Pennsylvania Code & Bulletin

• No statutes or acts will be found at this website.

The Pennsylvania Bulletin website includes the following: Rulemakings by State agencies; Proposed Rulemakings by State agencies; State agency notices; the Governor’s Proclamations and Executive Orders; Actions by the General Assembly; and Statewide and local court rules.

PA Bulletin, Doc. No. 03-2103



Independent Auditors' Report

[33 Pa.B. 5396]

Board of Directors
Port of Pittsburgh Commission
Pittsburgh, Pennsylvania

   We have audited, in accordance with auditing standards generally accepted in the United States, the governmental fund balance sheet/statement of net assets of Port of Pittsburgh Commission (Commission), a component unit of the Commonwealth of Pennsylvania, as of June 30, 2003, and the related statement of governmental fund revenues, expenditures and changes in fund balance/statement of activities for the year ended (not presented herein); and, in our report dated September 5, 2003, 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, 2003 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 5, 2003
Pittsburgh, Pennsylvania

Port of Pittsburgh Commission
Governmental Fund Balance Sheet/Statement of Net Assets
Balance Sheet
June 30, 2003

Special RevenueStatement of
FundAdjustmentsNet Assets
Cash and investments $1,813,885 $-- $1,813,885
Capital assets, net of accumulated depreciation -- 1,782,407 1,782,407
Other assets 175,464 -- 175,464
      Total Assets $1,989,349 $1,782,407 $3,771,756
Liabilities and Fund Balance/Net Assets
Liabilities 2,059,022 46,753 2,105,775
Fund balance (accumulated deficit)--reserved for economic development (69,673) 69,673--
Net Assets:
   Restricted for economic development 1,883,574 1,883,574
   Invested in capital assets, net of related debt (217,593) (217,593)
               Total Liabilities and Fund Balance/Net Assets $1,989,349 $1,665,981 $1,665,981

Port of Pittsburgh Commission
Statement of Governmental Fund Revenues, Expenditures,
and Changes in Fund Balances/Statement of Activities
for the Year Ended June 30, 2003

Special RevenueStatement of
FundAdjustmentsNet Assets
   Personnel 410,699 8,401 419,100
   Operating 393,389 -- 393,389
   Capital 11,873 (11,873) --
   Other 28,858 89,516 118,374
      Total Expenditures/Expenses 844,819 86,044 930,863
Revenues and Other Financing Sources:
   Revenues 146,073 -- 146,073
   Other financing sources 900,000 -- 900,000
      Total Revenues and Other Financing Sources 1,046,073 -- 1,046,073
Excess of Expenditures/Expenses over Revenues and Other Financing Sources 201,254 (86,044) 115,210
Fund balance/net assets, beginning of year (270,927) 1,821,698 1,550,771
Fund balance/Net Assets, End of Year $(69,673) $1,735,654 $1,665,981

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

Executive Director

[Pa.B. Doc. No. 03-2103. Filed for public inspection October 24, 2003, 9:00 a.m.]

No part of the information on this site may be reproduced for profit or sold for profit.

This material has been drawn directly from the official Pennsylvania Bulletin full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.