NOTICES

PENNSYLVANIA CONVENTION CENTER AUTHORITY

Statements of Net Assets

[42 Pa.B. 7624]
[Saturday, December 15, 2012]

As of June 30, 2012 and 2011

	2012	2011
	_________________
Assets
Cash and cash equivalents	$29,947,762	$33,346,750
Receivables, net	6,067,075	3,786,151
	_________________
Total current assets	36,014,837	37,132,901
Prepaid expenses and other assets	672,626	861,677
Property, plant and equipment	923,639,001	915,305,106
Less: Accumulated depreciation	(196,202,986)	(168,315,162)
	_________________
	727,436,015	746,989,944
	_________________
Welcome Fund receivable	122,000,000	122,000,000
	_________________
Total assets	886,123,478	906,984,522
	_________________
Liabilities and Fund Net Assets
Accounts payable and other accrued expenses	9,456,580	10,747,599
Operating agreement liability	8,449,445	3,334,311
Deferred revenue	1,820,149	3,036,470
Current portion of term loan payable	143,752	610,391
Current portion of net OPEB liability	160,690	157,532
	_________________
Total current liabilities	20,030,617	17,886,303
Loan payable	123,345,856	127,389,609
Net OPEB liability	3,105,147	2,641,682
	_________________
Total liabilities	146,481,620	147,917,594
	_________________
Restricted fund net assets	$ 739,641,858	$ 759,066,928
	_________________

The accompanying notes are an integral part of these financial statements.

Statements of Revenues, Expenses, and Changes in Fund Net Assets
For the Years Ended June 30, 2012 and 2011

	2012	2011
	_________________
Operating Revenues
Convention Center events
Space license fees	$7,252,750	$5,073,090
Commissions	6,639,678	4,382,860
Other	655,453	423,688
	_________________
Total operating revenues	14,547,881	9,879,638
Operating expenses	32,009,464	28,026,487
	_________________
Operating loss	(17,461,583)	(18,146,849)
Depreciation	27,887,824	17,566,517
	_________________
Operating loss after depreciation	(45,349,407)	(35,713,366)
Non-Operating Revenue (Expense)
Hotel tax income	27,365,574	24,165,787
Interest income	13,972	123,262
Operating agreement revenue (expense)	297,176	(3,224,987)
Interest expense	(221,009)	(88,970)
Grant income	1,633,068	1,994,614
Welcome Fund loan interest and fee revenue	(1,855,415)	1,855,415
Welcome Fund loan interest and fee expense	1,855,415	(1,855,415)
Other expenses	(3,164,444)	(1,580,065)
Other income	-	500,000
	_________________
Total non-operating revenue, net	25,924,337	21,889,641
	_________________
Decrease in net assets before contributions	(19,425,070)	(13,823,725)
Capital contributions	-	86,027,787
	_________________
(Decrease) increase in net assets	(19,425,070)	72,204,062
Restricted fund net assets, beginning of year	759,066,928	686,862,866
	_________________
Restricted fund net assets, end of year	$739,641,858	$759,066,928
	_________________

The accompanying notes are an integral part of these financial statements.

GREGORY J. FOX, 
Chairperson

[Pa.B. Doc. No. 12-2449. Filed for public inspection December 14, 2012, 9:00 a.m.]

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