PORT OF PITTSBURGH COMMISSION Independent Auditors' Report [43 Pa.B. 7371]
[Saturday, December 14, 2013]Board of Directors
Port of Pittsburgh CommissionThe accompanying summary financial statements, which comprise the summary statement of net position as of June 30, 2013, and the summary statement of revenues, expenses, and changes in net position for the year then ended, are derived from the audited financial statements of the Port of Pittsburgh (Commission), a component unit of the Commonwealth of Pennsylvania, as of and for the year ended June 30, 2013. We expressed an unmodified audit opinion on those audited financial statements in our report dated October 18, 2013.
The summary financial statements do not contain all the disclosures required by accounting principles generally accepted in the United States of America. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Commission.
Management's Responsibility for the Summary Financial Statements
Management is responsible for the preparation of the summary financial statements on the accrual basis of accounting.
Auditor's Responsibility
Our responsibility is to express an opinion about whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with auditing standards generally accepted in the United States of America. The procedures consisted principally of comparing the summary financial statements with the related information in the audited financial statements from which the summary financial statements have been derived, and evaluating whether the summary financial statements are prepared in accordance with the accrual basis of accounting.
Opinion
In our opinion, the summary financial statements of the Commission as of and for the year ended June 30, 2013 referred to above are consistent, in all material respects, with the audited financial statements from which they have been derived, on the accrual basis of accounting
Maher Duessel
Pittsburgh, Pennsylvania
October 18, 2013
Port of Pittsburgh Commission
Summary Financial Information
Derived from the Audited Financial StatementsSummary Statement of Net Position June 30, 2013 _______________________________________________ Assets ___________________________ Cash and cash equivalents $ 3,661,195 Capital assets, net of accumulated depreciation/amortization 1,035,153 Other assets 1,027,862 ______ Total Assets
$ 5,724,210 ______ ______ Liabilities and Net Position
___________________________ Liabilities $ 3,193,124 ___________________________ ______ Net Position: ___________________________ Net investment in capital assets (983,129) Restricted for economic development 3,514,215 ______ Total Net Position 2,531,086 ______ ______ Total Liabilities and Net Position
$ 5,724,210 ______ ______ Summary Statement of Revenues, Expenses, and Changes in Net Position Year Ended June 30, 2013 Program Revenues
Net (Expense) Revenue and Changes
in Net Position_________________ ______ Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Governmental Activities ______ ______ ______ ______ ______ Governmental Activities:
Port development$ 6,989,796 $ 4,028 $ 6,313,477 $ (672,291) ______ ______ ______ ______ ______ ______ General Revenues:
Investment income17,123 ______ Change in Net Position (655,168) Net Position:
Beginning of Year3,186,254 ______ Ending of Year $ 2,531,086 ______ ______ JAMES R. McCARVILLE,
Executive Director[Pa.B. Doc. No. 13-2358. Filed for public inspection December 13, 2013, 9:00 a.m.]
