1605 Publication of financial statement

PENNSYLVANIA INTERGOVERNMENTAL
COOPERATION AUTHORITY

Publication of Financial Statement

[26 Pa.B. 4587]

   Under the provisions of 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, 1996, which includes an audit for such 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, [phone].

JOSEPH C. VIGNOLA,   
Executive Director

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

Condensed Balance Sheet June 30, 1996
ASSETS
CURRENT ASSETS:
Cash and short-term investments	$   198,642,638
Accrued interest receivable	686,773
Accounts receivable--PICA taxes	3,846,103
Interfund receivable	8,010,989
Total current assets	211,186,503
PROPERTY, PLANT AND EQUIPMENT--Office furniture and equipment	112,403
OTHER ASSETS--Prepaid rent and security deposit	11,940
AMOUNT AVAILABLE IN DEBT SERVICE FUND FOR RETIREMENT OF LONG-TERM DEBT	86,776,440
AMOUNT TO BE PROVIDED FOR RETIREMENT OF LONG-TERM DEBT	1,059,398,560
TOTAL ASSETS	$1,357,485,846
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES:
Accounts payable	$          110,605
Accrued payroll and taxes	64,593
Due to the City of Philadelphia	11,867,402
Bonds payable--current portion	43,795,000
Interfund payable	8,010,989
Total current liabilities	63,848,589
BONDS PAYABLE--Long-term portion	1,102,380,000
FUND EQUITY:
Fund balances:
Unreserved	482,217
Reserved for debt service	86,776,440
Reserved for the benefit of the City of Philadelphia	102,957,197
Reserved for subsequent PICA administration	929,000
Total	191,144,854
Investment in general fixed assets	112,403
Total fund equity	191,257,257
TOTAL LIABILITIES AND FUND EQUITY	$1,357,485,846

CONDENSED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1996
REVENUES:
PICA taxes	$218,811,445
Interest earned on investments	21,699,090
Total revenues	240,510,535
EXPENDITURES:
Grants to the City of Philadelphia	180,295,771
Debt service:
Principal	10,030,000
Interest	55,649,221
Administration:
Operations	725,856
Capital outlay	20,243
Debt issuance costs	2,510,861
Payment to refunded debt escrow agent	104,450,492
Total expenditures	353,682,444
EXCESS OF REVENUES UNDER EXPENDITURES	(113,171,909)
OTHER FINANCIAL SOURCES (USES):
Proceeds from debt issuance for PICA debt refunding	348,708,121
Payment to refunded debt escrow agent	(345,133,007)
Total other financial sources	3,575,114
EXCESS OF REVENUES AND OTHER FINANCIAL SOURCES UNDER EXPENDITURES	(109,596,795)
FUND BALANCES, JULY 1, 1995	300,741,649
FUND BALANCES, JUNE 30, 1996	$191,144,854

[Pa.B. Doc. No. 96-1605. Filed for public inspection September 20, 1996, 9:00 a.m.]