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PA Bulletin, Doc. No. 14-2658

NOTICES

PENNSYLVANIA CONVENTION CENTER AUTHORITY

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

[44 Pa.B. 7992]
[Saturday, December 20, 2014]

Statements of Net Position
as of June 30, 2014 and 2013

___________________________
2014   2013  
___________________________
Assets
 Cash and cash equivalents $ 44,883,209 $ 21,758,000
 Receivables, net 2,661,606 3,586,369
 Operating Agreement Receivable 2,517,124—  
 Prepaid expenses and other assets 1,091,421 1,140,466
___________________________
   Total current assets 51,153,360 26,484,835
Capital assets being depreciated
 Buildings 754,480,131 754,471,985
 Building improvements 2,853,339 2,647,214
 Construction-in-progress 2,786,466 3,533,081
 Furniture and fixtures 30,268,277 28,367,309
 Equipment 134,304,743 131,529,443
 Leasehold improvements 2,214,698 2,214,698
926,907,654 922,763,730
Less: Accumulated depreciation (253,442,649) (224,568,170)
Capital assets not being depreciated
 Land 993,835 993,835
 Fine arts 2,327,254 2,327,254
___________________________
   Total capital assets, net 676,786,094 701,516,649
Welcome Fund receivable 122,000,000 122,000,000
___________________________
   Total assets 849,939,454 850,001,484
___________________________
Liabilites
 Accounts payable and other accrued expenses 8,654,288 8,225,852
 Operating agreement liability —  1,994,712
 Unearned income 1,513,829 1,483,169
 Current portion of term loan payable 153,687 148,416
 Current portion of net OPEB liability 274,963 176,279
___________________________
   Total current liabilities 10,596,767 12,028,428
 Loans payable 123,043,753 123,197,440
 Net OPEB liability 3,678,335 3,593,196
___________________________
   Total liabilities 137,318,855 138,819,064
___________________________
Net Position
 Invested in capital assets 676,786,094 701,516,649
 Restricted by Commonwealth of Pennsylvania
  Operating Agreement 35,834,505 9,665,771
___________________________
   Total net position $ 712,620,599 $ 711,182,420
___________________________
___________________________

 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, 2014 and 2013

2014   2013  
___________________________
Operating Revenues
 Convention Center events
 Space license fees $ 6,232,972 $ 6,672,643
 Commissions 6,295,006 6,550,080
 Other 909,402 882,193
___________________________
   Total operating revenues 13,437,380 14,104,916
 Operating expenses, excluding depreciation 34,101,995 32,074,380
___________________________
 Operating loss after depreciation (20,664,615) (17,969,464)
 Depreciation 28,874,479 28,365,185
___________________________
 Operating loss after depreciation (49,539,094) (46,334,649)
Non-Operating Revenue (Expense)
 Hotel tax income 29,812,296 29,065,461
 Interest income 15,153 7,843
 Operating agreement expense (6,682,283) (11,828,975)
 Interest expense (41,994) (47,059)
 Grant income —  100,000
 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 (1,603,899) (1,664,898)
___________________________
   Total non-operating revenue, net21,499,273 15,632,372
___________________________
 Decrease in net position before contributions (28,039,821) (30,702,277)
 Capital contributions 29,478,000 2,242,839
___________________________
 Increase/(Decrease) in net position 1,438,179 (28,459,438)
 Net position, beginning of year 711,182,420 739,641,858
___________________________
   Net position, end of year $ 712,620,599 $ 711,182,420
___________________________
___________________________

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

GREGORY J. FOX, 
Chairperson

[Pa.B. Doc. No. 14-2658. Filed for public inspection December 19, 2014, 9:00 a.m.]



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