2137 Financial statement?

PENNSYLVANIA INTERGOVERNMENTAL
COOPERATION AUTHORITY

Financial Statement

[39 Pa.B. 6612]
[Saturday, November 14, 2009]

 Under the provisions of section 207 of the Pennsylvania Intergovernmental Cooperation Authority Act for Cities of the First Class (53 P. S. §§ 12720.101—12720.709) 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, 2009, which includes an audit for such 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's web site, www.picapa.org or at 1500 Walnut Street, Suite 1600, Philadelphia, PA 19102, [phone].

URI Z. MONSON, 
Executive Director

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

STATEMENT OF NET ASSETS

JUNE 30, 2009

ASSETS
	Governmental Activities
	______
CURRENT ASSETS
Cash, cash equivalents and short-term investments	$154,519,570
PICA taxes receivable	9,141,061
Accrued interest receivable	13,248
	______
Total current assets	163,673,879
	______
OTHER ASSETS	4,821,293
	______
TOTAL	$168,495,172
	______
LIABILITIES AND NET ASSETS (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued expenses	$  877,037
Due to the City of Philadelphia	10,460,227
Deferred revenue	39,199,268
Bonds payable—current portion	40,305,000
	______
Total current liabilities	90,841,532
	______
BONDS PAYABLE—Long-term portion	517,435,000
	______
Total liabilities	608,276,532
	______
NET ASSETS (DEFICIT):
Restricted for debt service	103,838,009
Restricted for benefit of the City of Philadelphia	31,142,526
Restricted for subsequent PICA administration	1,565,500
Unrestricted deficit	(576,327,395)
	______
Total net assets (deficit)	(439,781,360)
	______
TOTAL	$168,495,172
	______
The accompanying notes are an integral part of this statement.

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

STATEMENT OF ACTIVITIES

YEAR ENDED JUNE 30, 2009

	Governmental Activities
	______
EXPENSES
Grants to the City of Philadelphia	$278,584,264
General management and support—general operations	1,002,241
Interest expense on long-term debt	32,244,961
Investment expenses	54,176,492
Amortization of bond costs	218,241
	______
Total program expenses	366,226,198
	______
PROGRAM REVENUES
Premium amortization	1,615,282
Investment income - net	5,261,991
	______
Program revenues	6,877,273
	______
Net program expenses	359,348,925
	______
GENERAL REVENUES
PICA taxes	348,534,406
Other	9,700,000
	______
Total general revenues	358,234,406
	______
CHANGE IN NET DEFICIT	(1,114,519)
NET ASSETS (DEFICIT)—Beginning of year	(438,666,841)
	______
NET ASSETS (DEFICIT)—End of year	($439,781,360)
	______
The accompanying notes are an integral part of this statement.

 

 

 

 

[Pa.B. Doc. No. 09-2137. Filed for public inspection November 13, 2009, 9:00 a.m.]