Examination of Financial Statements of the Pennsylvania Avenue Development Corporation for Fiscal Year Ended June 30, 1975, and the 15-Month Period Ended September 30, 1976

The financial statements of the Pennsylvania Avenue Development Corporation present fairly its financial position at September 30, 1976, and at June 30, 1975, the results of its operations, and the changes in U.S. Government investment for the periods then ended. The Corporation was created by the Congress to develop and implement a plan for redeveloping the area adjacent to Pennsylvania Avenue between the Capitol and the White House.

To develop the plan, the Congress appropriated $824,000 for operating and administrative expenses for the fiscal year ended June 30, 1975, and $1,042,000 for similar expenses for the 15-month period ended September 30, 1976. On August 14, 1976, the Congress approved an additional $38,800,000 appropriation authorization to remain available without fiscal year limitation through September 30, 1990. The Supplemental Appropriations Act, 1977, appropriated $4,081,000 to the Corporation for public development activities and projects in accordance with the development plan, and it gave the Corporation authority to borrow up to $25 million from the U.S. Treasury. The Corporation's powers and management are vested in a Board of Directors consisting of 15 members, 8 of whom are private citizens appointed by the President and 7 of whom are Federal and District of Columbia officials.