NOTICES

PENNSYLVANIA CONVENTION CENTER AUTHORITY

Statements; Net Position; Revenues, Expenses and Changes in Net Position

[43 Pa.B. 6991]
[Saturday, November 23, 2013]

Statements of Net Position
As of June 30, 2013 and 2012

	2013	2012
	_________________
Assets
Cash and cash equivalents	$21,758,000	$29,947,762
Receivables, net	3,586,368	6,067,075
Prepaid expenses and other assets	1,140,466	672,626
	_________________
Total current assets	26,484,835	36,687,463
Capital assets being depreciated
Buildings	754,471,985	754,708,770
Building improvements	2,647,214	2,162,131
Construction-in-progress	3,533,081	5,328,894
Furniture and fixtures	28,367,309	27,686,400
Equipment	131,529,443	128,217,018
Leasehold improvements	2,214,698	2,214,698
	_________________
	922,763,730	920,317,911
Less: Accumulated depreciation	(224,568,170)	(196,202,985)
Capital assets not being depreciated
Land	993,835	993,835
Fine arts	2,327,254	2,327,254
	_________________
Total capital assets, net	701,516,649	727,436,015
Welcome Fund receivable	122,000,000	122,000,000
	_________________
Total assets	850,001,484	886,123,478
	_________________
Liabilities
Accounts payable and other accrued expenses	8,225,853	9,456,580
Operating agreement liability	1,994,712	8,449,445
Unearned income	1,483,169	1,820,149
Current portion of term loan payable	148,416	143,752
Current portion of net OPEB liability	176,279	160,690
	_________________
Total current liabilities	12,028,428	20,030,617
Loan payable	123,197,440	123,345,856
Net OPEB liability	3,593,196	3,105,147
	_________________
Total liabilities	138,819,064	146,481,620
	_________________
Net Position
Invested in capital assets	701,516,649	727,436,015
Restricted by Commonwealth of Pennsylvania
Operating Agreement	9,665,771	12,205,843
	_________________
Total net position	$711,182,420	$739,641,858
	_________________
	_________________

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

Statements of Revenues, Expenses, and Changes in Net Position
for the Years Ended June 30, 2013 and 2012

	2013	2012
	_________________
Operating Revenues
Convention Center events
Space license fees	$6,672,643	$7,252,750
Commissions	6,550,080	6,639,678
Other	882,193	655,453
	_________________
Total operating revenues	14,104,916	14,547,881
Operating expenses	32,074,380	32,009,464
	_________________
Operating loss before depreciation	(17,969,464)	(17,461,583)
Depreciation	28,365,185	27,887,824
	_________________
Operating loss after depreciation	(46,334,649)	(45,349,407)
Non-Operating Revenue (Expense)
Hotel tax income	29,062,461	27,365,574
Interest income	7,843	13,972
Operating agreement revenue	(11,828,975)	(6,299,518)
Interest expense	(47,059)	(221,009)
Grant income	100,000	1,633,068
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	(1,664,898)	(3,164,444)
	_________________
Total non-operating revenue, net	15,632,372	19,327,643
	_________________
Decrease in net position before contributions	(30,702,277)	(26,021,764)
Capital contributions	2,242,839	6,596,694
	_________________
Decrease in net position	(28,459,438)	(19,425,070)
Net position, beginning of year	739,641,858	759,066,928
	_________________
Net position, end of year	$711,182,420	$739,641,858
	_________________
	_________________

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

GREGORY J. FOX, 
Chairperson

[Pa.B. Doc. No. 13-2207. Filed for public inspection November 22, 2013, 9:00 a.m.]

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