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PA Bulletin, Doc. No. 97-1723

NOTICES

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

Publication of Financial Statement

[27 Pa.B. 5566]

   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, 1997, 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, 1997

ASSETS
CURRENT ASSETS:
   Cash and short-term investments$   179,301,714
   Accrued interest receivable624,074
   Accounts receivable--PICA taxes6,185,722
   Interfund receivable228,236
         Total current assets186,339,746
PROPERTY, PLANT AND EQUIPMENT--Office furniture and equipment112,403
OTHER ASSETS--Prepaid rent and security deposit11,940
AMOUNT AVAILABLE IN DEBT SERVICE FUND FOR RETIREMENT OF LONG-TERM DEBT86,809,073
AMOUNT TO BE PROVIDED FOR RETIREMENT OF LONG-TERM DEBT1,015,570,927
TOTAL ASSETS$1,288,844,089
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES:
   Accounts payable$        148,119
   Accrued payroll and taxes97,380
   Due to the City of Philadelphia6,420,616
   Bonds payable--current portion47,385,000
   Interfund payable228,236
         Total current liabilities54,279,351
BONDS PAYABLE--Long-term portion1,054,995,000
FUND EQUITY:
   Fund balances:
      Unreserved665,591
      Reserved for debt service86,809,073
      Reserved for the benefit of the City
         of Philadelphia		91,182,671
      Reserved for subsequent PICA
         administration		800,000
         Total fund balances179,457,335
   Investment in general fixed assets112,403
TOTAL LIABILITIES AND FUND EQUITY$1,288,844,089

CONDENSED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 1997

REVENUES:
   PICA taxes$220,495,831
   Interest earned on investments13,084,620
         Total revenues233,580,451
EXPENDITURES:
   Grants to the City of Philadelphia137,176,716
   Debt service:
      Principal43,795,000
      Interest63,324,937
   Administration--operations803,367
   Debt issuance costs167,950
         Total expenditures245,267,970
EXCESS OF EXPENDITURES OVER REVENUES(11,687,519)
FUND BALANCES, JULY 1, 1996191,144,854
FUND BALANCES, JUNE 30, 1997$179,457,335
[Pa.B. Doc. No. 97-1723. Filed for public inspection October 24, 1997, 9:00 a.m.]


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