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PA Bulletin, Doc. No. 02-1914

NOTICES

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

Publication of Financial Statement

[32 Pa.B. 5360]

   Under the 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, 2002, which includes an audit for this 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

STATEMENT OF NET ASSETS
JUNE 30, 2002

Governmental
ASSETSActivities
CURRENT ASSETS:
   Cash and short-term investments$51,630,766
   PICA Taxes receivable6,796,803
   Accrued intertest receivable589,502
      Total current assets59,017,071
LONG-TERM INVESTMENTS121,030,421
OTHER ASSETS--
Prepaid rent and security deposit12,257
TOTAL$180,059,749
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
   Accounts payable$   106,612
   Accrued payroll and taxes289,979
   Due to the City of Philadelphia7,231,388
   Deferred revenue26,235,000
   Bonds payable--current portion36,620,000
      Total current liabilities70,482,979
BONDS PAYABLE--
Long-term portion804,055,000
      Total liabilities874,537,979
NET ASSETS (DEFICIT):
   Restricted for debt service87,380,552
   Restricted for benefit of the City of Philadelphia54,589,741
   Restricted for subsequent PICA administration1,832,483
   Unrestricted deficit(838,281,006)
      Total net assets(694,478,230)
TOTAL$180,059,749

STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2002

EXPENSES:
   Grants to the City of Philadelphia$201,528,938
   General management and       support--General operations 
1,046,327
   Interest expense on long term debt46,123,475
         Total program expenses248,698,740
PROGRAM REVENUES--
   Interest11,218,108
         Program revenues11,218,108
         Net program expenses237,480,632
GENERAL REVENUES:
   PICA Taxes276,677,775
   Interest156,614
         Total general revenues276,834,389
INCREASE IN NET ASSETS39,353,757
NET ASSETS (DEFICIT),
BEGINNING OF YEAR(733,831,987)
NET ASSETS (DEFICIT),
END OF YEAR$(694,478,230)
 
[Pa.B. Doc. No. 02-1914. Filed for public inspection October 25, 2002, 9:00 a.m.]


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