PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY Publication of Financial Statement [27 Pa.B. 5566] Under the provisions of section 207 of the Pennsylvania Intergovernmental Cooperation Authority Act for Cities of the First Class (Act of June 5, 1991, P. L. 9, No. 6) the Pennsylvania Intergovernmental Cooperation Authority (Authority) is required to publish a ''concise financial statement'' annually in the Pennsylvania Bulletin. The Authority has issued its annual report for its fiscal year ended June 30, 1997, which includes an audit for the period performed in accordance with generally accepted auditing standards by an independent firm of certified public accountants. The complete annual report of the Authority may be obtained from the Authority at 1429 Walnut Street--14th Floor, Philadelphia, PA 19102, (215) 561-9160.
JOSEPH C. VIGNOLA,
Executive DirectorPENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY CONDENSED BALANCE SHEET
JUNE 30, 1997ASSETS CURRENT ASSETS: Cash and short-term investments $ 179,301,714 Accrued interest receivable 624,074 Accounts receivable--PICA taxes 6,185,722 Interfund receivable 228,236 Total current assets 186,339,746 PROPERTY, PLANT AND EQUIPMENT--Office furniture and equipment 112,403 OTHER ASSETS--Prepaid rent and security deposit 11,940 AMOUNT AVAILABLE IN DEBT SERVICE FUND FOR RETIREMENT OF LONG-TERM DEBT 86,809,073 AMOUNT TO BE PROVIDED FOR RETIREMENT OF LONG-TERM DEBT 1,015,570,927 TOTAL ASSETS $1,288,844,089 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES: Accounts payable $ 148,119 Accrued payroll and taxes 97,380 Due to the City of Philadelphia 6,420,616 Bonds payable--current portion 47,385,000 Interfund payable 228,236 Total current liabilities 54,279,351 BONDS PAYABLE--Long-term portion 1,054,995,000 FUND EQUITY: Fund balances: Unreserved 665,591 Reserved for debt service 86,809,073 Reserved for the benefit of the City
of Philadelphia91,182,671 Reserved for subsequent PICA
administration800,000 Total fund balances 179,457,335 Investment in general fixed assets 112,403 TOTAL LIABILITIES AND FUND EQUITY $1,288,844,089 CONDENSED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 1997REVENUES: PICA taxes $220,495,831 Interest earned on investments 13,084,620 Total revenues 233,580,451 EXPENDITURES: Grants to the City of Philadelphia 137,176,716 Debt service: Principal 43,795,000 Interest 63,324,937 Administration--operations 803,367 Debt issuance costs 167,950 Total expenditures 245,267,970 EXCESS OF EXPENDITURES OVER REVENUES (11,687,519) FUND BALANCES, JULY 1, 1996 191,144,854 FUND BALANCES, JUNE 30, 1997 $179,457,335 [Pa.B. Doc. No. 97-1723. Filed for public inspection October 24, 1997, 9:00 a.m.]
