NOTICES

PORT OF PITTSBURGH COMMISSION

Independent Auditors' Report

[32 Pa.B. 5610]

Board of Directors
Port of Pittsburgh Commission
Pittsburgh, Pennsylvania

   We have audited, in accordance with auditing standards generally accepted in the United States, the governmental fund balance sheet/statement of net assets of Port of Pittsburgh Commission (Commission), a component unit of the Commonwealth of Pennsylvania, as of June 30, 2002, and the related statement of governmental fund revenues, expenditures and changes in fund balance/statement of activities for the year ended (not presented herein); and, in our report dated September 10, 2002, we expressed an unqualified opinion on those financial statements.

   As described below, the accompanying summary financial information of the Commission as of and for the year ended June 30, 2002 is not a presentation in conformity with generally accepted accounting principles. In our opinion, however, the accompanying summary financial information is fairly stated, in all material respects, in relation to the financial statements from which it has been derived.

Terry & Stephenson, P.C.
429 Forbes Avenue, Suite 1600
Pittsburgh, PA 15219

September 10, 2002
Pittsburgh, Pennsylvania

Port of Pittsburgh Commission
Governmental Fund Balance Sheet/Statement of Net Assets
Balance Sheet
June 30, 2002

	Special       Revenue Fund	Adjustments	Statement of Net Assets
Assets:
Cash and investments	$1,666,372	$ --	$1,666,372
Capital assets, net of accumulated depreciation	--	1,860,050	1,860,050
Other assets	218,688	--	218,688
Total Assets	$1,885,060	$1,860,050	$3,745,110
Liabilities and Fund Balance/Net Assets
Liabilities	2,155,987	38,352	2,194,339
Fund balance (accumulated deficit)--       reserved for economic development	(270,927)	270,927	--
Net Assets:
Restricted for economic development		1,690,721	2,690,721
Invested in capital assets, net of related debt		(139,950)	(139,950)
Total Liabilities and Fund Balance/Net Assets	$1,885,060	$1,550,771	$1,550,771

Port of Pittsburgh Commission
Statement of Governmental Fund Revenues, Expenditures,
and Changes in Fund Balances/Statement of Activities
for the Year Ended June 30, 2002

	Special       Revenue Fund	Adjustments	Statement of Net Assets
Expenditures/Expenses:
Operating	830,162	38,352	868,514
Capital	27,365	(27,365)	--
Other	37,773	83,312	121,085
Total Expenditures/Expenses	895,300	94,299	989,599
Revenues and Other Financing Sources:
Revenues	254,045	--	254,045
Other financing sources	600,000	--	600,000
Total Revenues and Other Financing Sources	854,045	--	854,045
Excess of Expenditures/Expenses over Revenues    and Other Financing Sources	(41,255)	(94,299)	(135,554)
Fund balance/net assets, beginning of year	(229,672)	1,915,997	1,686,325
Fund balance/Net Assets, End of Year	$(270,927)	$1,821,698	$ 1,550,771

   The summary financial information shown above differs from generally accepted accounting principles. Differences include amounts grouped; captions summarized; footnote disclosures are omitted.

JAMES R. MCCARVILLE,   
Executive Director

[Pa.B. Doc. No. 02-2042. Filed for public inspection November 8, 2002, 9:00 a.m.]

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