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PA Bulletin, Doc. No. 01-1940

NOTICES

PENNSYLVANIA INTERGOVERNMENTAL
COOPERATION AUTHORITY

Publication of Financial Statement

[31 Pa.B. 6007]

   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, 2001, 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, 2001
ASSETS
CURRENT ASSETS:
   Cash and short-term investments$  168,247,893
   PICA taxes receivable6,340,607
   Accrued interest receivable620,262
   Interfund receivable         344,368
      Total current assets175,553,130
PROPERTY, PLANT AND EQUIPMENT--Office furniture and equipment162,310
OTHER ASSETS--Prepaid rent and security deposit11,940
AMOUNT AVAILABLE IN DEBT SERVICE FUNDS FOR RETIREMENT OF LONG-TERM DEBT89,444,270
AMOUNT TO BE PROVIDED FOR RETIREMENT OF LONG-TERM DEBT    812,405,730
TOTAL ASSETS$1,077,577,380
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES:
   Accounts payable$        109,211
   Accrued payroll and taxes405,921
   Due to the City of Philadelphia6,687,557
   Bonds payable--current portion61,175,000
   Interfund payable         344,368
      Total current liabilities     68,722,057
BONDS PAYABLE--Long-term portion840,675,000
FUND EQUITY:
   Fund balances:
     Unreserved1,311,341
     Reserved for debt service84,444,270
     Reserved for the benefit of the City of Philadelphia75,412,402
     Reserved for subsequent PICA administration      1,850,000
      Total fund balances   168,018,013
   Investment in general fixed assets         162,310
TOTAL LIABILITIES AND FUND EQUITY$1,077,577,380
CONDENSED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 2001
REVENUES:
   PICA taxes$274,627,670
   Interest earned on investments    12,346,894
      Total revenues  286,974,564
EXPENDITURES:
   Grants to the City of Philadelphia175,587,191
   Debt service:
     Principal57,570,000
     Interest49,428,376
   Administration:
     Operations1,096,440
     Capital outlay12,245
     Arbitrage rebate to U.S. Treasury          16,601
      Total expenditures  283,710,853
EXCESS OF REVENUES OVER EXPENDITURES3,263,711
FUND BALANCES, JULY 1,2000  164,754,302
FUND BALANCES, JUNE 30, 2001$168,018,013
[Pa.B. Doc. No. 01-1940. Filed for public inspection October 26, 2001, 9:00 a.m.]


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