2399 Independent auditors' report

PORT OF PITTSBURGH COMMISSION

Independent Auditors' Report

[36 Pa.B. 7399]
[Saturday, December 2, 2006]

Board of Directors
Port of Pittsburgh Commission
Pittsburgh, Pennsylvania

   We have audited, in accordance with auditing standards generally accepted in the United States, the basic financial statements of Port of Pittsburgh Commission (Commission), a component unit of the Commonwealth of Pennsylvania, as of and for the years ended June 30, 2006 and 2005 (not presented herein); and in our report dated September 15, 2006, 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, 2006 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 15, 2006
PITTSBURGH, PENNSYLVANIA

PORT OF PITTSBURGH COMMISSION
CONDENSED STATEMENTS OF NET ASSETS

	JUNE 30,
	_________________
Assets: ______	2006	2005
	______	______
Cash and investments	$2,095,533	$2,011,144
Capital assets, net of accumulated depreciation	1,542,077	1,600,998
Other assets	364,525	210,245
	______	______
Total Assets	$4,002,135	$3,822,387
	______ ______	______ ______
Liabilities and Net Assets _________________
Liabilities	2,104,865	2,163,522
Net Assets:
Restricted for economic development	2,355,193	2,057,867
Invested in capital assets, net of related debt	(457,923)	(399,002)
	______	______
Total Liabilities and Net Assets	$4,002,135	$3,822,387
	______ ______	______ ______

PORT OF PITTSBURGH COMMISSION
CONDENSED STATEMENT OF ACTIVITIES

	FOR THE YEAR ENDED JUNE 30,
	__________
		2006			2005
	___________________________				______
				Net Revenue/	Net Revenue/
				(Expense) and	(Expense) and
		Program Revenues _________________		Change in	Change in
			Operating	Net Assets-	New Assets-
		Charges for	Grants and	Governmental	Governmental
Functions:	Expenses	Services	Contributions	Activities	Activities
	______	______	______	______	______
Governmental Activities:
Port development	$1,173,092 ______ ______	$72,774 ______ ______	$1,201,719 ______ ______	$101,401	$(226,424)
		General Revenues		137,004 ______	103,205 ______
		Change in Net Assets		238,405	(123,219)
		Net assets, beginning of year		1,658,865 ______	1,782,084 ______
		Net Assets, End of Year		1,897,270 ______ ______	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; management's discussion and analysis, governmental fund financial statements, and budgetary comparison schedules are not presented; footnote disclosures are omitted.

JAMES R. MCCARVILLE,   
Executive Director

[Pa.B. Doc. No. 06-2399. Filed for public inspection December 1, 2006, 9:00 a.m.]