1914 Publication of financial statement

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

Publication of Financial Statement

[32 Pa.B. 5360]

   Under the 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, 2002, which includes an audit for this 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, [phone].

JOSEPH C. VIGNOLA,   
Executive Director

STATEMENT OF NET ASSETS
JUNE 30, 2002

	Governmental
ASSETS	Activities
CURRENT ASSETS:
Cash and short-term investments	$51,630,766
PICA Taxes receivable	6,796,803
Accrued intertest receivable	589,502
Total current assets	59,017,071
LONG-TERM INVESTMENTS	121,030,421
OTHER ASSETS--
Prepaid rent and security deposit	12,257
TOTAL	$180,059,749
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts payable	$   106,612
Accrued payroll and taxes	289,979
Due to the City of Philadelphia	7,231,388
Deferred revenue	26,235,000
Bonds payable--current portion	36,620,000
Total current liabilities	70,482,979
BONDS PAYABLE--
Long-term portion	804,055,000
Total liabilities	874,537,979
NET ASSETS (DEFICIT):
Restricted for debt service	87,380,552
Restricted for benefit of the City of Philadelphia	54,589,741
Restricted for subsequent PICA administration	1,832,483
Unrestricted deficit	(838,281,006)
Total net assets	(694,478,230)
TOTAL	$180,059,749

STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2002

EXPENSES:
Grants to the City of Philadelphia	$201,528,938
General management and       support--General operations	1,046,327
Interest expense on long term debt	46,123,475
Total program expenses	248,698,740
PROGRAM REVENUES--
Interest	11,218,108
Program revenues	11,218,108
Net program expenses	237,480,632
GENERAL REVENUES:
PICA Taxes	276,677,775
Interest	156,614
Total general revenues	276,834,389
INCREASE IN NET ASSETS	39,353,757
NET ASSETS (DEFICIT),
BEGINNING OF YEAR	(733,831,987)
NET ASSETS (DEFICIT),
END OF YEAR	$(694,478,230)

 

[Pa.B. Doc. No. 02-1914. Filed for public inspection October 25, 2002, 9:00 a.m.]