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PA Bulletin, Doc. No. 06-2399

NOTICES

PORT OF PITTSBURGH COMMISSION

Independent Auditors' Report

[36 Pa.B. 7399]
[Saturday, December 2, 2006]

Board of Directors
Port of Pittsburgh Commission
Pittsburgh, Pennsylvania

   We have audited, in accordance with auditing standards generally accepted in the United States, the basic financial statements of Port of Pittsburgh Commission (Commission), a component unit of the Commonwealth of Pennsylvania, as of and for the years ended June 30, 2006 and 2005 (not presented herein); and in our report dated September 15, 2006, 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, 2006 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 15, 2006
PITTSBURGH, PENNSYLVANIA

PORT OF PITTSBURGH COMMISSION
CONDENSED STATEMENTS OF NET ASSETS

                     JUNE 30,
_________________
Assets:
______
2006      2005      
____________
   Cash and investments$2,095,533$2,011,144
   Capital assets, net of accumulated depreciation1,542,0771,600,998
   Other assets364,525210,245
____________
Total Assets$4,002,135$3,822,387
______
______
______
______
Liabilities and Net Assets
_________________
   Liabilities2,104,8652,163,522
   Net Assets:
      Restricted for economic development2,355,1932,057,867
      Invested in capital assets, net of related debt(457,923)(399,002)
____________
         Total Liabilities and Net Assets$4,002,135$3,822,387
______
______
______
______

PORT OF PITTSBURGH COMMISSION
CONDENSED STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30,
__________
2006                  2005      
_________________________________
Net Revenue/Net Revenue/
(Expense) and(Expense) and
Program Revenues
_________________
Change inChange in
OperatingNet Assets-New Assets-
Charges forGrants andGovernmentalGovernmental
Functions:ExpensesServicesContributionsActivitiesActivities
______________________________
Governmental Activities:
Port development$1,173,092
______
______
$72,774
______
______
$1,201,719
______
______
$101,401$(226,424)
   General Revenues137,004
______
103,205
______
   Change in Net Assets238,405(123,219)
   Net assets, beginning of year1,658,865
______
1,782,084
______
   Net Assets, End of Year1,897,270
______
______
1,658,865
______
______

   The summary financial information shown above differs from accounting principles generally accepted in the United States. Differences include amounts grouped; captions summarized; management's discussion and analysis, governmental fund financial statements, and budgetary comparison schedules are not presented; footnote disclosures are omitted.

JAMES R. MCCARVILLE,   
Executive Director

[Pa.B. Doc. No. 06-2399. Filed for public inspection December 1, 2006, 9:00 a.m.]



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