349 Independent auditor's report

PORT OF PITTSBURGH COMMISSION

Independent Auditor's Report

[40 Pa.B. 1057]
[Saturday, February 20, 2010]

Board of Directors
Port of Pittsburgh Commission:

 We have audited the statement of net assets of Port of Pittsburgh Commission (Commission), a component unit of the Commonwealth of Pennsylvania, as of June 30, 2009, and the related statement of activities for the year then ended (not presented herein). These financial statements are the responsibility of the Commission's management. Our responsibility is to express an opinion on these financial statements based on our audit.

 We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 The condensed statement of net assets as of June 30, 2009, and the related condensed statement of activities for the year then ended, presented as follows, are presented as a summary and, therefore, do not include all of the information required by accounting principles generally accepted in the United States of America.

 In our opinion, because of the significance of the omission of the information referred to in the preceding paragraph, the condensed financial statements referred to above do not present fairly, in conformity with accounting principles generally accepted in the United States of America, the financial position of the Port of Pittsburgh Commission as of June 30, 2009, or the results of its operations for the year then ended.

Parente Beard, LLC

Pittsburgh, Pennsylvania
January 19, 2010

PORT OF PITTSBURGH COMMISSION
CONDENSED STATEMENT OF NET ASSETS
JUNE 30, 2009

Assets:
Cash and investments	$4,650,939
Capital assets, net of accumulated depreciation/amortization	1,318,839
Other assets	200,680
Total Assets	$6,170,458
	______
Liabilities and Net Assets:
Liabilities
Net assets:
Restricted for economic development	4,767,372
Invested in capital assets, net of related debt	(706,091)
Total Liabilities and Net Assets	$6,170,458
	______

PORT OF PITTSBURGH COMMISSION
CONDENSED STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2009

					Net Revenue/ (Expense) and
			Program Revenues		Change in
				Operating	Net Assets
			Charges for	Grants and	Governmental
Functions:		Expenses	Services	Contributions	Activities
Government Activites,
Port development		$1,059,377	$67,802	$1,351,460	$ 359,885
		______	______	______
	General Revenues				60,401
	Change in Net Assets				420,286
	Net Assets, Beginning of Year				3,640,995
	Net Assets, End of Year				$4,061,281
					______

JAMES R. McCARVILLE, 
Executive Director

[Pa.B. Doc. No. 10-349. Filed for public inspection February 19, 2010, 9:00 a.m.]