PENNSYLVANIA INTERGOVERNMENTAL
COOPERATION AUTHORITYFinancial Statement [35 Pa.B. 6602] Under section 207 of the Pennsylvania Intergovernmental Cooperation Authority Act for Cities of the First Class (act of June 5, 1991, P. L. 9, No. 6) 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, 2005, which includes an audit for the 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 at 1429 Walnut Street, 14th Floor, Philadelphia, PA 19102, (215) 561-9160.
ROB DUBOW,
Executive DirectorPENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY
STATEMENT OF NET ASSETSJUNE 30, 2005 ASSETS Governmental
ActivitiesCURRENT ASSETS: Cash, cash equivalents and short-term investments $ 158,279,741 PICA taxes receivable 3,560,532 Accrued interest receivable 230,500 Total current assets 162,070,774 OTHER ASSETS--Prepaid rent, security deposit and bond issuance costs 1,998,273 TOTAL $ 164,069,046 LIABILITIES AND NET ASSETS CURRENT LIABILITIES: Accounts payable $ 80,166 Accrued payroll and taxes 75,589 Due to the City of Philadelphia 4,892,175 Deferred revenue 28,287,255 Bonds payable--current portion 49,270,000 Total current liabilities 82,605,185 BONDS PAYABLE--Long-term portion 674,315,000 Total liabilities 756,920,185 NET ASSETS (DEFICIT): Restricted for debt service 85,947,912 Restricted for benefit of the City of Philadelphia 32,792,027 Restricted for subsequent PICA administration 1,791,256 Unrestricted deficit (713,382,333) Total net assets (deficit) (592,851,138) TOTAL $ 164,069,046 The accompanying notes are an integral part of this statement PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY
STATEMENT OF ACTIVITIESYEAR ENDED JUNE 30, 2005 Governmental
ActivitiesEXPENSES: Grants to the City of Philadelphia $ 216,616,578 General management and support-- General operations 982,340 Interest expense on long term debt 39,209,523 Total program expenses 256,808,441 PROGRAM REVENUES-- Premium amortization 1,198,872 Interest 5,202,962 Program revenues 6,401,834 Net program revenues 250,406,607 GENERAL REVENUES: PICA Taxes 298,633,971 Interest 127,512 Total general revenues 298,761,483 DECREASE IN NET DEFICIT 48,354,876 NET ASSETS (DEFICIT)--Beginning of year (641,206,014) NET ASSETS (DEFICIT)--End of year $ (592,851,138) The accompanying notes are an integral part of this statement PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY BALANCE SHEET--GOVERNMENTAL FUNDS
JUNE 30, 2005__________
Expendable Trust Funds Total PICA Tax Debt Service Funds Debt Service Rebate Capital Projects Fund Governmental General Revenue 1996 1999 2003 Reserve Fund Fund 1992 1993 1994 Funds ASSETS CURRENT ASSETS: Cash, cash equivalents and short-term investments $ 37,717,627 $ - $ 782,375 $ 5,268,901 $ 473,749 $ 79,484,042 $ 1,761,466 $ 11,729,384 $ 2,821,935 $ 18,240,263 $ 158,279,741 PICA taxes receivable 3,560,532 3,560,532 Accrued interest receivable 79,778 14,911 7,869 58,338 6,202 59,352 3,606 241 19 186 230,501 Interfund receivable 1,316,732 4,450,000 5,766,732 Total current assets 37,797,405 4,892,175 790,244 5,327,239 479,950 83,993,394 1,765,072 11,729,624 2,821,954 18,240,449 167,837,506 OTHER ASSETS--Prepaid rent and security deposit 21,157 21,157 TOTAL $ 37,818,562 $ 4,892,175 $ 790,244 $ 5,327,239 $ 479,950 $ 83,993,394 $ 1,765,072 $ 11,729,624 $ 2,821,954 $ 18,240,449 $ 167,858,663 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES: Accounts payable $ 80,164 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 80,164 Accrued payroll and taxes 75,589 75,589 Due to the City of Philadelphia 4,892,175 4,892,175 Deferred revenue 15,535,000 4,450,000 19,985,000 Interfund payable 5,600,000 - - - - 166,732 - - - - 5,766,732 Total current liabilities 21,290,753 4,892,175 - - - 4,616,732 - - - - 30,799,660 FUND EQUITY: Fund balances Unreserved 5,717,324 5,717,324 Reserved for debt service 790,244 5,327,240 479,950 77,585,406 1,765,072 85,947,912 Reserved for benefit of the City of Philadelphia 11,729,625 2,821,954 18,240,448 32,792,027 Reserved for subsequent PICA administration 1,791,256 1,791,256 Designated for future swaption activity 10,810,485 10,810,485 Total fund equity 16,527,809 - 790,244 5,327,240 479,950 79,376,662 1,765,072 11,729,625 2,821,954 18,240,448 137,059,004 TOTAL $ 37,818,562 $ 4,892,175 $ 790,244 $ 5,327,240 $ 479,950 $ 83,993,394 $ 1,765,072 $ 11,729,625 $ 2,821,954 $ 18,240,448 Amounts reported for governmental activities in the statement of net assets are different due to: Long-term liabilities are not due and payable in the current
period and therefore are not reported in the funds(723,585,000) Swap premium is deferred and amortized over the life of the new debt in the statement of net assets (9,573,684) Forward delivery agreement premium is amortized over the life of the agreement in the statement of net assets 1,271,426 Bond issuance costs are accrued and amortized in the statement of net assets 1,977,116 Net assets of governmental activities § (592,851,138) The accompanying notes are an integral part of this statement PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE--GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2005__________
Expendable Trust Funds Total PICA Tax Debt Service Fund Debt Service Rebate Capital Projects Fund Governmental General Revenue 1993A 1996 1999 2003 Reserve Fund Fund 1992 1993 1994 Funds REVENUES PICA Taxes $ - $ 298,633,971 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 298,633,971 Interest earned on investments 1,268,836 129,551 - 71,538 537,924 55,294 2,705,045 29,076 149,662 37,068 346,485 5,330,477 Total revenues 1,268,836 298,763,522 - 71,538 537,924 55,294 2,705,045 29,076 149,662 37,068 346,485 303,964,448 EXPENDITURES: Grants to the City of Philadelphia 214,802,975 - 611,587 1,202,015 216,616,578 Debt service: Principal 3,890,000 37,505,000 5,720,000 47,115,000 Interest 4,895,056 - 5,418,976 25,652,000 2,861,615 38,827,647 Administration: Operations 982,340 - - - - 265,575 - - - - - 1,247,915 Total expenditures 5,877,396 214,802,975 - 9,308,976 63,157,000 8,847,189 - - 611,587 1,202,015 303,807,140 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (4,608,561) 83,960,547 - (9,237,439) (62,619,076) (8,791,896) 2,705,045 29,076 149,662 (574,520) (855,530) 157,308 OTHER FINANCING SOURCES (USES)-- Net operating transfers in (out) 6,471,437 (83,960,547) - 9,250,058 62,671,377 8,756,456 (3,188,781) - - - - 0 SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 1,862,876 (0) - 12,619 52,301 (35,440) (483,736) 29,076 149,662 (574,520) (855,530) 157,308 FUND BALANCES,
JULY 1, 200414,664,933 - - 777,625 5,274,939 515,390 79,860,398 1,735,996 11,579,963 3,396,474 19,095,978 136,901,696 FUND BALANCES,
JUNE 30, 200516,527,809 (0) - 790,244 5,327,240 479,950 79,376,662 1,765,072 11,729,625 2,821,954 18,240,448 137,059,004 Reconciliation of change in fund balance to change in net assets: Change in fund balance 157,308 Repayment of bond principal is an expenditure in the governmental funds, but the repayment
reduces long-term liabilities in the statement of net assets47,115,000 Swap and forward delivery agreement premiums are deferred and amortized over the life of the new debt
on the statement of net assets1,198,869 Bond issuance costs are accrued and amortized on the statement of net assets (116,301) Change in net assets $ 48,354,876 The accompanying notes are an integral part of this statement [Pa.B. Doc. No. 05-2242. Filed for public inspection December 2, 2005, 9:00 a.m.]
