2012 PHFA Annual Report - Pennsylvania Housing Finance Agency

Pennsylvania Housing Finance Agency
Notes to Financial Statements
(in thousands of dollars) June 30, 2012 and 2011
July 01, June 30,
2011 Additions Deletions 2012
Nondepreciable Capital Assets:
Land $ 2,454 $ - $ - $ 2,454
Depreciable Capital Assets:
Building 29,882 37 (74) 29,845
Furniture, fixtures and equipment 10,229 337 (218) 10,348
Less accumulated depreciation:
Building (4,889) (561) - (5,450)
Furniture, fixtures and equipment (5,237) (654) 218 (5,673)
6. Bonds and Notes Payable
General Fund bonds outstanding for the years ended June 30
consisted of the following:
Maturity
Amounts Outstanding
Description of Bonds as Issued Date 2012 2011
Variable Rate Building Development Bonds 2034 $ 20,000 $ 20,000
Unamortized bond discount (64) (67)
Total bonds payable 19,936 19,933
Less current portion - -
Long-term portion $ 19,936 $ 19,933
Total depreciable capital assets, net 29,985 (841) (74) 29,070
Total Capital Assets, net $ 32,439 $ (841) $ (74) $ 31,524
Capital assets activity for the year ended June 30, 2011 and
a summary of balances are shown below:
July 01, June 30,
2010 Additions Deletions 2011
Nondepreciable Capital Assets:
Land $ 2,454 $ - $ - $ 2,454
Depreciable Capital Assets:
Building 29,927 28 (73) 29,882
Furniture, fixtures and equipment 10,653 416 (840) 10,229
Less accumulated depreciation:
Building (4,317) (572) - (4,889)
Furniture, fixtures and equipment (5,364) (713) 840 (5,237)
Total depreciable capital assets, net 30,899 (841) (73) 29,985
Total Capital Assets, net $ 33,353 $ (841) $ (73) $ 32,439
Depreciation expense for the years ended June 30, 2012 and
2011 totaled $1,215 and $1,285, respectively.
Multifamily Housing Program bonds outstanding for the years
ended June 30 consisted of the following:
Maturity
Amounts Outstanding
Description of Bonds as Issued Date 2012 2011
Residential Development Refunding Bonds
2002 Issue A/B, 1.80%-5.25% 2024 $ 12,565 $ 18,420
Rental Housing Refunding Bonds
Series 2008A/B, variable rate 2021 23,360 35,800
Series 2008C/D, variable rate 2020 51,335 63,825
Multifamily Development Bonds
Issue 1998H, 6.30% 2028 4,075 11,180
Issue 2005K, variable rate 2036 23,890 24,555
Multifamily Development Refunding Bonds
Issue 1993A, 5.38% 2022 5,000 7,525
Issue 2003, 3.25-4.80% 2019 6,775 8,050
Subordinate Limited Obligation Bonds
Issue 1995, 5.50-6.15% 2021 1,763 1,929
128,763 171,284
Unamortized deferred loss of refundings (1,825) (2,430)
Unamortized bond discount (113) (142)
Total bonds payable 126,825 168,712
Less current portion 20,324 23,926
Long-term portion $ 106,501 $ 144,786
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2012 Financial statements annual report 2012
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