NOTICES

PORT OF PITTSBURGH COMMISSION

Independent Auditors' Report

[34 Pa.B. 6222]

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, 2004, 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 August 30, 2004, 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, 2004 is not a presentation in conformity with generally accepted 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

August 30, 2004
Pittsburgh, Pennsylvania

Port of Pittsburgh Commission
Governmental Fund Balance Sheet/Statement of Net Assets

June 30, 2004

	Special Revenue Fund	Adjustments	Statement of Net Assets
Assets
Cash and investments	$2,067,621	$--	$2,067,621
Capital Assets, net of accumulated depreciation	--	1,691,701	1,691,701
Other Assets	150,515	--	150,515
Total Assets	$2,218,136	$1,691,701	$3,909,837
Liabilities and Fund Balance/Net Assets
Liabilities	2,106,453	21,300	2,127,753
Fund balance (accumulated deficit)--reserved for economic   development	111,683	(111,683)	--
Net Assets:
Restricted for economic development		2,090,383	2,090,383
Invested in capital assets, net of related debt		(308,299)	(308,299)
Total Liabilities and Fund Balance/Net Assets	$2,218,136	$1,782,084	$1,782,084

Port of Pittsburgh Commission
Statement of Governmental Fund Revenues Expenditures,
and Changes in Fund Balance/Statement of Activities
for the Year Ended June 30, 2004

	Special Revenue Fund	Adjustments	Statement of Activities
Expenditures/Expenses
Personnel	422,457	(25,450)	397,007
Operating	549,244	--	549,244
Other	22,250	90,703	112,953
Total Expenditures/Expenses	993,951	65,253	1,059,204
Revenues and Other Financing Sources:
Revenues	319,207	--	319,207
Other financing sources	856,100	--	856,100
Total Revenues and Other Financing Sources	1,175,307	--	1,175,307
Excess of Revenues over Expenditures/Expenses   and Other Financing Sources	181,356	(65,253)	116,103
Fund balance/net assets, beginning of year	(69,673)	1,735,654	1,665,981
Fund balance/Net Assets, End of Year	$111,683	$1,670,401	$1,782,084
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. 04-2059. Filed for public inspection November 12, 2004, 9:00 a.m.]

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