NOTICES

PORT OF PITTSBURGH COMMISSION

Independent Auditors' Report

[37 Pa.B. 5709]
[Saturday, October 20, 2007]

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, 2007, and the related statement of governmental fund revenues, expenditures and changes in fund balance/statement of activities for the year then ended (not presented herein); and, in our report dated September 17, 2007, 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, 2007 is not a presentation in conformity with accounting principles generally accepted in the United States. 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 17, 2007
PITTSBURGH, PENNSYLVANIA

PORT OF PITTSBURGH COMMISSION
GOVERNMENTAL FUND BALANCE SHEET/STATEMENT OF NET ASSETS
JUNE 30, 2007

	Special       Revenue Fund	Adjustments	Statement of     Net Assets
	_________________
Assets: ______
Cash and investments	$         2,968,827	$                  -	$         2,968,827
Capital assets, net of accumulated depreciation	-	1,452,164	1,452,164
Other assets	403,716		403,716
	______	______	______
Total Assets	$         3,372,543	1,452,164	4,824,707
	______ ______	______	______
Liabilities and Fund Balance/Net Assets _________________
Liabilities	$         2,067,123	37,226	2,104,349
Fund balance
Reserved for economic development	1,305,420	(1,305,420)	-
	______		______
Net assets
Restricted for economic development	-	3,268,194	3,268,194
Invested in capital assets, net of related debt	-	(547,836)	(547,836)
	______	______	______
Total Liabilities and Fund Balance/Net             Assets	$         3,372,543	$         1,452,164	$         2,720,358
	______ ______	______ ______	______ ______

PORT OF PITTSBURGH COMMISSION
STATEMENT OF GOVERNMENTAL FUND REVENUES, EXPENDITURES
AND CHARGES IN FUND BALANCE/STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2007

	Special       Revenue Fund	Adjustments	Statement of     Activities
Expenditures/Expenses
Personnel	459,280	3,437	462,717
Operating	333,726	-	333,726
Other	74,054	89,913	163,967
	______	______	______
Total Expenditures/Expenses	867,060	93,350	960,410
	______	______	______
Revenues and Other Financing Sources
Revenues	283,498	-	283,498
Other financing sources	1,500,000	-	1,500,000
	______	______	______
Total Revenues and Other Financing             Sources	1,783,498	-	1,783,498
	______	______	______
Surplus/(Deficiency) of Revenues and Other    Financing Sources over/(under) Expenses/    Expenditures	916,438	(93,350)	823,088
Fund balance/net assets, beginning of year	388,982	1,508,288	1,897,270
	______	______	______
Fund Balance/Net Assets, End of Year	$         1,305,420	$         1,414,938	$         2,720,358
	______ ______	______ ______	______ ______

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

JAMES R. MCCARVILLE,   
Executive Director

[Pa.B. Doc. No. 07-1972. Filed for public inspection October 19, 2007, 9:00 a.m.]

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