PENNSYLVANIA INTERGOVERNMENTAL
COOPERATION AUTHORITYPublication of Financial Statement [28 Pa.B. 5544] 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, 1998, 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, 1998
_______________________________________________ASSETS CURRENT ASSETS: Cash and short-term investments $ 168,103,032 Accrued interest receivable 592,820 Interfund receivable 263,164 Total current assets 168,959,016 PROPERTY, PLAN AND EQUIPMENT--Office furniture and equipment 135,182 OTHER ASSETS--Prepaid rent and security deposit 11,940 AMOUNT AVAILABLE IN DEBT SERVICE FUNDS FOR RETIREMENT OF
LONG-TERM DEBT
86,686,731AMOUNT TO BE PROVIDED FOR RETIREMENT OF LONG-TERM DEBT 968,308,269 TOTAL ASSETS $ 1,224,101,138 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES: Accounts payable $ 89,240 Accrued payroll and taxes 129,165 Due to the City of Philadelphia 269,837 Bonds payable--current portion 49,690,000 Interfund payable 263,164 Total current liabilities 50,441,406 BONDS PAYABLE--Long-term portion 1,005,305,000 FUND EQUITY: Fund balances: Unreserved 593,949 Reserved for debt service 86,686,731 Reserved for the benefit of the City of Philadelphia 80,058,870 Reserved for subsequent PICA administration 880,000 Total fund balances 168,219,550 Investment in general fixed assets 135,182 TOTAL LIABILITIES AND FUND EQUITY $1,224,101,138 CONDENSED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 1998
_______________________________________________REVENUES: PICA taxes $229,943,759 Interest earned on investments 12,701,337 Total revenues 242,645,096 EXPENDITURES: Grants to the City of Philadelphia 145,924,556 Debt service: Principal 47,385,000 Interest 59,641,115 Administration: Operations 904,752 Capital outlay 27,458 Total expenditures 253,882,881 EXCESS OF EXPENDITURES OVER REVENUES (11,237,785) FUND BALANCES, JULY 1, 1997 179,457,335 FUND BALANCES, JUNE 30, 1998 $168,219,550 [Pa.B. Doc. No. 98-1818. Filed for public inspection October 30, 1998, 9:00 a.m.]
