2103 Independent auditors' report

PORT OF PITTSBURGH COMMISSION

Independent Auditors' Report

[33 Pa.B. 5396]

Board of Directors
Port of Pittsburgh Commission
Pittsburgh, Pennsylvania

   We have audited, in accordance with auditing standards generally accepted in the United States, the governmental fund balance sheet/statement of net assets of Port of Pittsburgh Commission (Commission), a component unit of the Commonwealth of Pennsylvania, as of June 30, 2003, and the related statement of governmental fund revenues, expenditures and changes in fund balance/statement of activities for the year ended (not presented herein); and, in our report dated September 5, 2003, we expressed an unqualified opinion on those financial statements.

   As described below, the accompanying summary financial information of the Commission as of and for the year ended June 30, 2003 is not a presentation in conformity with generally accepted accounting principles. In our opinion, however, the accompanying summary financial information is fairly stated, in all material respects, in relation to the financial statements from which it has been derived.

Terry & Stephenson, P. C.
429 Forbes Avenue, Suite 1600
Pittsburgh, PA 15219

September 5, 2003
Pittsburgh, Pennsylvania

Port of Pittsburgh Commission
Governmental Fund Balance Sheet/Statement of Net Assets
Balance Sheet
June 30, 2003

	Special Revenue		Statement of
	Fund	Adjustments	Net Assets
Assets:
Cash and investments	$1,813,885	$--	$1,813,885
Capital assets, net of accumulated depreciation	--	1,782,407	1,782,407
Other assets	175,464	--	175,464
Total Assets	$1,989,349	$1,782,407	$3,771,756
Liabilities and Fund Balance/Net Assets
Liabilities	2,059,022	46,753	2,105,775
Fund balance (accumulated deficit)--reserved for economic development	(69,673)	69,673	--
Net Assets:
Restricted for economic development		1,883,574	1,883,574
Invested in capital assets, net of related debt		(217,593)	(217,593)
Total Liabilities and Fund Balance/Net Assets	$1,989,349	$1,665,981	$1,665,981

Port of Pittsburgh Commission
Statement of Governmental Fund Revenues, Expenditures,
and Changes in Fund Balances/Statement of Activities
for the Year Ended June 30, 2003

	Special Revenue		Statement of
	Fund	Adjustments	Net Assets
Expenditures/Expenses:
Personnel	410,699	8,401	419,100
Operating	393,389	--	393,389
Capital	11,873	(11,873)	--
Other	28,858	89,516	118,374
Total Expenditures/Expenses	844,819	86,044	930,863
Revenues and Other Financing Sources:
Revenues	146,073	--	146,073
Other financing sources	900,000	--	900,000
Total Revenues and Other Financing Sources	1,046,073	--	1,046,073
Excess of Expenditures/Expenses over Revenues and Other Financing Sources	201,254	(86,044)	115,210
Fund balance/net assets, beginning of year	(270,927)	1,821,698	1,550,771
Fund balance/Net Assets, End of Year	$(69,673)	$1,735,654	$1,665,981

The summary financial information shown above differs from generally accepted accounting principles. Differences include amounts grouped; captions summarized; footnote disclosures are omitted.

JAMES R. MCCARVILLE,   
Executive Director

[Pa.B. Doc. No. 03-2103. Filed for public inspection October 24, 2003, 9:00 a.m.]