2019 FINAL Audit Presentation
St. Michael -
Albertville
Ice Arena
2019 Financial
Statement Audit
Introduction
Audit Opinion and
Responsibility
General Fund Results
Other Governmental Funds
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Audit Results
Auditor’s Opinion
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Minnesota Legal
Compliance
3
Audit Results
2019 Audit
Segregation
Findings
of Duties
•Internal ControlFinding
with
Billings and
Collections
of duties
4
Budgeted Amounts
ActualVariance with
OriginalFinalAmountsFinal Budget
Revenues
Charges for services
General Fund
Ice rental$607,347$607,347$558,482$(48,865)
Concessions55,00055,00076,71921,719
Budget to
Vending machines2,0002,0001,523(477)
Skate sharpening40040044040
Total Charges for Services664,747664,747637,164(27,583)
Actual
Intergovernmental--250,000250,000
Interest on investments1,6001,6003,0251,425
Miscellaneous
Other20,00020,00010,943(9,057)
Total Revenues686,347686,347901,132214,785
Expenditures
Current
Culture and recreation
Supplies20,30020,30035,733(15,433)
Contracted services367,784367,784370,452(2,668)
Utilities252,200252,200213,12239,078
Other services and charges22,06322,063273,889(251,826)
Capital outlay
Culture and recreation24,00024,00020,7763,224
Total Expenditures686,347686,347913,972(227,625)
Net Change in Fund Balances--(12,840)(12,840)
Fund Balances, January 1181,769181,769181,769-
Fund Balances, December 31$181,769$181,769$168,929$(12,840)
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Capital Project
Fund
Fund Balance -Assigned for future capital acquisitions:
•$53,599
•Decrease of $137,901
Activity
•Revenues $47,492
•Expenditures $185,393
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Summary of Net
Position
Governmental Activities
Increase
20192018(Decrease)
Current and Other Assets$250,315$401,572$(151,257)
Capital Assets1,372,2911,270,780101,511
Total Assets1,622,6061,672,352(49,746)
Other Liabilities27,78728,303(516)
Net Position
Investment in capital assets1,372,2911,270,780101,511
Unrestricted222,528373,269(150,741)
Total Net Position$1,594,819$1,644,049$(49,230)
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Summary of
Governmental Activities
Changes in Net
Increase
20192018(Decrease)
Revenues
Position
Program Revenues
Charges for services$648,107$421,027$227,080
Operating grants and contributions250,000- 250,000
Capital grants and contributions45,26245,000262
General Revenues
Unrestricted investment earnings5,2552,7592,496
Total Revenues948,624468,786479,838
Expenses
Culture and recreation997,854502,045495,809
Change in Net Position (49,230)(33,259)(15,971)
Net Position, January 11,644,0491,677,308(33,259)
Net Position, December 31$1,594,819$1,644,049$(49,230)
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Questions?
Audit Team
Andy Berg
Tyler See
Jeff Hines
Erik Wagner
Tomi McDonald-Admin
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