NOTICES

PENNSYLVANIA CONVENTION CENTER AUTHORITY

Statements; Net Position; Revenues, Expenses and Changes in Net Position

[44 Pa.B. 7992]
[Saturday, December 20, 2014]

Statements of Net Position
as of June 30, 2014 and 2013

___________________________

	2014	2013
	___________________________
Assets
Cash and cash equivalents	$ 44,883,209	$ 21,758,000
Receivables, net	2,661,606	3,586,369
Operating Agreement Receivable	2,517,124	—
Prepaid expenses and other assets	1,091,421	1,140,466
	___________________________
Total current assets	51,153,360	26,484,835
Capital assets being depreciated
Buildings	754,480,131	754,471,985
Building improvements	2,853,339	2,647,214
Construction-in-progress	2,786,466	3,533,081
Furniture and fixtures	30,268,277	28,367,309
Equipment	134,304,743	131,529,443
Leasehold improvements	2,214,698	2,214,698
	926,907,654	922,763,730
Less: Accumulated depreciation	(253,442,649)	(224,568,170)
Capital assets not being depreciated
Land	993,835	993,835
Fine arts	2,327,254	2,327,254
	___________________________
Total capital assets, net	676,786,094	701,516,649
Welcome Fund receivable	122,000,000	122,000,000
	___________________________
Total assets	849,939,454	850,001,484
	___________________________
Liabilites
Accounts payable and other accrued expenses	8,654,288	8,225,852
Operating agreement liability	—	1,994,712
Unearned income	1,513,829	1,483,169
Current portion of term loan payable	153,687	148,416
Current portion of net OPEB liability	274,963	176,279
	___________________________
Total current liabilities	10,596,767	12,028,428
Loans payable	123,043,753	123,197,440
Net OPEB liability	3,678,335	3,593,196
	___________________________
Total liabilities	137,318,855	138,819,064
	___________________________
Net Position
Invested in capital assets	676,786,094	701,516,649
Restricted by Commonwealth of Pennsylvania
Operating Agreement	35,834,505	9,665,771
	___________________________
Total net position	$ 712,620,599	$ 711,182,420
	___________________________
	___________________________

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

Statements of Revenues, Expenses and Changes in Net Position
for the Years Ended June 30, 2014 and 2013

	2014	2013
	___________________________
Operating Revenues  Convention Center events
Space license fees	$ 6,232,972	$ 6,672,643
Commissions	6,295,006	6,550,080
Other	909,402	882,193
	___________________________
Total operating revenues	13,437,380	14,104,916
Operating expenses, excluding depreciation	34,101,995	32,074,380
	___________________________
Operating loss after depreciation	(20,664,615)	(17,969,464)
Depreciation	28,874,479	28,365,185
	___________________________
Operating loss after depreciation	(49,539,094)	(46,334,649)
Non-Operating Revenue (Expense)
Hotel tax income	29,812,296	29,065,461
Interest income	15,153	7,843
Operating agreement expense	(6,682,283)	(11,828,975)
Interest expense	(41,994)	(47,059)
Grant income	—	100,000
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	(1,603,899)	(1,664,898)
	___________________________
Total non-operating revenue, net	21,499,273	15,632,372
	___________________________
Decrease in net position before contributions	(28,039,821)	(30,702,277)
Capital contributions	29,478,000	2,242,839
	___________________________
Increase/(Decrease) in net position	1,438,179	(28,459,438)
Net position, beginning of year	711,182,420	739,641,858
	___________________________
Net position, end of year	$ 712,620,599	$ 711,182,420
	___________________________
	___________________________

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

GREGORY J. FOX, 
Chairperson

[Pa.B. Doc. No. 14-2658. Filed for public inspection December 19, 2014, 9:00 a.m.]

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