1825 Independent auditor's report

PORT OF PITTSBURGH COMMISSION

Independent Auditor's Report

[26 Pa.B. 5205]

   We have audited the balance sheet of the Port of Pittsburgh Commission Special Revenue Fund (Commission), a component unit of the Commonwealth of Pennsylvania, as of June 30, 1996 and 1995, and the related statements of revenues, expenditures and changes in fund balance for the years then ended (not presented herein). In our report dated August 23, 1996, we expressed an unqualified opinion on the financial statements.

   As described on the following schedule, this summary financial information of the Commission as of and for the years ended June 30, 1996 and 1995 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 statements from which it has been derived.

Port of Pittsburgh Commission
Special Revenue Fund
(A Component Unit of the Commonwealth
of Pennsylvania)

BALANCE SHEETS
June 30, 1996 and 1995

	1996	1995
ASSETS
Cash and investments	$415,913	$240,713
Other assets	1,929	1,260
TOTAL ASSETS	$417,842	$241,973
LIABILITIES AND FUND BALANCE
Liabilities	$  53,347	$  31,201
Fund balance--reserved for economic development	364,495	210,772
TOTAL LIABILITIES AND FUND BALANCE	$417,842	$241,973

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE
For the Years Ended June 30, 1996 and 1995

	1996	1995
REVENUES AND OTHER FINANCING SOURCES:
Intergovernmental transfer	$600,000	$220,000
Grant revenues	60,238	--
Other	23,290	17,902
	683,528	237,902
EXPENDITURES	529,805	345,197
Excess (deficiency) of revenues over expenditures	153,723	(107,295)
Fund balance, beginning of year	210,772	318,067
Fund balance, end of year	$364,495	$210,772

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

JAMES R. MCCARVILLE,   
Executive Director

[Pa.B. Doc. No. 96-1825. Filed for public inspection October 25, 1996, 9:00 a.m.]