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2016-12-31 STMA Ice Arena Annual Financial Report (2) THIS PAGE IS LEFT BLANK INTENTIONALLY THIS PAGE IS LEFT BLANK INTENTIONALLY -1- THIS PAGE IS LEFT BLANK INTENTIONALLY -2- -3- THIS PAGE IS LEFT BLANK INTENTIONALLY -4- -5- THIS PAGE IS LEFT BLANK INTENTIONALLY -6- -7- THIS PAGE IS LEFT BLANK INTENTIONALLY -8- -9- THIS PAGE IS LEFT BLANK INTENTIONALLY -10- Required Supplementary Information Other Information -11- THIS PAGE IS LEFT BLANK INTENTIONALLY -12- -13- -14- Government-wide financial statements statement of net position net position statement of activities regardless of the timing of related cash flows fund Governmental fundsGovernmental fundsgovernmental activities near-term inflows and outflows of spendable resourcesbalances of spendable resources governmental fundsgovernmental activities governmental fundsgovernmental activities -15- unrestricted net position -16- Governmental fundsgovernmental funds spendable unassigned fund balance assigned fund balance General fund Capital Improvement fund -17- -18- -19- ST. MICHAEL - ALBERTVILLE ICE ARENA STATEMENT OF NET POSITION DECEMBER 31, 2016 Governmental Activities ASSETS Cash and temporary investments$280,072 Accounts receivable76,240 Inventory3,919 Capital assets Land102,000 Depreciable assets, net of accumulated depreciation1,301,486 TOTAL ASSETS1,763,717 LIABILITIES Accounts payable24,881 Due to other governments1,353 TOTAL LIABILITIES26,234 NET POSITION Investment in capital assets1,403,486 Unrestricted 333,997 TOTAL NET POSITION$1,737,483 The notes to the financial statements are an integral part of this statement. -20- ST. MICHAEL - ALBERTVILLE ICE ARENA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2016 Net (expenses) Revenues and Changes in Program Revenues Net Position OperatingCapital Grants Charges forGrants andandGovernmental Functions/Programs ExpensesServicesContributionsContributionsActivities Governmental activities Culture and recreation$378,736$311,296$-$51,736$(15,704) General revenues Unrestricted investment earnings2,502 Change in net position(13,202) Net position, January 11,750,685 Net position, December 31$1,737,483 The notes to the financial statements are an integral part of this statement. -21- THIS PAGE IS LEFT BLANK INTENTIONALLY -22- -23- ST. MICHAEL - ALBERTVILLE ICE ARENA BALANCE SHEET GOVERNMENTAL FUNDS DECEMBER 31, 2016 Total Capital Governmental GeneralImprovementFunds ASSETS Cash and temporary investments$115,048$165,024$280,072 Accounts receivable76,240-76,240 Inventory3,919-3,919 TOTAL ASSETS$195,207$165,024$360,231 LIABILITIES Accounts payable$10,875$14,006$24,881 Due to other governments1,353-1,353 TOTAL LIABILITIES12,22814,00626,234 FUND BALANCES Nonspendable for inventory3,919-3,919 Assigned for future capital acquisitions-151,018151,018 Unassigned179,060-179,060 TOTAL FUND BALANCES182,979151,018333,997 TOTAL LIABILITIES AND FUND BALANCES$195,207$165,024$360,231 Total fund balance reported above$333,997 Amounts reported for the governmental activities in the statement of net position are different because Capital assets used in governmental activities are not financial resources and therefore are not reported as assets in governmental funds. Cost of capital assets2,335,318 Less: accumulated depreciation(931,832) Total net position - governmental activities$1,737,483 The notes to the financial statements are an integral part of this statement. -24- ST. MICHAEL - ALBERTVILLE ICE ARENA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED DECEMBER 31, 2016 Total Capital Governmental GeneralImprovementFunds REVENUES Charges for services$299,196$-$299,196 Interest on investments1,2921,2102,502 Miscellaneous12,10051,73663,836 TOTAL REVENUES312,58852,946365,534 EXPENDITURES Current Culture and recreation294,046294,046 - Capital outlay Culture and recreation1,39522,94224,337 TOTAL EXPENDITURES295,44122,942318,383 NET CHANGE IN FUND BALANCES17,14730,00447,151 FUND BALANCES, JANUARY 1165,832121,014286,846 FUND BALANCES, DECEMBER 31$182,979$151,018$333,997 Total change is fund balances$47,151 Amounts reported for governmental activities in the statement of activities are different because Capital outlays are reported in governmental funds as expenditures. However, in the statement of activities, the cost of those assets is allocated over the estimated useful lives as depreciation expense. Depreciation expense(60,353) Change in net position - governmental activities$(13,202) The notes to the financial statements are an integral part of this statement. -25- ST. MICHAEL - ALBERTVILLE ICE ARENA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED DECEMBER 31, 2016 2016 Budgeted Amounts ActualVariance with OriginalFinalAmountsFinal Budget REVENUES Charges for services Ice rental$278,200$278,200$261,319$(16,881) Concessions35,00035,00035,214214 Vending machines1,0001,0001,07777 Skate sharpening2,0002,0001,586(414) Total316,200316,200299,196(17,004) Interest on investments1,0001,0001,292292 Miscellaneous Other14,50014,50012,100(2,400) TOTAL REVENUES331,700331,700312,588(19,112) EXPENDITURES Current Culture and recreation Supplies17,35017,35020,749(3,399) Contracted services181,058181,058167,69913,359 Utilities116,130116,13087,00929,121 Other services and charges17,12817,12818,589(1,461) Total current expenditures331,666331,666294,04637,620 Capital outlay Culture and recreation34341,395(1,361) TOTAL EXPENDITURES331,700331,700295,44136,259 NET CHANGE IN FUND BALANCES--17,14717,147 FUND BALANCES, JANUARY 1165,832165,832165,832- FUND BALANCES, DECEMBER 31$165,832$165,832$182,979$17,147 The notes to the financial statements are an integral part of this statement. -26- Direct expenses as program revenues general revenues. -27- economic resources measurement focus accrual basis of accounting current financial resources measurement focus modified accrual basis of accounting. available General fund Capital Improvement fund -28- Deposits and investment Accounts receivable Inventory -29- Capital assets -30- Fund balance Nonspendable - Restricted - Committed - Assigned - Unassigned - Net position -31- Deposits -32- -33- THIS PAGE IS LEFT BLANK INTENTIONALLY -34- -35- THIS PAGE IS LEFT BLANK INTENTIONALLY -36- Minnesota Legal Compliance Audit Guide for Other Political Subdivisions Minnesota Legal Compliance Audit Guide for Other Political Subdivisions -37-