NOTICES
PENNSYLVANIA INTERGOVERNMENTAL
COOPERATION AUTHORITY
Financial Statement
[39 Pa.B. 6612]
[Saturday, November 14, 2009]Under the provisions of section 207 of the Pennsylvania Intergovernmental Cooperation Authority Act for Cities of the First Class (53 P. S. §§ 12720.101—12720.709) 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, 2009, which includes an audit for such 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's web site, www.picapa.org or at 1500 Walnut Street, Suite 1600, Philadelphia, PA 19102, (215) 561-9160.
URI Z. MONSON,
Executive Director
PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY
STATEMENT OF NET ASSETS
JUNE 30, 2009
ASSETS Governmental
Activities______ CURRENT ASSETS Cash, cash equivalents and short-term investments $154,519,570 PICA taxes receivable 9,141,061 Accrued interest receivable 13,248 ______ Total current assets 163,673,879 ______ OTHER ASSETS 4,821,293 ______ TOTAL $168,495,172 ______ LIABILITIES AND NET ASSETS (DEFICIT) CURRENT LIABILITIES Accounts payable and accrued expenses $ 877,037 Due to the City of Philadelphia 10,460,227 Deferred revenue 39,199,268 Bonds payable—current portion 40,305,000 ______ Total current liabilities 90,841,532 ______ BONDS PAYABLE—Long-term portion 517,435,000 ______ Total liabilities 608,276,532 ______ NET ASSETS (DEFICIT): Restricted for debt service 103,838,009 Restricted for benefit of the City of Philadelphia 31,142,526 Restricted for subsequent PICA administration 1,565,500 Unrestricted deficit (576,327,395) ______ Total net assets (deficit) (439,781,360) ______ TOTAL $168,495,172 ______ The accompanying notes are an integral part of this statement.
PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2009
Governmental
Activities______ EXPENSES Grants to the City of Philadelphia $278,584,264 General management and support—general operations 1,002,241 Interest expense on long-term debt 32,244,961 Investment expenses 54,176,492 Amortization of bond costs 218,241 ______ Total program expenses 366,226,198 ______ PROGRAM REVENUES Premium amortization 1,615,282 Investment income - net 5,261,991 ______ Program revenues 6,877,273 ______ Net program expenses 359,348,925 ______ GENERAL REVENUES PICA taxes 348,534,406 Other 9,700,000 ______ Total general revenues 358,234,406 ______ CHANGE IN NET DEFICIT (1,114,519) NET ASSETS (DEFICIT)—Beginning of year (438,666,841) ______ NET ASSETS (DEFICIT)—End of year ($439,781,360) ______ The accompanying notes are an integral part of this statement.
[Pa.B. Doc. No. 09-2137. Filed for public inspection November 13, 2009, 9:00 a.m.]
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