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PA Bulletin, Doc. No. 98-1818

NOTICES

PENNSYLVANIA INTERGOVERNMENTAL
COOPERATION AUTHORITY

Publication of Financial Statement

[28 Pa.B. 5544]

   Under the provisions of 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, 1998, which includes an audit for the 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

CONDENSED BALANCE SHEET
JUNE 30, 1998
_______________________________________________

ASSETS
CURRENT ASSETS:
   Cash and short-term investments$ 168,103,032
   Accrued interest receivable592,820
   Interfund receivable          263,164
      Total current assets168,959,016
PROPERTY, PLAN AND EQUIPMENT--Office furniture and equipment135,182
OTHER ASSETS--Prepaid rent and security deposit11,940
AMOUNT AVAILABLE IN DEBT SERVICE FUNDS FOR RETIREMENT OF
   LONG-TERM DEBT		 
  86,686,731
AMOUNT TO BE PROVIDED FOR RETIREMENT OF LONG-TERM DEBT      968,308,269
TOTAL ASSETS$ 1,224,101,138
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES:
   Accounts payable$            89,240
   Accrued payroll and taxes129,165
   Due to the City of Philadelphia269,837
   Bonds payable--current portion49,690,000
   Interfund payable          263,164
      Total current liabilities      50,441,406
BONDS PAYABLE--Long-term portion1,005,305,000
FUND EQUITY:
   Fund balances:
      Unreserved593,949
      Reserved for debt service86,686,731
      Reserved for the benefit of the City of Philadelphia80,058,870
      Reserved for subsequent PICA administration          880,000
         Total fund balances  168,219,550
      Investment in general fixed assets          135,182
TOTAL LIABILITIES AND FUND EQUITY$1,224,101,138

CONDENSED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 1998
_______________________________________________

REVENUES:
   PICA taxes$229,943,759
   Interest earned on investments    12,701,337
      Total revenues  242,645,096
EXPENDITURES:
   Grants to the City of Philadelphia145,924,556
   Debt service:
      Principal47,385,000
      Interest59,641,115
   Administration:
      Operations904,752
      Capital outlay          27,458
         Total expenditures  253,882,881
EXCESS OF EXPENDITURES OVER REVENUES(11,237,785)
FUND BALANCES, JULY 1, 1997  179,457,335
FUND BALANCES, JUNE 30, 1998$168,219,550
[Pa.B. Doc. No. 98-1818. Filed for public inspection October 30, 1998, 9:00 a.m.]


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