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PA Bulletin, Doc. No. 01-2257



Independent Auditors' Report

[31 Pa.B. 6891]

Board of Directors
Port of Pittsburgh Commission
Pittsburgh, Pennsylvania

   We have audited, in accordance with generally accepted auditing standards, the balance sheet of Port of Pittsburgh Commission Special Revenue Fund (Commission), a component unit of the Commonwealth of Pennsylvania, as of June 30, 2001, and the related statement of revenues, expenditures and changes in fund balance for the year ended (not presented herein); and, in our report dated September 14, 2001, we express an unqualified opinion on those financial statements.

   As described, the accompanying summary financial information of the Commission as of and for the year ended June 30, 2001, is not a presentation in conformity with generally accepted accounting principles. 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 14, 2001
Pittsburgh, Pennsylvania

Port of Pittsburgh Commission Special Revenue Fund (A Component Unit of the Commonwealth of Pennsylvania)
Balance Sheet
June 30, 2001

   Cash and investments $1,743,823
   Other assets 51,454
      Total Assets $1,795,277
Liabilities and Fund Balance:
   Liabilities $2,024,949
   Fund balance (accumulated deficit)--
      reserved for economic development (229,672)
      Total Liabilities and Fund Balance $1,795,277

Statement of Revenues, Expenditures, and Changes in Fund Balance for the Year Ended June 30, 2001

Revenues and Other Financing Sources:
   Interest, rental, and other income $ 169,120
   Intergovernmental transfers 929,750
   Operating 642,807
   Capital 48,839
   Other 79,091
Excess of revenues and other financing
   sources over expenditures 328,133
Fund balance, beginning of year, as previously reported (607,805)
Correction of error 50,000
Fund balance, beginning of year, as
   restated (557,805)
Fund balance, end of year ($ 229,672)


   The summary financial information shown differs from generally accepted accounting principles. Differences include amounts grouped; captions summarized; footnote disclosures are omitted.

Executive Director

[Pa.B. Doc. No. 01-2257. Filed for public inspection December 14, 2001, 9:00 a.m.]

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