2073 Independent auditors' report

PORT OF PITTSBURGH COMMISSION

Independent Auditors' Report

[35 Pa.B. 6205]

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, 2005, 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 9, 2005, 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, 2005, is not a presentation in conformity with accounting principles generally accepted in the United States. 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 9, 2005
Pittsburgh, Pennsylvania

Port of Pittsburgh Commission
Governmental Fund Balance Sheet/Statement of Net Assets

June 30, 2005

	Special Revenue Fund	Adjustments	Statement of Net Assets
Assets
Cash and investments	$2,011,144	$             -	$2,011,144
Capital assets, net of accumulated depreciation	-	1,600,998	1,600,998
Other assets	210,245	-	210,245
Total Assets	$2,221,389 ______	$1,600,998 ______	$3,822,387 ______
Liabilities and Fund Balance/Net Assets
Liabilities	2,135,814 ______	27,708 ______	2,163,522 ______
Fund balance (accumulated deficit)--Reserved for economic development	85,575	(85,575)	-
Net Assets:
Restricted for economic development		2,057,867	2,057,867
Invested in capital assets, net of related debt		(399,002)	(399,002)
Total Liabilities and Fund Balance/Net Assets	$2,221,389 ______	$1,658,865 ______	$1,658,865 ______

 

Port of Pittsburgh Commission
Statement of Governmental Fund Revenues, Expenditures, and Changes
in Fund Balance
Statement of Activities for the Year Ended June 30, 2005

	Special Revenue Fund	Adjustments	Statement of Activities
Expenditures/Expenses:
Personnel	426,233	6,408	432,641
Operating	743,268	-	743,268
Other	38,655	90,703	129,358
Total Expenditures/Expenses	1,208,156 ______	97,111 ______	1,305,267 ______
Revenues and Other Financing Sources:
Revenues	282,048	-	282,048
Other financing sources	900,000	-	900,000
Total Revenues and Other Financing Sources	1,182,048 ______	- ______	1,182,048 ______
Deficiency of Revenues and other Financial Sources under Expenditures/Expenses	(26,108)	(97,111)	(123,219)
Fund balance/net assets, beginning of year	111,683	1,670,401	1,782,084
Fund balance/Net Assets, End of Year	$85,575 ______	$1,573,290 ______	$1,658,865 ______

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

JAMES R. MCCARVILLE,   
Executive Director

[Pa.B. Doc. No. 05-2073. Filed for public inspection November 4, 2005, 9:00 a.m.]