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PA Bulletin, Doc. No. 12-2449

NOTICES

PENNSYLVANIA CONVENTION CENTER AUTHORITY

Statements of Net Assets

[42 Pa.B. 7624]
[Saturday, December 15, 2012]

As of June 30, 2012 and 2011

2012 2011
_________________
Assets
Cash and cash equivalents $29,947,762 $33,346,750
Receivables, net 6,067,075 3,786,151
_________________
 Total current assets 36,014,837 37,132,901
Prepaid expenses and other assets 672,626 861,677
Property, plant and equipment 923,639,001 915,305,106
Less: Accumulated depreciation (196,202,986) (168,315,162)
_________________
727,436,015 746,989,944
_________________
Welcome Fund receivable 122,000,000 122,000,000
_________________
 Total assets 886,123,478 906,984,522
_________________
Liabilities and Fund Net Assets
Accounts payable and other accrued expenses 9,456,580 10,747,599
Operating agreement liability 8,449,445 3,334,311
Deferred revenue 1,820,149 3,036,470
Current portion of term loan payable 143,752 610,391
Current portion of net OPEB liability 160,690 157,532
_________________
 Total current liabilities 20,030,617 17,886,303
Loan payable 123,345,856 127,389,609
Net OPEB liability 3,105,147 2,641,682
_________________
 Total liabilities 146,481,620 147,917,594
_________________
Restricted fund net assets $ 739,641,858 $ 759,066,928
_________________

The accompanying notes are an integral part of these financial statements.

Statements of Revenues, Expenses, and Changes in Fund Net Assets
For the Years Ended June 30, 2012 and 2011

2012 2011
_________________
Operating Revenues
Convention Center events
 Space license fees $7,252,750 $5,073,090
 Commissions 6,639,678 4,382,860
 Other 655,453 423,688
_________________
  Total operating revenues 14,547,881 9,879,638
Operating expenses 32,009,464 28,026,487
_________________
Operating loss (17,461,583) (18,146,849)
Depreciation 27,887,824 17,566,517
_________________
Operating loss after depreciation (45,349,407) (35,713,366)
Non-Operating Revenue (Expense)
Hotel tax income 27,365,574 24,165,787
Interest income 13,972 123,262
Operating agreement revenue (expense) 297,176 (3,224,987)
Interest expense (221,009) (88,970)
Grant income 1,633,068 1,994,614
Welcome Fund loan interest and fee revenue (1,855,415) 1,855,415
Welcome Fund loan interest and fee expense 1,855,415 (1,855,415)
Other expenses (3,164,444) (1,580,065)
Other income - 500,000
_________________
 Total non-operating revenue, net 25,924,337 21,889,641
_________________
Decrease in net assets before contributions (19,425,070) (13,823,725)
Capital contributions - 86,027,787
_________________
(Decrease) increase in net assets (19,425,070) 72,204,062
Restricted fund net assets, beginning of year 759,066,928 686,862,866
_________________
Restricted fund net assets, end of year $739,641,858 $759,066,928
_________________

The accompanying notes are an integral part of these financial statements.

GREGORY J. FOX, 
Chairperson

[Pa.B. Doc. No. 12-2449. Filed for public inspection December 14, 2012, 9:00 a.m.]



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