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PA Bulletin, Doc. No. 99-1855

NOTICES

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

Publication of Financial Statement

[29 Pa.B. 5681]

   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, 1999, 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.

JOSEPH C. VIGNOLA,   
Executive Director

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

CONDENSED BALANCE SHEET
JUNE 30, 1999

ASSETS
CURRENT ASSETS:
   Cash and short-term investments$174,957,847
   Accrued interest receivable531,961
   Interfund receivable250,781
      Total current assets175,740,589
PROPERTY, PLANT AND EQUIPMENT--Office furniture and equipment142,403
OTHER ASSETS--Prepaid rent and security deposit11,940
AMOUNT AVAILABLE IN DEBT SERVICE FUNDS FOR RETIREMENT OF LONG-TERM DEBT86,831,533
AMOUNT TO BE PROVIDED FOR RETIREMENT OF LONG-TERM DEBT927,263,467
TOTAL ASSETS$1,189,989,932
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES:
   Accounts payable$53,829
   Accrued payroll and taxes174,587
   Due to the City of Philadelphia270,787
   Bonds payable--current portion54,675,000
   Interfund payable250,781
      Total current liabilities55,424,984
BONDS PAYABLE--Long-term portion959,420,000
FUND EQUITY:
   Fund balances:
      Unreserved421,945
      Reserved for debt service86,831,533
      Reserved for the benefit of the City of Philadelphia86,659,067
      Reserved for subsequent PICA administration1,090,000
         Total fund balances175,002,545
   Investment in general fixed assets142,403
TOTAL LIABILITIES AND FUND EQUITY$1,189,989,932

CONDENSED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

YEAR ENDED JUNE 30, 1999

REVENUES:
   PICA taxes$243,315,729
   Interest earned on investments11,721,631
      Total revenues255,037,360
EXPENDITURES:
   Grants to the City of Philadelphia (net of refunds of prior grants)141,182,163
   Debt service:
      Principal40,175,000
      Interest47,051,415
   Administration:
      Operations1,091,566
      Capital outlay13,100
      Debt issuance costs956,779
      Payments to refunded debt escrow agent19,817,995
         Total expenditures250,288,018
OTHER FINANCING SOURCES (USES):
   Proceeds from debt issuance for PICA debt refunding618,710,703
   Payment to refunded debt escrow agent(616,677,050)
         Total other financing sources (uses)2,033,653
EXCESS OF REVENUES AND OTHER SOURCES OVER EXPENDITURES AND OTHER USES6,782,995
FUND BALANCES, JULY 1, 1998168,219,550
FUND BALANCES, JUNE 30, 1999$175,002,545
[Pa.B. Doc. No. 99-1855. Filed for public inspection October 29, 1999, 9:00 a.m.]


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