NOTICES
PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY
Publication of Financial Statement
[34 Pa.B. 6218] 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, 2004, 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
PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY STATEMENT OF NET ASSETS
JUNE 30, 2004__________
ASSETS Governmental
ActivitiesCURRENT ASSETS: Cash, cash equivalents and short-term investments $158,190,452 PICA Taxes receivable 3,250,023 Accrued interest receivable 225,326 Total current assets 161,665,801 OTHER ASSETS--Prepaid rent, 2,138,243 security deposit and bond issuance costs TOTAL $163,804,044 LIABILITIES AND NET ASSETS CURRENT LIABILITIES: Accounts payable $ 175,751 Accrued payroll and taxes 80,873 Due to the City of Philadelphia 4,567,307 Deferred revenue 29,486,127 Bonds payable--current portion 47,115,000 Total current liabilities 81,425,058 BONDS PAYABLE--Long-term portion 723,585,000 Total liabilities 805,010,058 NET ASSETS (DEFICIT): Restricted for debt service 86,523,092 Restricted for benefit of the City of Philadelphia 34,072,415 Restricted for subsequent PICA administration 1,641,256 Unrestricted deficit (763,442,777) Total net assets (deficit) (641,206,014) TOTAL $163,804,044
PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2004__________
Governmental Activities EXPENSES: Grants to the City of Philadelphia $221,297,544 General management and support-- General operations 1,422,080 Interest expense on long term debt 44,264,123 Total program expenses 266,983,747 PROGRAM REVENUES-- Premium amortization 1,198,875 Interest 6,662,066 Program revenues 7,860,941 Net program revenues 259,122,806 GENERAL REVENUES: PICA Taxes 288,179,469 Interest 70,482 Miscellaneous 15,060 Total general revenues 288,265,011 DECREASE IN NET DEFICIT 29,142,205 NET ASSETS (DEFICIT)--Beginning (670,348,219) of year NET ASSETS (DEFICIT)--End of year $(641,206,014)
[Pa.B. Doc. No. 04-2055. Filed for public inspection November 12, 2004, 9:00 a.m.]
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