Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

• 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. 05-2242

NOTICES

PENNSYLVANIA INTERGOVERNMENTAL
COOPERATION AUTHORITY

Financial Statement

[35 Pa.B. 6602]

   Under 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, 2005, 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.

ROB DUBOW,   
Executive Director

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY
STATEMENT OF NET ASSETS

JUNE 30, 2005

ASSETS

Governmental
     Activities    
CURRENT ASSETS:
   Cash, cash equivalents and short-term investments$        158,279,741
   PICA taxes receivable3,560,532
   Accrued interest receivable             230,500
      Total current assets       162,070,774
OTHER ASSETS--Prepaid rent, security deposit and bond issuance costs           1,998,273
TOTAL$       164,069,046
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES:
   Accounts payable$              80,166
   Accrued payroll and taxes75,589
   Due to the City of Philadelphia4,892,175
   Deferred revenue28,287,255
   Bonds payable--current portion         49,270,000
      Total current liabilities         82,605,185
BONDS PAYABLE--Long-term portion        674,315,000
      Total liabilities         756,920,185
NET ASSETS (DEFICIT):
   Restricted for debt service85,947,912
   Restricted for benefit of the City of Philadelphia32,792,027
   Restricted for subsequent PICA administration1,791,256
   Unrestricted deficit      (713,382,333)
      Total net assets (deficit)      (592,851,138)
TOTAL$        164,069,046
The accompanying notes are an integral part of this statement

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY
STATEMENT OF ACTIVITIES

YEAR ENDED JUNE 30, 2005

Governmental
     Activities    
EXPENSES:
   Grants to the City of Philadelphia$     216,616,578
   General management and support--
      General operations982,340
   Interest expense on long term debt        39,209,523
      Total program expenses       256,808,441
PROGRAM REVENUES--
   Premium amortization1,198,872
   Interest         5,202,962
      Program revenues         6,401,834
      Net program revenues      250,406,607
GENERAL REVENUES:
   PICA Taxes298,633,971
   Interest            127,512
      Total general revenues      298,761,483
DECREASE IN NET DEFICIT48,354,876
NET ASSETS (DEFICIT)--Beginning of year    (641,206,014)
NET ASSETS (DEFICIT)--End of year$   (592,851,138)
The accompanying notes are an integral part of this statement

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

BALANCE SHEET--GOVERNMENTAL FUNDS
JUNE 30, 2005

__________

Expendable Trust FundsTotal
PICA Tax               Debt Service Funds               Debt ServiceRebate            Capital Projects Fund            Governmental
GeneralRevenue199619992003Reserve Fund Fund199219931994Funds
ASSETS
CURRENT ASSETS:
   Cash, cash equivalents and       short-term investments$    37,717,627$                  -$      782,375$    5,268,901$      473,749$    79,484,042$    1,761,466$  11,729,384$    2,821,935$  18,240,263$  158,279,741
   PICA taxes receivable3,560,5323,560,532
   Accrued interest receivable79,77814,9117,86958,3386,20259,3523,60624119186230,501
   Interfund receivable                        1,316,732                                                                    4,450,000                                                                                            5,766,732
      Total current assets37,797,4054,892,175790,2445,327,239479,95083,993,3941,765,07211,729,6242,821,95418,240,449167,837,506
OTHER ASSETS--Prepaid rent    and security deposit          21,157                                                                                                                                                                                                                  21,157
TOTAL$  37,818,562$    4,892,175$      790,244$    5,327,239$      479,950$  83,993,394$    1,765,072$  11,729,624$    2,821,954$  18,240,449$ 167,858,663
LIABILITIES AND FUND    EQUITY
CURRENT LIABILITIES:
   Accounts payable$          80,164$                -$                -$                -$                -$                  -$                  -$                  -$                  -$                  -$          80,164
   Accrued payroll and taxes75,58975,589
   Due to the City of Philadelphia4,892,1754,892,175
   Deferred revenue15,535,0004,450,00019,985,000
   Interfund payable      5,600,000                  -                -                -                -        166,732                -                -                -                -    5,766,732
      Total current liabilities    21,290,753      4,892,175                -                -                -      4,616,732                -                -                -                -    30,799,660
FUND EQUITY:
   Fund balances
      Unreserved5,717,3245,717,324
      Reserved for debt service790,2445,327,240479,95077,585,4061,765,07285,947,912
      Reserved for benefit of the City          of Philadelphia11,729,6252,821,95418,240,44832,792,027
      Reserved for subsequent PICA          administration1,791,2561,791,256
      Designated for future swaption          activity  10,810,485                                                                                                                                                                          10,810,485
         Total fund equity  16,527,809                  -      790,244    5,327,240      479,950  79,376,662  1,765,072  11,729,625  2,821,954  18,240,448  137,059,004
TOTAL$  37,818,562$   4,892,175$       790,244$    5,327,240$        479,950$   83,993,394$   1,765,072$   11,729,625$   2,821,954$  18,240,448
Amounts reported for governmental activities in the statement of net assets are different due to:
Long-term liabilities are not due and payable in the current
period and therefore are not reported in the funds
(723,585,000)
Swap premium is deferred and amortized over the life of the new debt in the statement of net assets(9,573,684)
Forward delivery agreement premium is amortized over the life of the agreement in the statement of net assets1,271,426 
Bond issuance costs are accrued and amortized in the statement of net assets        1,977,116 
Net assets of governmental activities§ (592,851,138)
The accompanying notes are an integral part of this statement

PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE--GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2005

__________

Expendable Trust FundsTotal
PICA Tax                        Debt Service Fund                        Debt ServiceRebate            Capital Projects Fund            Governmental
GeneralRevenue1993A199619992003Reserve Fund Fund199219931994Funds
REVENUES
   PICA Taxes$              -$ 298,633,971$              -$              -$              -$              -$              -$              -$              -$              -$              -$  298,633,971
   Interest earned on       investments1,268,836       129,551                -    71,538  537,924    55,294  2,705,045      29,076    149,662      37,068    346,485    5,330,477
      Total revenues1,268,836 298,763,522                -    71,538  537,924    55,294  2,705,045      29,076    149,662      37,068    346,485303,964,448
EXPENDITURES:
   Grants to the City of       Philadelphia214,802,975-611,5871,202,015216,616,578
   Debt service:
      Principal3,890,00037,505,0005,720,00047,115,000
      Interest4,895,056-5,418,97625,652,0002,861,61538,827,647
   Administration:
      Operations    982,340                  -                  -                 -                    -      265,575                -                -                -                -                  -    1,247,915
      Total expenditures5,877,396 214,802,975                  -  9,308,976  63,157,000    8,847,189                                -                -    611,587  1,202,015303,807,140
EXCESS OF REVENUES   OVER (UNDER)   EXPENDITURES(4,608,561)  83,960,547                  -(9,237,439)(62,619,076) (8,791,896)  2,705,045      29,076    149,662  (574,520)    (855,530)      157,308
OTHER FINANCING   SOURCES (USES)--
   Net operating transfers in       (out)  6,471,437(83,960,547)                  -  9,250,058  62,671,377    8,756,456 (3,188,781)                -                  -                -                  -                  0
   SOURCES OVER       (UNDER)       EXPENDITURES AND       OTHER USES1,862,876(0)-12,61952,301(35,440)(483,736)29,076149,662(574,520)(855,530)157,308
FUND BALANCES,
  JULY 1, 2004
  14,664,933                    -                    -      777,625    5,274,939        515,390  79,860,398    1,735,996   11,579,963    3,396,474   19,095,978  136,901,696
FUND BALANCES,
  JUNE 30, 2005
16,527,809(0)-790,2445,327,240479,95079,376,6621,765,07211,729,6252,821,95418,240,448137,059,004
Reconciliation of change in fund balance to change in net assets:
Change in fund balance157,308 
Repayment of bond principal is an expenditure in the governmental funds, but the repayment
reduces long-term liabilities in the statement of net assets
47,115,000 
Swap and forward delivery agreement premiums are deferred and amortized over the life of the new debt
on the statement of net assets
1,198,869 
Bond issuance costs are accrued and amortized on the statement of net assets      (116,301)
Change in net assets$   48,354,876 
The accompanying notes are an integral part of this statement
[Pa.B. Doc. No. 05-2242. Filed for public inspection December 2, 2005, 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.