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PA Bulletin, Doc. No. 99-2076



Independent Auditors' Report

[29 Pa.B. 6212]

Board of Directors
Port of Pittsburgh Commission
Pittsburgh, Pennsylvania

   We have audited, in accordance with generally accepted auditing standards, the balance sheet of Port of Pittsburgh Commission Special Revenue Fund (Commission), a component unit of the Commonwealth of Pennsylvania, as of June 30, 1999, and the related statement of revenues, expenditures and changes in fund balance for the year ended (not presented herein); and, in our report dated September 8, 1999, we express an unqualified opinion on those financial statements.

   As described in the following summary financial information of the Commission as of and for the year June 30, 1999 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 8, 1999
Pittsburgh, Pennsylvania

Port of Pittsburgh Commission Special Revenue Fund
(A Component Unit of the Commonwealth of Pennsylvania)
June 30, 1999

   Cash and investments$1,082,174
   Other assets73,969
      Total Assets$1,156,143
Liabilities and Fund Balance:
   Fund balance (accumulated       deficit)--reserved for economic       development(904,616)
         Total Liabilities and Fund Balance$1,156,143

Statement of Revenues, Expenditures, and
Changes in Fund Balance for the
Year Ended June 30, 1999

Revenues and Other Financing Sources:
   Interest, rental, and other income$82,326
   Intergovernmental transfers913,500
Excess of expenditures over revenues and    other financing sources(1,546,907)
Fund balance, beginning of year642,291
Fund balance, end of year($904,616)

Submitted by:

Executive Director

[Pa.B. Doc. No. 99-2076. Filed for public inspection December 3, 1999, 9:00 a.m.]

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