,265
Total assets	$6,681,990
Liabilities and Net Assets:
Liabilities	2,861,982
Net assets:
Restricted for economic development	4,610,616
Invested in capital assets, net of related debt	(790,608)
Total liabilities and net assets	$6,681,990

Port of Pittsburgh Commission
Condensed Statement of Activities
For The Year Ended June 30, 2010

	Program Revenues			Net Revenue/ (Expense) and Change in
Functions:	Expenses	Charges for Services	Operating Grants and Contributions	Net Assets, Governmental Activities
Governmental Activities
Port development	$ 1,089,990	$ 6.706	$ 767,000	$ (316,284)
General revenues				75,011
Change in net assets				(241,273)
Net assets, beginning    of year				4,061,281
Net assets, end of year				$ 3,820,008

JAMES R. MCCARVILLE, 
Executive Director

[Pa.B. Doc. No. 11-126. Filed for public inspection January 21, 2011, 9:00 a.m.]