INDEPENDENT AUDITOR’S REPORT

STADIUM AUTHORITY OF THE CITY OF PITTSBURGH

Statement of Net Position

March 31, 2017

Assets

Cash and cash equivalents $ 1,957,356

Capital assets, net of accumulated depreciation 49,681,941

Restricted assets 7,724,039

Other assets 1,831,434

Total assets $ 61,194,769

Liabilities and Net Position

Liabilities $ 54,889,561

Net position:

Investment in capital assets, net of related debt 15,134,168

Restricted for capital activity and debt service 11,978,739

Unrestricted (20,807,699)

Total net position 6,305,208

Total Liabilities and net position $ 61,194,769

Statement of Revenues, Expenses and Changes in Net Postion

For the Year Ended March 31, 2017

Revenues:

Parking $ 7,552,730

Interest 38,506

Total revenues 7,591,236

Expenses:

Salary reimbursement 47,566

Administrative 111,769

Operations and development 2,421.076

Insurance 40,274

Interest 587,802

Amortization and depreciation 861,116

Total expenses 4,069,603

Excess of revenues over expenses $ 3,521,633

Non-Operating Revenue (Expenses):

Capital transferred (to) from the Sports and Exhibition Authority 15,605

Development Funds (240,267)

Total Non-Operating Revenues (Expenses), net (224,662)

Change in New Position, March 31, 2017 3,296,971

New Position Beginning of year 3,008,235

Net Position End of Year $ 6,305,206

Audit completed by Cameron Professional Services August 2, 1017

 

 

 

 

Letters of Administration on the Estate of DENNIS B. ERIN, Court Term No. 021704578, late of Ross Township, Allegheny County, deceased, having been granted to the undersigned by the Director of Dept. of Court Records, Wills/Orphans Court Division of Allegheny County, notice is hereby given to all persons indebted to said estate to make immediate payment, and to those having claims against the same to present them to the undersigned, duly authenticated for settlement. Lawrence Erin, Administrator, 104 Kelly Court, Monroeville, PA 15146 or to Cathy L. Brannigan, Esq., 15 Duff Rd., Suite 6C, Pittsburgh, PA 15235

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