PENNSYLVANIA CONVENTION CENTER AUTHORITY Statements of Net Assets [42 Pa.B. 7624]
[Saturday, December 15, 2012]As of June 30, 2012 and 2011 2012 2011 _________________ Assets Cash and cash equivalents $29,947,762 $33,346,750 Receivables, net 6,067,075 3,786,151 _________________ Total current assets 36,014,837 37,132,901 Prepaid expenses and other assets 672,626 861,677 Property, plant and equipment 923,639,001 915,305,106 Less: Accumulated depreciation (196,202,986) (168,315,162) _________________ 727,436,015 746,989,944 _________________ Welcome Fund receivable 122,000,000 122,000,000 _________________ Total assets 886,123,478 906,984,522 _________________ Liabilities and Fund Net Assets Accounts payable and other accrued expenses 9,456,580 10,747,599 Operating agreement liability 8,449,445 3,334,311 Deferred revenue 1,820,149 3,036,470 Current portion of term loan payable 143,752 610,391 Current portion of net OPEB liability 160,690 157,532 _________________ Total current liabilities 20,030,617 17,886,303 Loan payable 123,345,856 127,389,609 Net OPEB liability 3,105,147 2,641,682 _________________ Total liabilities 146,481,620 147,917,594 _________________ Restricted fund net assets $ 739,641,858 $ 759,066,928 _________________ The accompanying notes are an integral part of these financial statements. Statements of Revenues, Expenses, and Changes in Fund Net Assets
For the Years Ended June 30, 2012 and 20112012 2011 _________________ Operating Revenues Convention Center events Space license fees $7,252,750 $5,073,090 Commissions 6,639,678 4,382,860 Other 655,453 423,688 _________________ Total operating revenues 14,547,881 9,879,638 Operating expenses 32,009,464 28,026,487 _________________ Operating loss (17,461,583) (18,146,849) Depreciation 27,887,824 17,566,517 _________________ Operating loss after depreciation (45,349,407) (35,713,366) Non-Operating Revenue (Expense) Hotel tax income 27,365,574 24,165,787 Interest income 13,972 123,262 Operating agreement revenue (expense) 297,176 (3,224,987) Interest expense (221,009) (88,970) Grant income 1,633,068 1,994,614 Welcome Fund loan interest and fee revenue (1,855,415) 1,855,415 Welcome Fund loan interest and fee expense 1,855,415 (1,855,415) Other expenses (3,164,444) (1,580,065) Other income - 500,000 _________________ Total non-operating revenue, net 25,924,337 21,889,641 _________________ Decrease in net assets before contributions (19,425,070) (13,823,725) Capital contributions - 86,027,787 _________________ (Decrease) increase in net assets (19,425,070) 72,204,062 Restricted fund net assets, beginning of year 759,066,928 686,862,866 _________________ Restricted fund net assets, end of year $739,641,858 $759,066,928 _________________ The accompanying notes are an integral part of these financial statements. GREGORY J. FOX,
Chairperson[Pa.B. Doc. No. 12-2449. Filed for public inspection December 14, 2012, 9:00 a.m.]
